This original list was not written by me, it was written by Scott Oldford. He actually posted it on Facebook. The list was a little different. I’ve modified it for home care agency owners. Lots of truth in this list!
NOTE… at DIFFERENT times, many of these will be more or less important to you… however, you will be challenged with ALL of them.
1. Mindset – Probably the #1 that holds everyone back…
“I don’t know enough about elder care”
“I’m not a good salesperson”
“I don’t want to do online marketing”
“I don’t need a team”
2. Accountability – If you do not hold yourself or your team accountable for their marketing activities, meetings, online marketing, and goals, failure occurs.
3. Lead Generation – Without steady and automatic, non-luck based lead generation, you’re ability to grow without just working more is very difficult.
4. Nurturing of Audience – If you aren’t creating an audience and/or community (think Facebook) around your business and what you do, you’re not futureproofing your business by ensuring you have a group of people who love you, by default.
5. Cashflow – Cash Generated vs. Cash Collected is very different and if you don’t control your profit margin and collectables, you’ll end up with really bad months.
6. Capital for Investment – Growth SUCKS cash, this means, a lot of the time, you’re going to need to look for sources for cash that can help you continue to grow quickly… this doesn’t mean investment, it means being creative.
7. Operations and Processes – Without the proper procedures and processes and having someone dedicated to managing operations, your ability to grow and properly manage a business, is very difficult.
8. Overwhelm – The result of not investing in #6
9. Business Model – Most of the time, you’ll need to change your business model as you evolve, this can be painful and is a huge unknown.
10. Brand – If people aren’t aware of you as a leader in your industry, you’ve missed the biggest boat there is… among this, a lot of the time, if your lead doesn’t understand your brand, they can’t resonate with you.
11. Culture – If you’ve created a crappy culture, by not actually taking the time to define your culture and then invest in your culture, your ability to ride the good times and the bad times, will be difficult.
12. Short-Term vs. Long-Term Choices – Most businesses under $1M make choices that are 90-day based, if you want to grow past this, you have to make longer-term investments, while keeping enough short-term choices to keep money in the bank as you grow.
13. Financial Controls – If you don’t understand your numbers and have good bookkeeping, etc. you’re flying by sight instead of by numbers… that’s a disaster.
These are going to be some of the core problems when growing and scaling from 6-figures to 7-figures… and beyond.
You will have all these challenges…Some are more important than others. And some will hurt more than you hope for.
However, remember… EVERYONE is going through this.
You got it :).