It is virtually impossible for any business not to experience a downtrend or recession. Small businesses are usually hit hardest as they have limited resources to survive a drought spell. For small clinic owners, it is vital that they have a well prepared physical therapy management plan that can help them face this challenge.
There are some crucial rules that a physical therapy management must follow if they intend to survive this stage of the economic cycle:
- Debt should be evaluated and excessive debt eliminated. It is always wise to be frugal even before revenue starts to drop. Shrewd physical therapy management will work towards restructuring debt if they cannot be eliminated altogether.
- Downsizing is a prudent way of saving on overhead and salary wages. Efficient physical therapy management will work to increase productivity of staff instead.
- Tracking finances should be done daily, if not yet done. Micro-managing your finances will let you plug any financial leaks right away and minimize wasted resources. Astute financial physical therapy management should involve generating profitability reports per staff per day or per week.
- Staff should be trained and cross-trained if possible. Wise physical therapy management like this ensure there is no service gap if a staff is occupied or otherwise unavailable. This ensures smoother service and greater productivity for patients.
- Analyze and review marketing costs. Reduce and eliminate advertising campaigns that are not attracting clients. Astuteness should be required in physical therapy management to gauge if the marketing expense is paying off or if it is just costing the clinic much needed dollars.
- Expand geographically without actually opening another clinic. You can reach farther market by using the internet. A smart physical therapy management knows that the internet has greater reach and a much lesser expense. Using this tool effectively and efficiently can mean huge advertising savings with greater benefit to a struggling small business.
- An efficient physical therapy management should never lose track of quality. In slow times, it is tempting to forsake quality for profitability. Scrimping on quality might eventually mean a lost patient. Remember it is cheaper to keep an old client than to find a new one.
Surviving a recession is going to be a struggle but it is not impossible. Recession is part of any economy thus it cannot be avoided. Being prepared for it could mean the difference between closing shop and weathering it for the next economic cycle.