Current economic trends in equine practice.

The research article provides an analysis of the challenging economic trends in the equine veterinary practice and offers strategies for survival and future prosperity using the Porter’s five forces model.

Current Economic Condition of Equine Practice

The research starts by providing a gloomy outlook on the current economic situation in equine practices. The author notes that:

• Most equine practices, which saw double-digit growth for a decade, have now switched to survival mode within a very short time.
• All regions and disciplines in the field are affected in different ways but generally, there are pronounced economic weaknesses.

The Use of Porter’s Five Forces Model

In trying to understand and mitigating against these economic trends, the author proposes the use of Porter’s five forces model. Under this model:

• The analysis identifies changes that need to be made in the equine practice business models.
• Not only will these changes support survival in the current economic conditions but also position the practices to prosper once the recession lifts.

Strategies to Avoid Long-term Damage

The author stipulates that for long term survival and avoidance of any significant damage to their practices, equine practitioners need to consider:

• Stringent cost control measures to manage expenditure and increase efficiency at work.
• Consider the use of price concessions as a strategy to attract and retain customers during this difficult economic period.

By following these recommendations, equine practices can navigate through the economic challenges they are experiencing and ensure their survival and future prosperity.