By Stephen Tweed
A few years ago, my friend and professional speaking colleague, David Newman , wrote an article for professional speakers about why we should serve the top of our market. This fits perfectly with a conversation we were having in our Home Care CEO Mastermind Groups about clients, referral sources, minimum hours, prices and pay for caregivers.
Here are 17 things to consider in serving the Top of the Market:
Apply the 80th Percentile Principle
These seventeen insights dovetail precisely with two articles we wrote in 2021 about how you can grow your business using the 80th Percentile Principle, and how you can reduce caregiver turnover with this same principle. If you want to bill your clients at or above the 80th percentile, and you want to pay your caregivers at or above the 80th percentile, you need to be serving clients at the top of the market.
Research we conducted with a number of our clients helped us define the dollar value of a client, and the referral sources that often send us new clients who buy the most hours per week for the longest period of time. When you are serving the top of the market, you get much less fee resistance, and many fewer clients who only want or need a few hours per day a few days per week. When you serve fewer clients who buy more hours per week for longer periods of time, you reduce stress on your scheduling coordinators, on your recruiters, and on yourself. Everything is easier in your business.
Discuss this Principle with other Owners
If you are curious about how you can apply these ideas to your business, you may want to discuss them with some other owners of similar sized home care companies who do not compete with you. The only place the can do that comfortably in inside a Home Care CEO Mastermind Group . If you are an independent home care company that generates between $3 million and $50 million in annual revenue, there is a Mastermind Group for you.
This article is being re-published with permission of the writer, Steven Tweed:
Stephen Tweed, CSP, is an internationally known health care and business strategist, award winning professional speaker, and published author. He is the CEO of Leading Home Care… a Tweed Jeffries company and the Founder of The Home Care CEO Forum® and Caregiver Quality Assurance®.
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