Organisations that are looking to expand their care services should be mitigating risk through analysis and proper planning in order to protect the business and those it cares for long term, says Laura Williams, business development accountant, d&t chartered accountants
Many managers of care businesses join the sector because they want to make a difference to people’s lives. Perhaps a relative has needed care, whether they still lived at home or had moved into a residential care setting and the experience has inspired them to start a business.
For some, setting up a care home is an opportunity to provide the type of care people expect for their own loved ones, while for others, it is simply the chance to give something back. As a manager, this means that consistent care quality is the key driver for the success of the business. However, to ensure vulnerable and elderly individuals are protected and looked after with the utmost dignity and respect, the business itself needs to run like clockwork.
If there is a cash flow issue and staff or bills cannot be paid, the high standard of care or even residents’ health could be put at risk. Therefore, managing the ‘business’ of a care home usually requires a different skill set and an understanding of figures, forecasts and careful planning.
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