Vets in the Dragon’s Den
Ten teams of students had to pitch their ideas to the 'dragons' on how to rescue an imaginary veterinary practice from failure.
Scrutiny of their business acumen was part of the innovative teaching programme at The University of Nottingham’s School of Veterinary Medicine and Science. Ten teams of students had to pitch their ideas on how to rescue an imaginary veterinary practice from failure.
Their strategy, financial forecasts and funding proposals were put to the ‘dragons’ in the hope of finding backers for their business proposals. Business teaching is delivered within the Personal and Professional Skills module which aims to equip vet students to become effective members of a practice team. The Nottingham vet school believes it is important that its students understand how their actions, as qualified veterinary surgeons, will affect the profitability of the practice in which they are employed.
The teaching, over two semesters, incorporates aspects of strategy, finance, marketing, management and entrepreneurship. Their business training culminated in the one day business game mentored by experienced practitioners from the Society of Practicing Veterinary Surgeons (SPVS) and industry leaders.
The students had to analyse the current performance of the fictitious practice, consider their strategy, provide financial forecasts and put together a proposal for funding the newly acquired business. They had to decide whether to continue the business as a mixed practice or to sell part of it to focus on small animal work. Their proposals were presented to an intimidating panel of potential investors. The business plan had to withstand 10 minutes of searching questions. These included questions about delivering the new strategy to staff, devising a stock management system, creating a “30 second sell” and dealing with telephone calls from clients.
Asking the difficult questions in the den were dragons with experience in the veterinary profession, management, marketing and financial consultancy — Chris Jagger, Director of Estates at The University of Nottingham; Arwel Griffiths, a business and marketing consultant with over 27 years’ experience in industry; Peter Wells, who retired from his position of Global Head of Research and Development for Novartis Animal Health Inc. in 2008; Phil Adcock, an Independent Financial Adviser; and Karen Braithwaite, Director of Academic Support and Administration at the School of Veterinary Medicine and Science.
Richard Holborrow, from the SPVS and councilor and team mentor said: “I was seriously impressed. This module from Nottingham will make these students better employees and for some of them it will have sparked an interest in practice ownership that may have a profound influence on their careers.”
FIVP has shared a survey, inviting those working in independent practice to share their views on the CMA's proposed remedies.
