12 Dec Why you should re-evaluate your expenses at the end of the year
As we near the end of the year, you may be taking a look at the costs for your practice. Every practice has expenses for its successful operation. From wages, to rent, to supplies and more. The question is, could you be saving money?
EXPENSE MANAGEMENT OVERVIEW
At Rochon & Associates, we offer Expense Management. This service allows us to go through your expenses and determine where you could be saving, and in some cases spending more on outsourcing for the long-term growth of your business.
IS YOUR PRACTICE TOO COMFORTABLE
The problem with most dental, legal, and medical practices is that they get comfortable. They have built relationships with employees and certain suppliers and they continue to keep them or use their services.
Usually, this is because it’s easier than hiring a new staff member or going out and seeing what the competition is doing. The problem with this is that you could be losing money.
WHERE PRACTICES FAIL WHEN LOOKING AT YEAR-END FINANCIALS
Accurately assessing your expenses is a crucial element of reviewing your year-end financials. You want to figure out how to best spend your hard-earned money. It’s worth it to have a consulting service such as ours look at your expenses to evaluate where you could improve.
YOU NEED TO BE PRO-ACTIVE
Pro-actively looking for new staff and researching new vendors and suppliers each year is the key to success. That isn’t to say you will fire your current employees or get rid of your existing vendors and suppliers but it will give you the knowledge you need to make the best financial decision for your practice.
EMOTIONS ARE TOUGH
It can be hard to let go of the feelings involved with business management but it’s necessary for your practice’s growth and survival.
Sam Walton, the founder of Walmart, famously once said, “Control your expenses better than your competition; this is where you can always find a competitive advantage.”
Want to review your expenses but don’t have time? Book an Expense Management review with us today!