| Hello to everyone in the Million Dollar community! As always, I hope this message finds you all doing well, and business is booming!
I just had lunch with an awesome husband and wife team who took me up in my “Coffee invite” in the great city of San Antonio. I’m very impressed with them and excited about their prospective opportunities. They too were pleased by the opportunity to break bread and pick my brain.
We discussed a great deal, but now that I’m in the airport and my flight has now been delayed AGAIN (killing me!), I’m “making hay while the son shines” and sharing some various golden nuggets that can benefit many of you as follows:
NEMT
1. I’ve talked about this before, but I absolutely have to mention it again, especially for all of the ‘youngins’ trying to leverage technology. I know you all want to automate, automate, and automate you’re business, and there’s NO question, you need/want to leverage technology, but if you think you’re going to run your business like a ride share and everything operates autonomously via a tablet, sorry, it’s not gonna happen!
Case in point, you know how we ALL hate calling a bank, a credit card company, or any type of support service and we get stuck speaking to someone overseas and/or getting nothing but AI prompts? Dude! Dude! Dude! Try and deploy that same strategy to your business and see how far that takes you!! Try and use a cheap international answering service to dispatch your business and see how quickly case managers get frustrated, just like you and me, and hung up and call a different service.
2. I KNOW, I KNOW, I KNOW it’s easy to be bedazzled by some of these all inclusive online platforms that promise everything to include back rubs and tummy tucks, but wait until there is an issue with any single one component of your business and you’ll see how quickly the whole the shuts down and you’re paralyzed.
Keep thinking you’re going to automate, automate, automate everything and you’re eventually going to find yourself ensnared in the ‘automation weeds’ ~ wasting more time on finding/setting up ‘automation’ bells and whistles versus actually getting real work done, cultivating legit relationships and contracts, and actually being profitable.
3. Keep perspective on EVERYTHING, and I do mean EVERYTHING - especially finances. I’m going to assume we’re all good hearted people and we’d love nothing more than to provide benefits upon benefits to our employees, but the laws of economics simply don’t work to provide everything that a Fortune 500 company might be able to offer ~ SERIOUSLY!
Don’t make the mistake of thinking you can compete with ‘BIG businesses.’ Even if you’re doing $5M in revenue a year, you still CAN’T afford to pay medical benefits, retirement plans, annual raises, etc., etc., etc. PLEASE TRUST ME, the laws of economics simply will not work and you’ll be crushed - rendered working for free, or more specifically, you’ll LITERALLY be working for your employers.
The goal is to MAKE MONEY. That doesn’t mean you need to be a scrounge or a cut throat, but keep your eye on that goal ~ MAKING MONEY. You can always give bonuses as profits permit, but if you start by promising the world, and you simply can’t delivered, you’re screwed, and everyone will bail on you.
HOME CARE
This was a tough call because there are a lot of opportunities for a variety of reasons, but when asked about a top 3 list of states where I would start a non-medical home care agency, off the top of my head, I would probably go with Texas, Arizona, and Florida.
Again, this is a VERY tough call because there are other great states as well, but when I consider everything in total, the overall client size, volume of seniors in need and on waiting lists, projected long-term market growth, coupled with licensing requirement difficulties, and that would be my top 3 with Ohio being my very, very close honorable mention.
I hope these nuggets resonate and help many of you. I could come up with a lot more because we discussed quite a bit at lunch, but my little FAT thumbs are exhausted from pecking on my phone! The struggle is real! More later.
See you at the Top! Joel E. Davis |
