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Business Success for Farriers

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Business Success for Farriers

  1. 1. Farrier Business SuccessorIf Vets Can Do it Why Can’t We?<br />Mike Pownall, DVM<br />McKee Pownall Equine Services<br />mike@mpequine.com<br />www.slideshare.net/mpownall<br />
  2. 2. Who’s Making Money Today?<br />
  3. 3. Who Wishes They Were?<br />
  4. 4. Farrier/Vets or Vets/Farrier<br />More in common that you think<br />Solo<br />Bill clients<br />Work hurt<br />Retire & close up shop<br />
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  7. 7. What Do We Do?<br />
  8. 8. Job vs. Business<br />Job = An activity that earns money but does not create a residual value.<br />Business = An activity that earns money ANDcreates a residual value<br />
  9. 9. Components of a Succesful Business<br />Goodwill<br />Employ Great Farriers<br />Excellent Business Processes<br />Ability to Grow the Business<br />
  10. 10. Goodwill<br />Reputation associated with business<br />
  11. 11. Employ Great Farriers<br />Can’t have a business if nobody works for it.<br />Potential partner or purchaser.<br />
  12. 12. Business Processes<br />AR<br />Inventory<br />
  13. 13. AR<br />Collection at time of service<br />
  14. 14. Inventory<br />
  15. 15. Business Growth<br />Marketing your business<br />Creating a brand<br />Social media<br />
  16. 16. What Makes You Special?<br />
  17. 17. What Happens When You’re Special?<br />Value = Loyalty= Less Price Sensitivity<br />
  18. 18. If you reduce your prices… you have to sell MORE to maintain your margin<br />
  19. 19. Good, Cheap & Fast<br />You can be 2 but not all 3<br />Good and fast not cheap<br />Cheap and fast not good<br />Good and cheap not fast<br />
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  21. 21. Giving Value<br />Marketing<br />Branding<br />
  22. 22. What the #*^%*@ is Marketing?<br />Marketing is the process used to determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. Wikepedia.com<br />
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  29. 29. The Farrier Business?<br />How are we going to give value?<br />
  30. 30. Marketing<br />Competition<br />Customer<br />Customer<br />Customer<br />
  31. 31. Marketing Strategy<br />Identify our challenges<br />Create a plan<br />How we will do it<br />How will we measure it<br />
  32. 32. Competition<br />
  33. 33. Bargaining Power of Clients<br />The internet<br />Relative abundance of farriers<br />Health of the local economy<br />Non-traditional competition<br />Price sensitivity<br />Different breeds or disciplines <br />
  34. 34. Threat of New Entrants<br />New farriers in an area<br />The internet <br />Non-traditional hoof practitioners<br />
  35. 35. Bargaining Power of Suppliers<br />Increased costs from suppliers<br />Decreased competition<br />
  36. 36. Threat of Substitute Product<br />Non farrier practitioners<br />Internet <br />
  37. 37. Competitive Rivalry<br />New farriers<br />Price cutting by other farriers<br />
  38. 38. Who is Your Client?<br />
  39. 39. Are You Missing Clients<br />Market Segmentation<br />Clients<br />Breeds<br />
  40. 40. What Does Your Client Want?<br />Million $ Question<br />
  41. 41. What do you offer?<br />
  42. 42. What Does Your Client Think of You?<br />Surveys?<br />www.surveymonkey.com<br />
  43. 43. Keeping Your Clients<br />Branding<br />
  44. 44. What is Branding<br />What you stand for<br />What you want to be know for<br />Promise of<br />Quality<br />Service<br />Performance<br />Customer Experience<br />
  45. 45. Why the Brand is so Important<br />Develops a businesses identity<br />Creates processes to deliver<br />Springboard for change<br />Clarity in an organization<br />
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  48. 48. 5 Steps to a Brand<br />Based on values, vision and mission<br />Driven by leadership.<br />Develop with communication<br />Make it fun<br />Encourage change<br />
  49. 49. Mission, Vision & Values<br />
  50. 50. Mission Statement<br />Concise statement of business strategy from a clients POV<br />What do we do?<br />How do we do it?<br />Who do we do it for?<br />Not-differentiating<br />
  51. 51. Vision Statement<br />What you want the practice to be<br />.<br />
  52. 52. Value Statement<br /> <br />“The nature of our motivation determines the character of our work”<br />Dalai Lama<br />Differentiating<br />
  53. 53. Leadership<br />Fitzpatrick<br />
  54. 54. Your Staff is Key?<br />We shoe horses<br />We deliver the brand<br />Happy employees = happy clients<br />
  55. 55. Communication<br />
  56. 56. Have Fun<br />
  57. 57. Evolve<br />
  58. 58. Other Impacts To Your Business<br />Earn a living while not shoeing<br />Something to sell<br />
  59. 59. Does it Work?<br />Less HR headaches<br />More fun at work<br />Business growth<br />Decreased costs<br />Loyal clients<br />Fired clients!!<br />
  60. 60. Final Words<br />Essential<br />Be patient<br />Be consistent<br />
  61. 61. Spreading the Word?<br />That’s next!<br />

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