Post-COVID: How to Grow Your Care Business – Safely, Robustly & Profitably
By Tim Jones MBA, leading UK specialist business advisor to the UK Adult Social Care sector
I think we all agree: our Care sector has never before faced such challenging times.
There’s overwhelming evidence that uncertainty, stress and anxiety have taken a huge toll on our workforce, revealing how fragile and under-resourced the sector is right now.
As lockdown restrictions have ebbed and flowed, immense pressures have been placed on people, systems and business owners.
Worryingly, more than one in two care providers are now at breaking point. That means they risk closure because of the uncertainty and financial losses created by the pandemic.
Addressing the COVID emergency has been the Government’s priority. However, if we are to recover, to properly progress, then change is surely needed.
It means we now have to secure a Care system that meets the needs of our people, is robust and sustainable for the future.
If you’re like 93% of MDs in the Care sector who want to grow their business, it’ll frustrate you that:
* your team performance and culture are not at the standards you want
* you’re constantly worrying that the phone might ring bringing news that one of your key team members has quit
* you continually face fire-fighting dramas, such as safeguarding incidents because of a silly mishap when someone didn’t pay enough attention to detail.
I’ll bet some, if not all, of these scenarios sound familiar to you.
So, to grow in a safe, robust and profitable way, you have to start plugging the gaping holes in your business.
A sticking plaster patch just won’t cover it
During the past 10 years I have supported more than 50 care providers, helping them to consistently deliver award-winning quality care to their clients. I’ve also helped them create systems that saved them hundreds of hours each month and increased their profits by over 61%.
At the same time, I’ve guided them to build a team who are motivated and love working for the business.
What this all means is that the ‘leaky bucket’ gaps and holes in their business were properly plugged – and not just patched with a sticking plaster!
The wide-ranging experience I have built up over the years informs me that there are ‘7 Key Problems That Hinder Health and Social Care Businesses Keen to Grow’.
The biggest challenge of them all is profitability.
Without this, multiple bottlenecks are created within the business, preventing you from operating safely and sustainably.
‘Where has all the money gone?!’
Growing your business may be the last thing on your mind right now. You’re probably more worried about surviving the pandemic because work has slowed down, your staff are exhausted and you’re wondering if your business will survive.
Or you’re working flat out and feeling desperately out of control, possibly because all your systems have gone out the window, your team is on its knees and you’re constantly being distracted by the fires raging around you.
One question, I’ve found, that plagues almost every MD is: “Where the heck has all the money gone!?”
This worry often surfaces when MDs are hit by an unexpected expense, or when a surprise tax bill is far bigger than the contingency funds that have been put aside.
It’s not so surprising really. Most MDs don’t get into business because they love looking at numbers. If they did, they’d have become accountants
But if you don’t understand your finances or take control of the money, then the money will control YOU.
This applies to anyone who “umms” or “errrrs” over investing in items the business needs because you’re not 100% sure the business can afford it.
‘A gut-wrenching read’
Here’s another tough, painful question for you: Do you have any idea how much money is being inadvertently wasted in your business?
If you’re not keeping track using efficient software, I can guarantee you that quite a substantial sum is being frittered away on stuff you don’t need, that doesn’t add value or is not delivering a return on investment.
Now, my apologies if you’re finding this article a gut-wrenching read. But ask yourself this question:
Do you really want to spend the rest of your business life feeling uneasy about financials and struggling to make long-term decisions because you’re not sure what you can or can’t afford?
I didn’t think so.
Whenever I start working with a new client, the first thing we always look at is what you’re owed. That’s because any debt owed to you is costing you a fortune.
Not only have you had to spend your cash flow on resources, wages, rent, expenses and anything else needed to deliver your services, but also, more than that, the money owed you is also stopping you from growing your business.
Instead, you could wisely invest that money on the resources and assets you need to accelerate the build of your business.
The word on the street
Having the right software in place is an integral part of accelerating your business growth.
As I am in constant contact with MDs, CEOs and the managers of care providers within the UK, I have begun hearing positive feedback on the Care Consort software and its ability to simplify the business.
Bringing in debts on time and stemming the flow of wasted money means that you’ll have increased profits to invest back in your business.
This enables you to grow it faster, hire more staff, pay them more, buy the new software, training and equipment you need. It also allows you to take more money home at the end of the day.
You’ll be safe in the knowledge that you’re growing your business in a secure way, making it more robust and increasingly profitable.
- Tim Jones MBA is an award-winning specialist business advisor to the Adult Social Care sector who supports the owners and managers of Homecare providers, care homes, nursing homes and Supported Living services across the UK. Tim is also a Commercial Member of the UKHCA. For more information, please contact Tim on email@example.com, 07588 321898 or via https://www.linkedin.com/in/timjones-support/
- If you’d like to learn more about the ‘7 Key Problems That Hinder Health and Social Care Businesses Keen to Grow’, please email me today.