How to Assess Your Home Care Business for Growth: 5 Questions to Ask Yourself
Whether you’re just starting a home care business, or you’ve been in business for years, you’re most likely on the lookout to grow. There is no set formula for growing your home care franchise, but there are many tools and processes you can use to grow your business. The very first step to growing your company is to accurately assess your current status. Here are five questions to ask yourself in order to get a clear picture of where you stand:
What is the current size of your company, compared to your biggest competitors?
This can be hard to judge. You can get information by requesting copies of Medicare cost reports on your competitors. While these reports can often be several years old, you can get an idea for comparison. Another resource can be your local business newspaper or publication which lists several categories in your area and the top 25 companies for each of them.
How fast is your franchise growing?
While the economy has been sluggish in recent years, the rise in the U.S. retired population and an increasing desire to keep long term care costs down means that the home care business is steadily growing.
Where does your company stand in your local market?
Engagement is a key factor in answering this question. Find out what people are saying about your business. Do surveys of both customers and referral sources, with a focus on how your company compares to competitors.
How does the employment marketplace view your company?
Your employees will talk to friends and other prospective employees in your area. How does your company stand out as a place to work? Customer relations and employee relations are mirror images of each other. If your in-home care business has a reputation for being a great place to work, it’s likely to have a reputation for being a great place to receive care.
How do you measure up in your patient surveys?
Are there scores on your patient satisfaction surveys which consistently show room for improvement? Think of ways to implement those improvements. Are there testimonials you can use to show other potential customers the way your home care franchise stands out from the rest in your area?
Once you have a clear picture of where your home care business stands, you can create a plan for the direction and specific strategy by which you will grow your company.
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