The Industry That Thrived in COVID-19
The veterinary industry was considered essential—so vets never had to close. And at the same time, many people stuck at home adopted a pet or spent more time than they ever had with their current pets. Others scheduled procedures they’d been putting off because they could care for their pets throughout recovery. The demand for high-quality pet care skyrocketed, and it was the perfect combination to keep the industry growing throughout a challenging time.
A great example of this is one of our current customers—he purchased an existing veterinary urgent care practice in 2020. The practice was producing just over $1 million when the doctor made the purchase. After owning the practice for a year, he grew the revenue from $1 million to $4 million in 2021. Despite the challenges presented by COVID, it’s been an incredible year of growth for him, and he’s now able to invest more into his business and its real estate.
For the entire industry, this year has been a great opportunity to grow customer bases and streamline processes. They’ve adapted to the required changes and made the best of them. For example, many vets have given families the ability to check in their pets from the car instead of bringing the animal into the waiting room.
Small changes like this can make a big difference—and it’s something all of us can learn from, veterinarians or not. Customers and their needs have changed, and there are innovative ways you can meet those needs while also benefitting your business. Many industries have done this well—restaurants turned parking lots into patios, events changed to webinars, and all kinds of retail businesses instituted more digital options and curbside pickup. While some of these were temporary, many of them will be permanent changes to the way these industries do business. Some of these improvements even made it possible for companies to increase their current customer base, decrease costs, or earn more revenue.
With the uncertainty of the pandemic, many business owners chose to wait instead of expanding, growing, or starting their business. But the vet industry is proof—even when things get challenging, you don’t always have to put your dreams on hold.
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