By Stephen Tweed
What are the big burning issues you are facing as a home care leader? What’s getting in the way of growing your business? When you wake up in the middle of the night and your mind starts working, what are you working on?
On a Monthly Basis, the Home Care CEO Forum hosts a Mastermind Town Hall for all of the members of our Home Care CEO Mastermind Groups. Currently, we have four Mastermind Groups with 42 member companies. During a recent Town Hall, we asked the participants to tell us their three big burning issues. We then used this list to build agenda’s for future mastermind meetings. We continue to update this list as we hold our monthly mastermind meetings.
Here’s the update list
Coping with Covid – the resurgence of Covid-19 this fall has caused major disruption for many home care agency leaders. One CEO told us that this resurgence has cause more challenges than the original growth of the pandemic back in March and April of 2020.
Caregiver Recruiting and Retention – one of the major consequences of the Covid-19 resurgence has been the shortage of caregivers. There was already a caregiver recruiting and retention crisis before Covid, and the resurgence has made it worse.
Marketing Strategies in a Covid World – agency leaders are asking each other for insights into new marketing strategies for reaching out to referral sources and directly to consumers given the side effects of Covid.
Sales Systems when you can’t get face to face with referral sources – most larger home care companies have external sales representatives who call in key referral partners to maintain relationships, assess their needs, and encourage them to make referrals. Leaders are concerned about how to most effectively utilize their sales reps if they can’t get face to face with referral partners.
PPP Forgiveness – most of home care agencies who are members of our Mastermind Groups applied for and received PPP loans from the Small Business Administration as part of the Federal Government’s Covid response efforts. Leaders are now talking with one another about the process for applying for forgiveness of these loans. The other topic that has emerged is the IRS ruling that business expenses paid with the PPP money will not be tax deductible. That means that much of your revenue during that eight week period will fall to the bottom line of your P&L and be taxable.
Data Driven Decision Making – perhaps the one topic that has been discussed by our mastermind members at nearly every meeting is metrics, and how they can track metrics and use the data to make better strategic business decisions. The bigger the company, the more their leaders are concerned with metrics and data to guide decisions.
How do these big burning issues compare with what’s keeping you up at night?
For more insights on what top tier home care companies are doing to address these issues, consider becoming a member of a Home Care CEO Mastermind Group. If you are an independent home care company generating $3 million or more in annual revenue, visit us today to see if there is an opening in the group where you would fit.