Recurring costs for small medical business owners run the gamut from subscription services to taxes and fees, so an organized system for tracking those numbers is essential. If you’re just starting out with your business, it’s a good idea to break down your recurring costs by type, due date, and amount so you’ll never be surprised by a large bill. Organizing your finances this way will also help you create accurate projections for your business plan so you can keep meeting your goals without issue.
Use this guide from Jon Belsher to break down your finances into manageable, well-organized sections and stay on top of your recurring costs for the year.
Legal costs
Whether you need to set aside money to renew licenses or insurance coverage, take care of quarterly tax payments, or secure the services of an attorney, it’s a good idea to create a plan for any recurring legal costs. Think carefully about your responsibilities as a business owner; if necessary, talk to other entrepreneurs who run similar companies to find out what kind of expenses they’ve had to plan for.
Subscriptions and Software
While recurring legal costs are essential to prepare for, it’s just as crucial to make sure you work the cost of subscriptions and software into your budget each year. Web hosting, internet and phone service, accounting software, communication software, and cyber security software are a few of the most popular recurring payments you’ll need to make. You can look for free options, but it’s important to make sure they offer everything you need.
Business Operations
Most subscriptions and software tools are paid for on a monthly basis, as are utilities, equipment rentals, and rent. You can keep these costs down by offering remote work to your employees or by splitting remote and office work days in order to make a smaller, more affordable space work for your needs. You can also look for free small business resources, grant opportunities, and used equipment that’s still in good shape.
Payroll
When it comes to your employees, making sure your payroll numbers are accurate is a top priority because it benefits both them and you. Not only do you need to ensure that their hours and pay are correct, you’ll need to calculate the amount you’re going to owe in taxes and benefits and ensure that you have enough in the budget to cover it all.
Fortunately, there are a couple of easy ways to keep payroll costs down, including hiring the best possible team to prevent turnover and utilizing the services of independent contractors/freelancers for certain jobs. There are alternatives to finding a staffing agency for the Columbia, South Carolina area. You can work with a Talent Scout instead, who can quickly help you source highly-qualified freelancers to meet your specific needs. Best of all, these freelancers are more flexible and more cost-effective for your business.
Inventory
It’s also essential to keep inventory costs down, which can be done by keeping a close eye on item counts, using tech to keep track of each sale, and doing all you can to combat theft, both at a customer level and an employee level. While no business owner wants to imagine that they’ll be targeted or taken advantage of, it’s an unfortunate inevitability, so it’s best to plan for the worst.
Keeping track of recurring costs is crucial on several levels, but essentially it comes down to making sure that your medical business has everything it needs each year without being overextended. Getting organized will ensure that you can keep meeting your goals and growing your ideas.
