Expert view from the Veterinary sector
Braemar Finance recently conducted its latest Business Barometer research, which examines current Veterinary sector trends and the view of business-owners about a range of issues, from the cost of doing business to recruitment and retention.
In this piece, we get under the skin of the data to find out more…
Cost of doing business
The cost of energy and supply costs have had the most impact on Vets income, with 35% and 29%, respectively, selecting these options. Fuel and rent increases, both 13%, are the next most cited.
Unsurprisingly, 91% of Vets said they were taking measures to reduce their energy use, including, in order of most popular measures:
- Lowering the heating
- Turning off the lights overnight
- Looking at alternative heating and energy sources
- Replacing equipment with more energy-efficient alternatives
- Insulating your building
- Changed energy supplier
Unfortunately, a third of Vets confirmed that they had considered closing their business as a result of rising costs, and 44% said they had made redundancies because of the impact of rising costs.
80% of Vets surveyed admitted to passing on additional costs to their customers, either partially (64%) or fully (16%).
Recruitment and retention
Looking at staff vacancies and the impact of the recruitment and the retention crisis, 42% of Vets replied saying they currently have a vacancy to fill. A further 39% said they’ve struggled to fill vacancies in the past 12 months.
52% percent of Vets say there is a skills crisis in the sector, and a third are currently finding it more difficult to fill vacancies than they did before.
The UK’s economic outlook
The majority (90%) of Vets surveyed responded that they were either ‘very’ (41%) or ‘somewhat’ (49%) concerned about the UK’s current economic performance. Despite this, 18% expected to expand in the coming 12 months against 18% who think they will contract; 63% hope to ‘stay the same’ – only 1% think they’ll close their doors permanently.
Over nine in 10 of respondents (93%) confirmed they’d been impacted by rising inflation, and 64% admit it’s likely they’ll apply for funding within the year.
The environment
Despite the economic headwinds they’re facing, 75% of Vets are working to limit their environmental impact and 85% have considered climate change and other environmental factors within their business plans.
A further 87% believe they can help tackle climate change and 27% believe they can achieve complete carbon neutrality by 2050.
New technology
56% of respondents are looking to invest in new technologies over the course of the next year, and 74% stated they feel keeping up-to-date with modern technologies is a key differentiator for customers and a reason they may choose their practice over a competitor.
93% percent of Vets are confident about being able to keep ahead of technological developments within the profession.
Methodology:*
All figures, unless otherwise stated, are from a Censuswide survey conducted in February 2023. The survey canvassed the opinion of over 1,200 senior members of the professions across the UK on a range of issues affecting their businesses.
