Coronavirus has taken its toll on the world in many different ways. From the unfortunate loss of over seven hundred thousand people – with the number still increasing – to the financial nosedive of personal finances and businesses alike – especially the medical industry. Whilst the numbers are dramatically reducing and we begin to adapt to a new normality, there are still growing concerns of the impact COVID-19 is having on businesses worldwide. If you’re not sure how to cut costs to keep your medical business afloat, then take a look at these ways to reduce businesses costs post COVID-19.
Temporarily close down unused or quieter departments
It’s very possible that you have departments within your business that are much quieter than normal, and the cost of having the department open could be costing your business unnecessary money. Temporarily shutting down unused or quieter departments such as administrative departments will help free up some money to keep your business afloat. This doesn’t mean you have to lay off staff either, as furlough can help you keep their position. Alternatively, your staff could temporarily work from home if possible.
Rethink your investment plans
Before the pandemic hit you may have been planning some changes to your company that would require a large investment. For example, integrating a medical lab billing department would be rather costly and would mean spending the money keeping your business going. Instead, consider outsourcing a laboratory medical billing team. This would save you having to find the money for software fees, initial and ongoing training costs, and general upkeep of the department. Even if this is only temporarily, it’s a smart financial decision.
Reduce hours available – yourself included
This is something every business, no matter the industry, is trying to avoid at the moment. Millions of people worldwide have lost their jobs due to the pandemic, and it’s understandable that you don’t want this to happen. Wherever possible, reduce the hours that are available for both yourself and your staff alike. Being upfront and honest, and also taking the brunt of cut hours with your team will help protect your staff and maintain morale.
Speak to your financial advisor
If you’re struggling to see how you could cut costs around the workplace you could speak to your financial advisor. They may be able to suggest different ways in which you could free up some of that all-important cash. Unnecessary spending such as returning company cars and cancelling business trips would be first on the agenda.
Turn to the government for help
Finally, we’re all in the same position throughout the pandemic, and one good thing to come out of it is that the government is able to help. You’ll be able to apply for furlough – as briefly mentioned earlier – to help pay towards your staff wages. The government website will also have tips and tricks on how you can make changes to ensure your business survives. With some careful decisions and wise spending, your business has every chance to make it through to the other side.
