PDT #154 - Three Critical Steps in Growing Your Business

Invest in the Future of Your Company                                                  October 21, 2009

Private Duty Today

Jason Tweed, editor of Private Duty Today 

Welcome to Private Duty Today, the bi-weekly electronic newsletter for Private Duty Home Care Leaders from Leading Home Care ...a Tweed Jeffries company.

I'm Jason Tweed, Director of Business Development for Leading Home Care, and Editor of Private Duty Today

Private Duty Today is published every other Wednesday, and currently goes to over 7000 subscribers.

Private Duty Today
is a permission-based newsletter.

 

 

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There are two investments that you can make in your business that will reap mammoth returns.  Other consultants have told you this as the lead to their sales pitch.  The next thing you know they're telling you about the "Super Success System" or the "Extreme Empowerment Explosion".
 
There are three steps critical in growing your business.
 
·     Step #1: Get Smarter
·     Step #2: Hire People Who Are Smarter Than You
·     Step #3: Make the People You Hire Get Smarter Too
 
Get Smarter: As an owner, CEO, manager or executive you should be focused on a primary goal each year.  Make a conscious effort to be smarter next year then you are this year.  Educate yourself about your business, about your industry, about your community, and about your people.
 
I admire my dad.  Stephen Tweed isn't the smartest guy on the planet.  What he is, however, is smarter than he was last year and the year before that ... etc., etc.
 
He reads constantly.  He's a student of business, leadership, finances and faith.
 
In home health care and private duty home care, he's one of the nation's leading experts.  Few people could hold a candle to his body of knowledge, yet he is unsatisfied.  Once you've read everything there is to read, and met with many of the smartest in our industry, you'd think he'd be confident and content.  What he is, however, is curious.  Where study leaves off, research begins.  More on that later ...
 
Hire Smart People:  I'm a pretty bright guy.  I pride myself on that.  It comes through in my speech, my writing, and in my ability to connect with people.  I have one interminable rule.  I'd never hire someone that isn't smarter than me.  They don't have to be a genius, but they must bring something to the table.  They must have a skill, talent, body of knowledge, behavior or attitude that complements me and my staff.
 
A consistent mistake I see owners make is hiring people whose personality meshes with their own, and try to teach them the business.  These owners need to bring in someone with unique talents.  CEOs need to hire people who have skills or knowledge they don't possess.  Sometimes, all they need is for someone to, respectfully, challenge their ideas and their thinking.
 
Help Them Grow:  Finally, not only should owners and CEOs work hard to grow their knowledge, they should encourage growth within their team.
 
In an era of rapidly growing health care costs and ever increasing competition for well-educated quality employees, I'm amazed at how few owners are spending money educating the people they already have.  We've seen companies willing to spend money on benefits and recruitment.  Personally, I'd rather spend money improving my team than trying to attract new talent.
 
A college professor invited me to join his chess club when he found out I played.  I didn't play very well, but I knew the rules, a couple strategies, and had played quite a bit.  I played against the professor about three times a week.  For about 30 weeks, three times a week, three games per night means that I challenged this professor well over 250 times.  In two semesters I beat the professor exactly 3 times.  Another dozen games or so ended in a draw.  The professor checkmated me at least 240 times.  I was nothing if not tenacious.
 
I spent a few weeks at home over the summer, and rekindled relationships with a couple people I knew who played, one of whom was very good.  I played solid.  He played solid, and he beat me about 75% of the time.
 
During summer session I returned to play the professor.  Dr. Smith was amazed.  By taking what I'd learned, I was able to compete with the professor and win nearly half my games.
 
Winning at chess is enjoyable.  But losing at chess makes you smarter.  Growth only happens when you're playing someone with more skill than you.
 
There comes a point in every company where your team has grown as much as they can on their own.  The busyness of business teaches you much for the first couple years, then the only way to grow is to connect to other companies in your industry, other educators, and other professionals.

 

 

Two Opportunities to Get Smarter

Over the next couple months I'm excited that our company is going to offer Private Duty Home Care CEOs two distinct opportunities to get smarter.
 
First, we are launching the first in a series of new private duty academies.  The Academy for Private Duty Home Care is going to be offered in December in Louisville, Kentucky, and in January in South Florida.  We've added registration pages to our website this week, and I encourage you to check them out.
 
You're going to spend a few hundred dollars at the academies.  I can't guarantee that you'll get a few hundred dollars richer, but what I can guarantee is that you will get a few hundred dollars smarter!
 
Stephen Tweed is going to spend the day with approximately 40 individuals from companies across the country who are owners, executives, and decision-makers in private duty home care.  This is a unique opportunity for you to spend a day with one of the nation's leading experts in home care.  Furthermore, you're going to be able to connect with other company owners and leaders just like yourself.  You'll grow from the experience.  Some of them will have more skill than you, and others will look to you for expertise.
 
Come to Louisville in December and share and grow. 

 

The second opportunity to grow is participating in a research project.  In the next few days you will be getting an e-mail invitation.  Keep your eyes open for it.
 
I can't tell you all of the details about our next significant research project, but what I can tell you, is that it is going to change the way we see our industry.  The most ambitious research project in the history of private duty home care will help you get a clear understanding of the industry, and give you the ability to see how your company compares.
 
Best of all, participants in the study are going to have access to the results before other industry leaders.  Participants will be the first to receive insights, analysis and unique expertise.
 
Why are we undertaking this ambitious research?  Because Stephen Tweed has boundless curiosity!

 

 

Need Help Getting Your Private Duty Home Care Business Ready for 2010? 

Do you know the best way to market your Private Duty Home Care business?  Do you know how to find the caregivers you need to grow your business?  Do you know how to increase your income and keep more of what you make?

 

Join dozens of other owners and CEOs of successful private duty home care companies in Louisville on December 2nd for the answers to these questions and many others. 

 

Based on significant research that began in 2003, the Academy for Private Duty Home Care has been designed as a one day institute expressly for owners, administrators, and CEOs of Private Duty Home Care companies.  This is your opportunity to come together in an intimate, high-impact learning environment to share strategies, ideas, and insights on how to grow your business, multiply the performance of your team members, and increase your income.

Register now!