A different perspective on business growth for your care business
Innovation and creativity are key to business growth but are often neglected in care businesses. Whereas, compliance and regulatory processes often take up an enormous amount of time and energy. However, I know great businesses thrive whatever regulation throws at them. This is because their thought process is one of constant improvement, they are comfortable with change. They are happy to review new ways of thinking and working. Innovation and creativity are vital parts to that process. So what key areas are there that care businesses could be innovative and creative.
4 key areas where innovation & creativity that can help business growth
1. Client Proposition
Think about the type of clients you are trying to attract to your business. Do you want more private clients? If yes then creating a client proposition and training your employees to sell the service to potential clients is key. What services will those clients value? Have you gone through a client segmentation exercise to find out which clients are profitable and which aren’t. Do you know who your ideal client is? If you want more social care clients, do your numbers stack up? What are the challenges? There is so much potential in this area. Are you maximising that potential?
2. Attract and retain great employees
You need to think differently to other businesses in your area. You are all fishing in the same pond. Innovation and creativity is key. Understanding how to attract great people to your business and where to find them is what you need to be able to achieve. Retaining employees once you have them is a process that you can implement easily into your business. Employment journeys (see here) provides the structure of what you need to include within your retention strategy.
3. Risk Management
What would your business be like if you didn’t have to abide by the regulatory policies and procedures? Having worked in regulated environments for the past 23 years the most successful businesses would be 90% compliant with or without a regulator. This is because they take risk management seriously. The biggest threat to your business is poor client outcomes and lack of resources. If you solve these two problems you will reduce your risk significantly. Technology has a massive part to play here. Understanding what systems to use and which can add value will make all the difference to your business and provide a return on investment.
Ensuring profits are stable and having enough to reinvest back into the business is what great businesses do. Understanding your costs, ensuring that you know where costs can be saved is vital. This requires innovation and creativity to enable your business to anticipate what is ahead. By doing some analysis and preparing for a number of scenarios, will help your business to thrive and be resilient.
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Remember if you do what you’ve always done you’ll get what you’ve always got. Make today be the start of your journey to being a great business.