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Cut Your Costs

07:00AM Feb 16, 2009 in category Tip of the Day by AdvisorMax

Think subtle change; a part-time assistant might be all your practice needs at this point, and you can use flexible staffing strategies to manage costs. --Michael A. Bell

Cutting costs isn't necessarily about spending less money, but rather finding more cost-effective ways to allocate your time and resources. Let's say you've determined that every hour of your time is worth $200. Now ask yourself whether you should be spending that time filling out paperwork, paying bills and tracking down missing forms. You may find that it would be more cost effective to pay an assistant $20 an hour to handle these tasks, so you can devote the extra time to activities that generate revenue. Again, think subtle change; a part-time assistant might be all your practice needs at this point, and you can use flexible staffing strategies to manage costs.

-Michael A. Bell is president and chief executive officer of Curian Capital, in
Action Strategies to Improve Profitability

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