How can I save my struggling home health business?
We are financially in a hole due to the lack of patients and the lack of funding. We currently owe over $90K for Medicare and are headed in the direction of closing our doors. I know there is potential for this business, but actions will need to be taken immediately. What can we do to save our business?
If it is a business that works on physical premises only you need "Footfall", if your area is busy use your front to advertise offers that will not involve financial commitment, such as a free introductory consultation, a points system for people to introduce the service to friends/family etc. You can do this immediatlely, as well as leaflets through letterbox etc. Participate in online forums that have members located in your geographic area etc. rent or lease some of your premises to people like yoga instructors etc to supplement your income and bring people through the door, in this digital advertisement world of ours, Word Of Mouth still holds its own. Also consider fundraising for charities/causes within your premises etc. Remember that your business is part of your local community, be active and let people get to know you and your business.
it depends on many things...some are your resources, your current expenses, your target clientele and the way you are perceived in the industry and amongst stakeholders and your staff as well as your personal knowledge, desire and drive to change things around. You say the reason for being financially unsustainable is a lack of patients and a lack of funding - So you will need to think about what do you need to tackle first - patients or funding...and what gives you the fastest results to avoid more debt...Contact me for more details if you like, I am happy to help. All the best for you and your company. Jen
Market it out yourselves to get enough exposure, one big fight is all you need. People will come and check you out if the marketing is done right, even potential investors. Also, manage your schedule to meet up with all your creditors and be honest with the entire situation and schedule payments which are scattered throughout your conservatively forecast-ed months of run based on the marketing stunt that you are about to do.
First thing is to develop a business model using the business model canvas. You can search for the template on the Internet. This will give you a good overview and deeper insight into your business and consequently review it for better effectiveness and greater value to your client/potential clients and yourself. The business model my suggest that you need to change the way you are providing your service or that you need to think and approach it from a well-being coaching perspective.
Hope this helps, in any case I will be here with more insight into the challenges be able to provide more fitting and effective approaches to turning your business around.
Perhaps a resource like your local Small Business Association can help. They typically have free resources available and loans. Contacts at your local Chamber of Commerce may be able to assist as well. Best wishes to you.
Apply for Loans and ask for Business Advices and hire Financial Advisers/Advisors for financial problems. You need Professional People to solve your Problem. I hope i helped you.
I think its important to define what the potential is for the business, and guide your self in that direction. If you are sure that there is potential, what can you do to make sure clients will come to your door? Short term advice would be to cut expenses radically. Try to level your income to your expenses as much as possible. Good luck with everything!
How long has it been since you started your set-up? What has been your investment in marketing to generate awareness of your business and how you solve your patients problems? What is your area of specialization? Has there been some adverse incident that patients are vary to avail treatment from your centre? What are the skill sets wrt sales/ business growth skills in your current team.
Before you reach out to your potential investors, its important that you put in a revamp plan and how you can come out of red, in a realistic time frame. Which are are the areas you need to cut costs and where do you judiciously invest.
This will give your investors confidence, that their money is safe and bound to give them decent returns.
Its best to take advice from a turnaround expert in your area. All the best!
Thanks.First and foremost build a rapport with the credidors and enlist a professioional marketer and fundraiser.Ideally you can bprrow from family then ypu refund them back after recouping the same when you are back on your feet.All is not lost.Be more aggressive and use word of mouth to reach many with your product.
I do turnaround for clients, but is it good to get someone near your location.