How Much Practice Financial Information Should I Share With My Team?

View the original article published in a supplement of the December 2024 issue of The Modern Equine Vet.

Practice owners vary when it comes to how much financial information they share with their teams. Some crack the books wide open, while others keep them under lock and key. I am somewhere in the middle. I’ve found that a little transparency goes a long way in creating a strong team culture and helping everyone understand the bigger picture.

Finding a Balance: What to Share and What to Keep Private

In my middle-ground approach, I’m more open about our expenses than I am about income. For example, I’m comfortable letting my team know a box of supplies costs $3,000, which often raises some eyebrows. But I don’t necessarily share practice revenue numbers. It’s about finding the right balance — being transparent enough so they understand the financial realities but not overwhelming them with details they don’t need.

When the team sees how much we’re spending on things like supplies and equipment, they get a clearer picture of why certain decisions are made. They realize I’m not making a fortune off their hard work but that there are real, significant costs to running the practice.

The Impact of Sharing Financial Information

Some practice owners are reluctant to share financial information, thinking it will cause more confusion than clarity. But in my experience, it’s the opposite. When I casually mention big expenses — like biweekly payroll hitting $17,000, for example — it tends to help my team see the bigger picture of the business. They’re less likely to assume all our revenue is going straight into my bank account.

Transparency about our expenses also helps when we implement price increases. When clients ask why a service costs more than it used to, my team understands that our costs have gone up and feels more confident explaining that reality to clients. And they understand that it’s necessary to raise prices in order to keep the practice going.

Why Financial Transparency Is Good for Practice Culture

I believe being open about the financials helps improve practice culture. When the team knows what’s going on with the numbers, they feel more involved and invested in the success of the practice. It also helps them understand why I make the decisions I do — whether it’s about pricing, equipment or payroll.

If you’re a practice owner considering more transparency, my advice is to start small. You don’t need to hand over the checkbook register or share the accounting files. But by being open about the costs that affect the practice’s day-to-day operations, you can build trust and create a more cohesive team.

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Author Bio

Andy Cameron, D.V.M., is owner of Cameron Veterinary Clinic, a practice dedicated to cutting-edge care for both large and small animals near Santa Fe, New Mexico. He is a member of the AAEP Commission for Equine Veterinary Sustainability’s Practice Culture Subcommittee, holds degrees in architecture and music from Massachusetts Institute of Technology and received his veterinary degree from Colorado State University.

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