Dos and Don’ts of Consolidation
Your veterinary consolidation business will encounter different sets of challenges as it matures and grows in complexity. Without a clear roadmap, many businesses lose their momentum and fail to attract capital. Today we break out our playbook and share the dos and don’ts of developing your company. These insights will help you go from a fragile start-up to a strategic organization that’s built to survive and thrive. We open our conversation by unpacking what happens in the early stages of founding a consolidation business. After highlighting the need for early rapid growth and creating systems that align your team with your business, we discuss how unproven consolidators can best appeal to practices. As we explore each level of organizational development, we touch on many key topics, including — the importance of creating processes to transfer knowledge; why the second level is so difficult to progress beyond; how you can improve your business and create value-creation tools; and how data can drive the value you create. Near the end of the episode, we reflect on the opportunities that unlock once you reach the last business development stages. Tune in to hear more about scaling your business and discovering new strategic horizons.
Key Points From This Episode:
- Dr. Griffin highlights the need for consolidators to move fast and stay relevant.
- The two factors that consolidators need to prioritize to find success.
- The people side of consolidation.
- Exploring the different levels of an organization’s structure.
- What’s required for startup consolidators to acquire their first practices.
- The importance of creating a process to transfer knowledge to new teams.
- Hear why many consolidators don’t progress past the second developmental stage.
- How you can attract capital by creating value-creation tools.
- Measuring growth levers and the power of data-driven decision making.
- Insights into the opportunities available once your business becomes “antifragile.”