Shorting Yourself is Shorting Your Practice
You’re funneling revenue into salaries, new equipment, and facility upgrades.
You find your own salary is taking a hit.
You need to pay yourself what you’re worth.
I know you might rationalize your pay cut as taking one for the team or prioritizing improved care.
But I’ve worked with enough practice to know cutting your own salary isn’t a selfless act.
It’s a sign of poor profits.
If you’re not paying yourself what you’re worth, it’s time to rethink how you’re structuring your revenue.
Start by charging a fair, competitive price for every service.
Review your pricing structure and identify where you might be undervaluing your services.
When you increase your rates fairly and competitively, you can:
Ensure you cover the cost of living increases in salaries.
Continue upgrading your practice to deliver exceptional care.
Reward your staff and yourself with a salary that matches your worth.
If you’re lost on how to get your rates up to par, use my template for incremental fee increases.
So you can ensure your profits can pay for everything, including your own worth.
FAQs
How do I know if I'm underpaying myself as a practice owner?
If your practice consistently invests in staff, equipment, and facility improvements while your own compensation continues to decline, it may indicate a profitability issue rather than a sacrifice worth making. You should regularly evaluate whether your compensation reflects your responsibilities, expertise, and contributions to the practice.
Can raising fees help me pay myself a fair salary?
Yes. When your pricing accurately reflects the value of your services and keeps pace with rising costs, you create the revenue needed to support staff wages, practice improvements, and fair owner compensation. Strategic fee increases can strengthen the financial health of your practice without compromising patient care.
Why is profitability important for veterinary practice owners?
Profitability allows you to reinvest in your team, upgrade equipment, improve client experiences, and compensate yourself appropriately. Without healthy profits, it becomes difficult to sustain long-term growth and maintain the level of care you want to provide.