I have made plenty of mistakes along my career as an inventory manager (hello ordering 1 of something instead of a box… or ordering the wrong size of something!) and even as a veterinary professional, but the biggest one I have ever made is not realizing the importance inventory management. I didn’t realize or fathom the impact that proper (or even more so… improper) inventory management has on the success and profitability of a hospital. But, I was young and new to some of the business aspects of owning a veterinary practice.
On the other hand, I think that what drives and lights a fire in my belly today. One of my biggest missions or goals is to make sure no matter how or where you manage inventory, that you feel like there is someone there who a) gets it, b) cares about you, and c) wants you to succeed. On the flip side, I want the small veterinary clinic to succeed, I want every practice owner out there to be successful in their goals and dreams. I think inventory management is SO IMPORTANT because in order to survive as a private practice we must focus on inventory (along with social media, marketing, and really making smart business decisions).
So let’s talk about it; why is inventory management so important?
Well, we know why it is important to us:
- We have the supplies, medications, and other things need to make sure our patients have the best care
- It means that no one is freaking out, because we are out of something
- We don’t have to call another clinic in a panic because we are out of something
- It means that we don’t have to pull our hair out because we have a standard system for ordering, receiving, stocking and so forth
But what does it mean for the owners, the bosses, and the managers? Usually GROWTH or success & profitability of the practice. Let’s look at an example: