small business failure Archives ⋆ Cathy Cress

Stop -Before Starting Geriatric Care Management Business – Do a Competition Survey

September 24, 2019

If you are thinking of starting private geriatric care management, a competition survey is critical to decide if you can make a profit in this business.

You are surveying who your competition is in the geographic area you want to serve. You are discovering if you can achieve market share in the area you choose to serve.

You want to create a survey in excel that tracks the individual care manager’s in your services area, and find out what their hourly fee is, do they include homecare, what geriatric care management services does each GCM offer, do they answer in two rings, how is their customer service, are they on call 24 hrs a day, are their care managers certified.

Use a staff member or outside person to be a secret shopper and make the calls, as you are doing market research. You must find someone who feels comfortable impersonating someone else. You need to give that person a customer story- they are a daughter looking for services in your area and calling around and a description of the fake mother and her problems

This will also tell you if the local market is too saturated for your new business to compete with the other care management agencies. It will test whether you can make a profit- can you make money, pay your bills, actually go to the next step while doing good?

Fewer businesses are failing in 2019 for many reasons. One is the tendency of would-be entrepreneurs to evaluate business opportunities more carefully before taking the plunge, by doing a competition survey. Potential company founders are more selective than they used to be. This means fewer marginal companies – businesses whose products are not needed or whose markets are already being served by other businesses – are being formed. As a result, the average American company is stronger and more likely to survive than it once was. This means doing a competition survey to find out if your product care management is really needed in your market and are too many geriatric care management competitors, in your area for you to successfully compete as a new business.

Learn how to do your market sizing and competition survey and discover whether you have enough customers in your area to start your care management business. Don’t Guess and fail.

Sign Up for My Newest Free Webinar

5 Critical Steps to Start or Restart a GCM/ALCA Business

THIS WEBINAR BEGINS: Tuesday, October 22 at 2 PM PST Ends 3:15 PM PST

Learn how to transform your GCM entrepreneurial dream into a money-making business with 5 profit driven steps!

How to Do A Competition Survey
How to Learn GCM Financial Literacy
How to Give GCM Concierge Service
How to Bill 85% of your time
What GCM Products Services to Sell
SIDESTEP THE 8 OUT OF 10 ENTREPRENEURS WHO START BUSINESSES AND FAIL WITHIN THE FIRST 18 MONTHS
Subscribe to my YouTube Channel Geriatric care 1 to get more care management information to help your business

Can a Care Manager’s Business Can Go Bankrupt With Bad Cash Flow ?

September 20, 2019

According to the Small Business Administration, nearly 66 percent of small businesses will survive their first two years.

Do not open your doors and then shut them because you did not understand cash flow as well as care management.

No matter how great your aging life or geriatric care management business model is, you can’t survive if you can’t manage your company’s cash flow. According to a U.S. Bank study, 82 percent of business failures are due to poor cash management. Most geriatric care managers started a business with a great idea- care management. They did not open a business understanding of cash flow or its business killing dangers

What is cash flow?

Cash flow is the money that is moving (flowing) in and out of your business in a month. If not enough money is flowing in from billable care management customers, you can’t make payroll or pay your rent, pay yourself or other bills. If more money is coming in than is going out, you are in a “positive cash flow” situation and you have enough to pay your bills. If more cash is going out than coming in, you are in danger of being overdrawn, and you will need to find money to cover your overdrafts.

Even if you’re a brilliant care management entrepreneur in every other way, you must stay squarely focused on managing your company’s cash flow to avoid putting your business in imminent danger.
Businesses die from prolonged periods of negative cash flow:
spending more in a month than the business is taking in. 96% of small business fail in 10 Years because they can’t pay their bills or cash flow problems

One of the fastest cash-flow killers – results from unpaid invoices from clients.

If you aren’t being proactive about collecting payments from your clients, you could be on your way to a dangerous cash-flow situation.
Businesses go bankrupt from prolonged periods of negative cash flow: spending more in a month than the business is taking in. Care Managers have to watch cash flow and the results, in the beginning, are taking no salary yourself, hiring no help and keeping the second job until you can get enough clients and cash flow.Find out more in the YouTube from My Geriatric Care 1 Channel.

LEARN How To Be Financially Literate With Your New GCM Business

Sign Up for My Newest Free Webinar

5 Critical Steps to Start and Run a GCM/ALCA Business

THIS WEBINAR BEGINS: Tuesday, October 22 at 2 PM PST Ends 3:15 PM PST

Learn how to transform your GCM entrepreneurial dream into a money-making business with 5 profit driven steps!

How to Do A Competition Survey
How to Learn GCM Financial Literacy
How to Give GCM Concierge Service
How to Bill 85% of your time
What GCM Products Services to Sell
SIDESTEP THE 8 OUT OF 10 ENTREPRENEURS WHO START BUSINESSES AND FAIL WITHIN THE FIRST 18 MONTHS
SIGN UP NOW

Stop -Before Starting Geriatric Care Management Business – Do a Competition Survey

July 12, 2018

If you are thinking of starting private geriatric care management, a competition survey is critical to decide if you can make a profit in this business

You are surveying who your competition is in the geographic area you want to serve. You are discovering if you can achieve market share in the area you choose to serve.

You want to create a survey that tracks the individual care manager’s in your services area, and find out what their hourly fee is, do they now include homecare, what geriatric care management services does each GCM offer.

Fewer businesses are failing in 2018 for many reasons. One is the tendency of would-be entrepreneurs to evaluate business opportunities more carefully before taking the plunge, by doing a competition survey. Potential company founders are more selective than they used to be. This means fewer marginal companies – businesses whose products are not needed or whose markets are already being served by other businesses – are being formed. As a result, the average American company is stronger and more likely to survive than it once was. This means doing a competition survey to find out if your product care management is really needed in your market and are too many geriatric care management competitors, in your area for you to successfully compete as a new business.

Learn how to do your market assessment and competition survey ( or secret shopper) in the Handbook of Geriatric Care Management 4th edition and discover whether you have enough customers in your area to start your care management business. Don’t Guess and fail.

Stop -Before Starting Geriatric Care Management Business – Do a Competition Survey

April 3, 2017

If you are thinking of starting private geriatric care management, a competition survey is critical to decide if you can make a profit in this business

You are surveying who your competition is in the geographic area you want to serve. You are discovering if you can achieve market share in the area you choose to serve.

Fewer business are failing in 2018 for many reasons. One is the tendency of would-be entrepreneurs to evaluate business opportunities more carefully before taking the plunge, by doing a competition survey. Potential company founders are more selective than they used to be. This means fewer marginal companies – businesses whose products are not needed or whose markets are already being served by other businesses – are being formed. As a result, the average American company is stronger and more likely to survive than it once was. This means doing a competition survey to find out if your product care management is really needed in your market and are too many geriatric care management competitors, in your area for you to successfully compete as a new business.

Learn how to do your market sizing and competition survey and discover whether you have enough customers in your area to start your care management business. Don’t Guess and fail.

Care Manager’s Business Can Go Bankrupt Without Understanding Bad Cash Flow

November 14, 2016

No matter how great your geriatric care management business model is, you can’t survive if you can’t manage your company’s cash flow. According to a U.S. Bank study, 82 percent of business failures are due to poor cash management. Most geriatric care managers started a business with a great idea- care management. They did not open a business understanding cash flow or its business killing dangers

Even if you’re a brilliant care management entrepreneur in every other way,you must stay squarely focused on managing your company’s cash flow to avoid putting your business in imminent danger.
Businesses die from prolonged periods of negative cash flow:
spending more in a month than the business is taking in. 96% of small business fail in 10 Years because they can’t pay their bills or cash flow problems

One of the fastest cash-flow killers – results from unpaid invoices from clients. If you aren’t being proactive about collecting payments from your clients, you could be on your way to a dangerous cash-flow situation.
Businesses go bankrupt from prolonged periods of negative cash flow: spending more in a month than the business is taking in. Care Managers have to watch cash flow and the results in the beginning are taking no salary yourself, hiring no help and keeping a second job until you can get enough clients and cash flow .Find out more in the You Tube from My Geriatric Care 1 Channel and watch my new free webinar on Barrier to Billing and Profit Financial Management for Care Managers

Can a Care Manager’s Business Can Go Bankrupt With Bad Cash Flow ?

According to the Small Business Administration, nearly 66 percent of small businesses will survive their first two years.

What is cash flow?

One of the fastest cash-flow killers – results from unpaid invoices from clients.

LEARN How To Be Financially Literate With Your New GCM Business

Stop -Before Starting Geriatric Care Management Business – Do a Competition Survey

Care Manager’s Business Can Go Bankrupt Without Understanding Bad Cash Flow

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