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Home Care Fundamentals – Partners31: Specializing in Health and Human Services http://partners31.com We're Really Good At What We Do! Wed, 13 Apr 2016 23:07:11 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.3 http://partners31.com/wp-content/uploads/2011/09/cropped-Janet-FINAL-LOGO-no-bar-32x32.jpg Home Care Fundamentals – Partners31: Specializing in Health and Human Services http://partners31.com 32 32 Policy & Procedure Development http://partners31.com/news/policy-procedure-development/ http://partners31.com/news/policy-procedure-development/#respond Fri, 25 Apr 2014 02:36:06 +0000 http://partners31.com/?p=1908 The post Policy & Procedure Development appeared first on Partners31: Specializing in Health and Human Services.

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Business Senses, USE Them for Systemizing http://partners31.com/consultant-intellectual-disabilities/business-senses-use-systemizing/ http://partners31.com/consultant-intellectual-disabilities/business-senses-use-systemizing/#respond Tue, 22 Apr 2014 01:58:13 +0000 http://partners31.com/?p=1753   As a business owner, would you like to eliminate some stress from your life?  Consider having systems in place.  Documenting what really works can make you, your employees, and your processes more efficient and effective.   People want to work with companies that treat them well and they want to know what their job responsibilities […]

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little executiveAs a business owner, would you like to eliminate some stress from your life?  Consider having systems in place.  Documenting what really works can make you, your employees, and your processes more efficient and effective.   People want to work with companies that treat them well and they want to know what their job responsibilities are.  Having systems in place will help satisfy these needs.

So how do you go about getting these systems identified and defined?  One way to start is to use your senses.  You may think I am talking about “common” sense.  But I’m not.  I mean use your senses, literally—sight, smell, sound, taste, and touch. Get in the practice of exercising one of your senses each day when you are in your office.

Today let’s focus on sound.  Take 3-4 minutes somewhere inconspicuous in your office and close your eyes and listen.  What do you hear?  How do you feel about the environment, the voices, the phones ringing, the conversations, the words, the tones?  Do you hear any annoying sounds, distractions, alarms, music?

Now open your eyes and jot down your thoughts on what you heard.

How do you feel about what you heard?  Did you hear an office purring like a cat or screeching like fingernails across a chalkboard?

Listening to what you hear can be a big clue as to what environment you have in your office.  If what you heard made you feel awesome, let your team know.  If there is room for improvement, be clear, identify the problems and create a solution.  Communicate with your team and make changes when needed.

Please try this with some of your other senses.  It’s a great exercise to Get Your Business FIT, and ready to go when you are!

 

 

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Incident Management http://partners31.com/consultant-intellectual-disabilities/incident-management-4/ http://partners31.com/consultant-intellectual-disabilities/incident-management-4/#respond Fri, 18 Apr 2014 14:41:33 +0000 http://partners31.com/?p=1679 The post Incident Management appeared first on Partners31: Specializing in Health and Human Services.

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Building Home Care Value with Tactical Planning http://partners31.com/business-planning/building-home-care-value-with-tactical-planning/ http://partners31.com/business-planning/building-home-care-value-with-tactical-planning/#respond Thu, 13 Dec 2012 15:10:15 +0000 http://partners31.com/?p=915 Building value in your home care business and setting goals for exit planning does not happen by accident.  Partners 31 helps you develop your overall strategy as well as the specific tactics, the means by which you execute that strategy, necessary to achieve your goals. Let’s take the example of “Stuart,” a typical home care […]

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Tactical PlanningBuilding value in your home care business and setting goals for exit planning does not happen by accident.  Partners 31 helps you develop your overall strategy as well as the specific tactics, the means by which you execute that strategy, necessary to achieve your goals.

Let’s take the example of “Stuart,” a typical home care business owner who needed help building business value but wasn’t sure where to begin.  We started by asking a deceptively simple question:  what specific business activities do you LEAST enjoy?  Stuart’s list included placing collection calls, balancing the books, paying bills, and hiring and firing employees.  Obviously, these tasks are business critical, and your own list may include other activities no less crucial.

It might seem counterintuitive, but we suggested that Stuart STOP doing these tasks.  Instead, we asked whether he could identify employees who could handle the activities at least as well as Stuart or develop systems and procedures to ensure the tasks received the proper focus.  His alternative was to do everything himself, working longer and harder on the tasks he least enjoyed.

All home health care owners have specific strengths, aptitudes, and interests they bring to their home health business.  Naturally, they also have areas where they are weaker, have less aptitude, and interests on which they’d rather focus.  Stuart found that he could become MORE efficient by doing LESS.

Now let’s examine several areas we must consider and questions we must answer when developing your strategy and tactics:

*Diversifying your Customer Base

*Expanding Sales

*Defining and Measuring Success

*Developing Consistent Sales and Marketing Messages

*Planning your Taxes

Diversifying your Customer Base–What percentage of you sales or income are attributable to each customer?  Does one client account for a disproportionate amount of sales over the past year?  If you lack diversity in your customer base, it will be difficult to convince potential home care mergers and acquisitions brokers and buyers of your proper business value and future prospects.

Expanding Sales — Are you doing everything possible to build home care valuations through existing customers?  Have you recently explored different options to increase market penetration?

Defining and Measuring Success– How do you measure home health company success?

How do you achieve accountability?  Is it through the consistent achievement of annual sales targets or by successfully penetrating especially difficult markets? To build home care business valuations and meet your exit planning goals, to set appropriate base incentives for compensation, to establish growth targets you must first be able to define and measure success.  This is particularly important when working with home care business brokers and mergers and acquisitions home care entities.

Developing Consistent Sales and Marketing Messages–Have you effectively communicated your home care company’s purpose and goals to your employees?  Can all, or even most, employees accurately describe your competitive advantage?  Many home health owners mistakenly believe they have!  Crafting a consistent sales and marketing message ensures all employees are focused on company goals.

Planning your Taxes–No tactical planning discussion would be complete without mentioning taxes.  Wise home care business owners do everything possible to legally build value by avoiding unnecessary taxation and minimizing existing tax obligations.  Your tax advisors can recommend appropriate entity structures, how to use multiple structures to minimize taxes, or how to choose the proper location to take advantage of state and local tax codes.

These five examples are by no means comprehensive; they are just a few examples of the many ways Partners 31 can help you plan your business strategy and execute effective tactics.  Our advisors can assist you in organizing and focusing your efforts to achieve all your exit planning goals

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Time: Too Much or Too Little? Exit Planning for Home Care Agency Owners http://partners31.com/business-ownership/time-too-much-or-too-little-exit-planning-for-home-care-agency-owners/ http://partners31.com/business-ownership/time-too-much-or-too-little-exit-planning-for-home-care-agency-owners/#respond Tue, 07 Aug 2012 17:35:07 +0000 http://partners31.com/?p=965 Exit Planning?  Oh, I’ll have plenty of time for that later! Exit Planning?  I’m too busy to think about that now! Sound familiar?  The problem is that active, successful business owners like you seldom slow down, and despite your best intentions, you often bite off more than you can chew.  We can’t cram any more […]

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Finding Time for Exit Planning

Exit Planning?  Oh, I’ll have plenty of time for that later!

Exit Planning?  I’m too busy to think about that now!

Sound familiar?  The problem is that active, successful business owners like you seldom slow down, and despite your best intentions, you often bite off more than you can chew.  We can’t cram any more hours into your day, but we can help you use your time more wisely.

Rudolfo LeMond owned a growing hospitality services company.  As his business grew, he learned to delegate, but no matter how much Rudolfo delegated, he never had enough time for planning.  And even if he could find time, he didn’t know how to create a plan founded on a clear vision, with clearly-defined and accountable steps along the way.

This was Rudolfo’s situation when he was approached by a buyer.  Though he had not actively pursued a sale, at 49 he was beginning to consider life after work.  So he found an hour to meet with the buyer.  In those 60 minutes, Rudolfo’s blinders were removed and his priorities turned upside down.

A large national company looking to establish a community presence, the buyer was interested in Rudolfo’s company because of its reputation and broad, diversified customer base. The buyer was looking to acquire a business that could grow with little other than financial support.

Naturally it sought a business with a good management structure because, like most buyers, it did not have its own management team to place in the business. Rudolfo, however, had not attracted or retained solid management (nor had he created a plan to do so). His business lacked this most basic Value Driver.  Like many buyers and mergers and acquisitions brokers, they were also looking for two additional Value Drivers: increasing cash flow and sustainable systems throughout the organization (from Human Resources to marketing and sales to work flow). Rudolfo quickly realized that his business was a hodgepodge of separate systems each created to patch a particular problem. Finally, they asked Rudolfo to describe his plans for growing the business. Rudolfo had none. What this buyer and Rudolfo now understood was that this business revolved around Rudolfo. As Rudolfo left the meeting, he expected that, given his company’s deficiencies, he would receive a low offer from the buyer. He waited weeks but no low offer was forthcoming. In fact, the buyer simply disappeared. The message to all of us is clear: Unless a business is ready to be sold, many buyers, especially financial buyers, are not interested. They have neither the time nor the in-house talent to correct deficiencies. The look for (and pay top dollar for) businesses that are poised for ownership transition. It is a fact of life for owners that unless you work on your business, rather than in your business, you will never find time to plan for the future of your business.

Is there a way to find the time for exit planning before your 60 minutes with a prospective buyer?  Of course.  But exit planning requires time– time not only to create the plan but also time to implement it and to achieve measurable results. That timeline may be considerably longer than you anticipate because, in creating an Exit Plan, you need to rely on others who are also busy (minimally an attorney, CPA, and financial planning professional). Additionally, you can not anticipate all of the issues that might arise, and it is unlikely that everyone you work with is as motivated or experienced as you are. Finally, and inevitably, not everything will go as planned.

Exit Planning encompasses all sorts of planning: growth, strategic, succession planning, as well as your personal financial, and estate planning. By wrapping business, estate, and personal planning into one process, Exit Planning is all-encompassing rather than a subset of the planning. In short, there is much to do, and the time to start doing it is now.

It’s important to recognize that planning, properly undertaken, can help enrich your business as well as your personal life. According to Brian Tracy (http://www.briantracy.com/), “A clear vision, backed by definite plans, gives you a tremendous feeling of confidence and personal power.” And, in the case of Exit Planning, it works, too.

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Identifying Home Healthcare Business Fundamentals and Putting Them in Order http://partners31.com/business-ownership/identifying-home-healthcare-business-fundamentals-and-putting-them-in-order/ http://partners31.com/business-ownership/identifying-home-healthcare-business-fundamentals-and-putting-them-in-order/#respond Mon, 18 Jun 2012 18:59:33 +0000 http://partners31.com/?p=885 As we continue discussing how to close the gap between what you have and what you need, let’s look at business fundamentals and how to address them to build business value.  Business fundamentals are those basic housekeeping tasks that reduce your risk.  We want to put into place mechanisms to protect business value. Business fundamentals […]

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home care business fundamentals

Make sure all your business fundamentals are in order

As we continue discussing how to close the gap between what you have and what you need, let’s look at business fundamentals and how to address them to build business value.  Business fundamentals are those basic housekeeping tasks that reduce your risk.  We want to put into place mechanisms to protect business value.

Business fundamentals are divided into four key areas:

1.            Ownership rights and responsibilities

2.            Facilities management

3.            Competitors

4.            Employee errors

 Ownership Rights and Responsibilities

Are your corporate records in order? Is each share of stock documented? If there are co-owners, are the rights and responsibilities of each clearly documented, understood, and implemented? Do you know what will happen if one owner becomes ill or dies? Has the company paid for any perks for family members?

Minimize risk of loss from facilities management

To minimize risk through facilities management, you must know in which areas your company is vulnerable to loss in its activities. Vulnerable areas might be in: services, inventory, publishing, printing, duplication, records management and maintenance, or research and development. You may also need to take a look at your operating space – especially if it has grown on an as-needed basis.

Minimize risk of loss from competitors

Have you taken time lately to identify all of your direct and indirect home health care competitors? Have you evaluated them in terms of their ability to threaten your organization? Can you avoid future threats from competitors?

Minimize risk of loss from employee errors

In the past 12 months, has an employee made an error that cost your company significant money? How did that error occur? What measures can be put in place to prevent similar errors in the future?

Business fundamentals are all about reducing risk for you and for any future mergers and acquisitions brokers or buyers.  I hope you find this information helpful and motivating. To get started on your value-building plan, please contact me

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