Home care leaders need to understand, document, and improve the systems within their companies.
4. Attract the best talent, both at the caregiver level and the administrative level.
Attracting the right talent is a huge topic that’s hit on often in home care, but in a recession the elements of stability and vision become more important.
Employees want to know that you can
a) look after them during uncertain times,
b) help them emerge from the recession better off than before, and
c) empower them to accomplish something meaningful
These are easier said than done, but they need to be at the forefront of every home care agency owner’s mind.
5. Tell a compelling story.
Storytelling is a unifying principle that combines the ideas of vision and attracting talent. Home care leaders need a compelling story that can attract clients and caregivers as well as make their vision more relatable/digestible.
This might include why you got into home care and/or why you stay in home care, what your company’s mission is, or how your company is influencing individual lives. There are many approaches you can take, but being able to tell a strong story will make your other efforts to inspire people more effective.
6. Measure everything.
Stephen echoes a common mantra: what gets measured gets managed. What gets rewarded gets repeated.
This is something we always harp on at Home Care Pulse, but again, it takes on extra importance during a recession. While it’s tempting to get by on gut and experience, measurement often what makes the difference between barely getting by and thriving.
To hammer this point in, let’s look at a stat from the annual Home Care Benchmarking Study: from the 800+ agencies we surveyed this year, the agencies who reported tracking every sales inquiry made an average of $470,000 more in annual revenue than those that don’t track every inquiry.
(Likewise, agencies that have a system to measure client satisfaction earn an average of $583,000 more in revenue each year than agencies without a system to track client satisfaction.)
Stephen recommends using the Benchmarking Study as a simple way to get started. Since it contains industry benchmarks on everything from categorized expenses to sales processes and also gives instructions on how to calculate the metrics, it’s an ideal tool to see how your agency compares to other agencies throughout the industry.