In today’s economy, many people are looking for ways to watch their bottom line, save a bit of money, and still find joy in the work they do. It’s not difficult to do and can be done using plain old common sense with a bit of social responsibility thrown in.
If you think about it, health care, like any business, should aim for running an efficient business with as little waste as possible – regardless of the economic climate. Now..when I say waste…I mean the real waste such as unneeded duplication of effort, paper and the like. I do not mean the things that make working in your organization a joy.
The blog, InsideCRM recently ran an article listing “78 Ways for Your Small Business to Save Money in this Economy”. The categories included tip in technology, overhead, office items and office space, advertising, insurance and finances and travel. There was even a small category titled “think outside the box”.
While this article is not about health care practices or related businesses, there are still several suggestions that we, as health care provider can participate in. Here are a few worth looking at.
- Re-evaluate your insurance coverage and policy costs. Ask your provider about an umbrella policy, which can be cheaper.
- Consider a four-day work week. Who’s going to object to a three-day weekend?
- Bank on an early deposit. Make bank deposits early in the day so you get credit (and start earning interest) that day.
- Consider outsourcing your HR, benefits and payroll to an external provider. Handing over administrative responsibilities to another company will save you time and money. (ed. I would add consider outsourcing your billing as well.)
- Eliminate unnecessary paper waste. Implement paper-reducing strategies such as double-sided printing and reusing paper. You’ll save some trees, too!
- Barter. Thought the days of trade were over? Think again. You can now exchange countless number of goods and services online on sites like Barter.net.
- Free form it. Don’t waste time and resources finding writers to produce forms for your business. Search online for free forms you can download and print. Entrepreneur.com specifically has ones for small businesses.
- Buy used equipment. One person’s trash is another guy’s treasure, right? Sites like Capasset.com sell used computer equipment and copiers. (ed. Consider CraigsList and eBay as well).
- Check out going-out-of-business sales. You’re business isn’t going to tank because you’re reading this article. But other companies are bound to fail during this recession. Update your business’s digs by capitalizing on the misfortune of others.
Check out InsideCRM for the rest of the article. Add your suggestions that you and your colleagues may find useful.
