If we looked into the future 20 years what do you think care provision would look like for home care busineses?
I’ve been thinking about this a lot, I believe I have a pretty good idea but this is because I’ve seen this type of transition happen before in another sector, financial services to be specific. Now I know you may feel that financial services and care have very little to do with each other but you would be wrong to think that.
Prior to 2012 financial services had a very different landscape than the one today. Suddenly these businesses had to make their clients understand their worth and regulatory standards increased, meaning that they had to requalify as well as implement new processes. Can you see the similarities? Everything that I am going through with care businesses is exactly the same as I did with financial services and do you know what, it’s working. Attracting private clients, having a marketing plan, business planning, client segmentation, client proposition, the list goes on and on but it’s exactly the same.
We always used to say “What would your business look like if there wasn’t a regulator”. This is what I would ask all care businesses to ask themselves. Corporate governance is the key theme. Having top down processes that enables your business to run smoothly, no matter what regulatory standard comes in, is essential in order to future proof your business.
So here are my predictions....
- Many home care businesses will fail. Care businesses who do not market their business effectively or concentrate on social care clients will find the future extremely difficult. They won’t be here in 5 years never mind 20.
- The political landscape may change but I honestly believe no matter who governs the country, care will still be in two parts, time and task care and the care people actually want. People’s expectations are increasing which means they want a higher standard of care that includes companionship, not just time and task. People want choice and continuity which is currently, or not likely to be, available through social care. In 20 years (I will be in my 70’s then!) many more people will be paying privately for care.
- Funding for care will change. There are financial services companies who are now concentrating on care provision as we grow old. Insurance products and other types of products are being developed to ensure people can get the care they want to receive in old age.
I keep talking about technology and I’m doing it again. Home care is seeing a huge amount of assistive technologies that will enable people to remain independent in their home. This will continue to grow. Every care business needs to embrace this. In 20 years assistive technology and robots will be in home care
Competition will increase. Care businesses will fail but new entrants will come into the market who are really savvy, especially around technology. People think competition is a bad thing but it really isn’t. When you look at the numbers of clients you actually need to be a successful business it is relatively few in comparison to the population of that area. Work out what your niche area is and go with that.
This post will be going on LinkedIn and that is where I get more of my clients from but do you know what? The care businesses that really need help aren’t even on LinkedIn. They don’t do any networking, marketing or business planning. They are completely stuck in the drama of the day to day, not being able to lift their heads above the parapet. So that means all those care businesses who are aware of what needs to be done now will really reap the rewards that are coming in the next few years.
We are #raisingthebarincare and our purpose and passion is to achieve just that. We are extremely excited about the future of care and looking forward to working with many more clients helping them to future proof their business. Exciting times for all who are ready.