Hello, I'm David King and welcome to our September newsletter.
Balancing the books for care home owners is a constant battle; with the rising costs of the provision of care and the shortfall of funds from Local Authorities combining to have a significant effect on the profitability of the care home business.
How can you, as a care home owner, ensure your care home business remains profitable whilst delivering the appropriate standards of care the elderly and vulnerable have a right to expect?:
Fail to plan, plan to fail - it's as true a saying as ever. Whether you are just starting out with one care home or adding to a portfolio, make sure you have a business plan. It's not just to show your bank, but ensures you consider all aspects of the business, it's overall costs, income, staffing and residents needs.
False economies; you may think you are saving money by buying cheaper equipment or products but keep an eye on how many times it needs replacing, fixing or what quantities are required. You may find it's not working out cheaper at all.
Consider the costs of recruiting and training a continual run of new staff as opposed to retaining experienced staff on a higher wage. The Living Wage will happen, so why not be the care home that attracts and retains the best staff now?
If you are considering purchasing more homes or buying your first, get in touch with Brent King where we are always happy to talk with you about the best ways to manage your finances and get the best finance deals.