Phone Charges: Don't "assume" that you automatically get a good deal without asking for one. You won't! Call and ask what's available, then try to compare to other carriers on an "apples to apples" basis, if you can.
Office Supplies: This is where the dollars can really add up. Check prices closely at stores like Office Depot, Staples, etc. Check their prices and compare them against catalogues such as Quill and others. You will be surprised what you spend -- and what you can save -- over a year's time on office supplies. If you have a local supplier, ask them to meet or beat these prices. Many will do so to keep your business. Consider joining a buying cooperative if there is one in your community. If you are too busy, assign this task to one of your staff.
Mobile Phones: Call your carrier and ask if there is a better plan for you to be under to save some money, based on your usage. Keep your eyes and ears open, because this is a very competitive business and new deals are coming out daily. Why not get your local association to negotiate a group rate? It could save you a bundle.
Property and Casualty Insurance: Get a list of all of your property and casualty coverage from your agent. Now go to an independent agent and ask for a quote based on what you have now. Ask them to also review what you have and make any suggestions to improve your coverage and save you money. After you have this "second opinion," go back to your original agent and ask why they did not update your program. You need to review this coverage every year and make sure it covers any new equipment.
Cars: Should you lease or buy? Before you talk lease, negotiate a "buy" price, then ask, based on this price, for "lease" terms. You don't need to lease at the "full" price.
Life Insurance: Are your beneficiaries up to date? Are there any riders that need to be added or removed? Is the coverage adequate? Are you sure? Do you have an up-to-date audit on all of your policies? Does the insurance company that you have your coverage with have good "ratings"?
You may have a loyal patient that handles your life insurance. The rates your getting may not be the best, but you don't want to lose your patient. Maybe it's time you had a professional take a good long look at what you have and start handling things on a professional basis. You could be throwing away thousands of dollars. Is it really worth it?
Office Staff: When running an ad to hire staff, ask for a handwritten resume. You don't need a resume turned out by a teacher or mill. You want to see if they can write! Are you hiring good people, or are you limiting your growth based on trying to hire the cheapest person out there? Food for thought.
Office Manual: You have one, right? You better have one! I am sure that you have written job descriptions too, right? So, you like to walk on the wild side? Well, if you don't have these documents, that is exactly what you are doing.
Disability Coverage: Is it up-to-date with your current income? Can you afford to increase the elimination period to save some premium dollars? Is it adequate? Does your present company treat chiropractic fairly? You say you have a group plan and you know that group coverage is best. Dream on, dreamer!
Retirement Plan: You need one, and now is the time to begin. Any tax savings are better than nothing. No one plan is the "best" for everyone. Compare them and see which one does the best job for you.
Overhead Coverage: Do you have it? If you do, is it adequate? If you don't have it, isn't it time that you quit playing Russian roulette and get this coverage?
Banks: Here's a multitude of sins wrapped up in a four-letter word! What are they charging you to keep your money? Are you still paying full price for your checks? Are you keeping "too much" of your money in the bank for your own good? Maybe it's time to "shop" for a new bank. Use the same "second opinion" idea that I just gave you in the property and casualty piece.
Auto Expense: Do you deduct part of your auto for tax purposes? How? Do you drive to your office every day? That's considered commuting and is not deductible for tax purposes. Be careful: Uncle Sam knows what you do and will get you on this one! Remember, Big Brother is watching you.
Estate Plan: According to the Wall Street Journal, 70% of Americans don't have a written estate plan. Isn't it time that you joined the "minority"?
Inflation: You say you don't have a feel for this? Do you remember when stamps were just three cents? That was 1953. Now they are up to 33 cents. How about gasoline when it was just 15 cents per gallon? That was the same year, 1953. You may still be living in the past, but believe me when I say that the companies billing you aren't!
Need help? Boy, are you in luck! All it takes is a self-addressed stamped envelope and a request, and you get help and more goodies from Greenfield! Such a deal!
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Tel: (800) 585-1555
Fax: (904) 247-1266
Click here for previous articles by Stanley Greenfield, RHU.