By Stephen Tweed
It’s New Year’s Day, and I’m on a plane from Louisville, KY to Phoenix, AZ for a couple of weeks of work out here in the sunshine. As I’m flying along at 30,000 feet, I’m thinking about my own business in the coming year. I generally like to take some time over the holidays to do an assessment of our business for the past year, and do some visioneering of our business in the coming year.
One important element of getting ready for the coming year is to look at your Goals, Roles, and Relationships.
What are your financial goals for 2013? Have you taken time to write out specifically what you want to achieve in your business in the coming year?
What are your personal goals for 2013? Several years ago, Elizabeth and I made a commitment to each other to not focus on “stuff” and focus more in experiences. We stopped giving each other Christmas gifts, and started planning more time together having experiences. We have a specific list of experiences that are on our “bucket list” for 2013. (Did you see the movie, The Bucket List?)
We have one new person in one new job in our company coming into 2013. My youngest daughter, Jill Scott, joined our company this past June as Manager of Member Services for The Academy for Private Duty Home Care. Also, in re-launching the Academy as a membership network, we are rolling out a new series of live workshops and learning events. That means that the roles have changed for other members of our team.
What roles have changed in your company as you have grown? Have you taken time to review each of the functions of your company, and to define who will do what this year? Have roles changed for some members of your team? Have you added new people? How have you divided up duties as your team has grown?
We are in a relationships business in private duty home care. Relationships are absolutely critical to our success. What relationships do you need to nurture and develop for the coming year?
- Clients and family – what are you doing to foster repeat and referral business with your current clients and families? One company we work with gets 16% of their new clients from current and past clients, and the average referral is worth $15,130.00. What % of your new clients come from word-of-mouth referrals from current clients?
- Caregivers – what are you doing to foster relationships with your caregivers. Our research shows that the number one reasons for caregivers to stay with your company is appreciation and recognition. With turnover averaging 49.8% in 2011, you need to do all you can do to retain your caregivers. Also, the client I mentioned in the previous paragraph gets 13.8% of their new clients through referrals from current caregivers and they are each worth $32,299.00.
- Referral Sources – what are you doing to nurture your relationships with current referral sources? Or more importantly, what are you doing differently? Or is it the same old same old? Our client in the case study above gets 15% of their referrals from Trusted Advisers, and each one is worth a wopping $69,994.00 per client. Wow! That’s a relationship we want to nurture.
- Office Staff – what are you doing to nurture the members of your office team. Again, research on office staff retention shows that your people will stay with you when they feel valued and appreciated. What little things do you do on a daily basis to show your office team that you appreciate them and what they do for your clients and caregivers?
Goals, Roles, and Relationships … the keys to your success and prosperity on 2013. Let us know what you are doing in each of these areas. And stay tuned to The Academy for Private Duty Home Care for online learning and live workshops to help you grow your business and get ready for the future.