Nursing home business plan consultants can bring highly meaningful and substantial value-added experience to your project. They are needed not just because the current economic environment is a challenging one. Within this environment, opportunities for growth are very much present. The long-term care community always needs qualified and compassionate individuals to care for seniors. If you’re thinking of getting involved in this meaningful service, your first step is a market and feasibility study followed by the creation of a business plan. If you do decide to hire an outside consulting firm, there are some helpful traits to look for.
6 Qualifications of Nursing Home Business Plan Consultants
1. Expertise in Long-Term-Care. Specifically, do they understand the skilled nursing facility business? Consultants can bring a wide range of past experiences to your new nursing home venture and help you get good results. They have the added advantage of possessing the best practices knowledge that they can bring to your venture. Your business plan needs the nuances and requirements necessary for the skilled nursing industry, not just business in general.
2. Solid references. Can they show you real-world examples of their work? Look for consultants who have successful consulting engagement examples. See what their clients have to say about their work.
3. A sufficient scope of abilities. Are you merely looking for someone to write a business plan, or do you need something more comprehensive? Don’t miss out on the value-added benefit from strategic and tactical consulting advice.
Expect more, and consider the outcome! Tactical and qualified consultants will provide more and better guidance, experience in raising capital, and a more holistic approach to your business plan, and you will want to be sure you hire specialized nursing home business plan consultants.
4. A coaching mentality. A skilled consultant understands that creating a business plan is a collaborative process. They will guide you through each step and help you understand what information they need from you and when they need it.
5. Honesty and clarity. You want a consultant who will challenge your assumptions, raise red flags, and do it all constructively and educationally. It’s a big undertaking to start a new business, and you need an objective, third-party expert to look at your case. You need a consulting team that is not afraid to tell you the truth and not just what you want to hear.
6. A personable approach. You need an honest consultant yet, you also need someone you feel comfortable working with. You should feel free to ask questions, and you should feel they are listening to your concerns. After all, it’s your business, and you are ultimately in control of your plan.
Do not just take the research and content you find online and plug it into a business plan template.
Benefits of Hiring Experienced Nursing Home Consultants
Hiring an outside consulting firm to help you formulate your business plan is more than just a time-saver. It provides you with a team of professionals who can offer third-party objectivity and real-world expertise. As a result, you go into your new nursing home venture with your eyes wide open, well informed, and able to make sound decisions. Savvy nursing home business consultants give you an indispensable advantage.
Why hire nursing home business plan consultants? Nursing home business plan consultants have the benefit of years of experience assisting their clients with assessing risk and guiding them to the best outcomes . . . and you can ask the questions you need answers for! Good outcomes range from starting a successful new business venture to avoiding risk in a plan that could ultimately fail.
Let’s take a look at the opportunities that exist in the post-acute care industry, why you need a business plan, and what to look for when you hire nursing home business plan consultants for your project.
Current Opportunities for Skilled Nursing Facilities
Although the current recession driven by the pandemic has added challenges to the nursing home industry, the fact remains, the U.S. population is aging. The need for senior care is not going away. The U.S. Census Bureau announced that by 2034, for the first time, there will be more older adults than children. By 2030, the last of the Baby Boomers will be over the age of 65 and will make up 21% of the population.
In the current pandemic, the need for safe and secure senior care is more critical than ever. Families want assurance that nursing homes are following the latest safety guidelines. Facilities that are run well and show the greatest concern for their residents will have more of an advantage than ever before in this changing market.
Why Your Business Needs a Plan
The first step in opening a skilled nursing facility, or a new senior care facility of any type, such as Assisted Living Community/Facility, Memory Care Services, or Senior Homecare and Housing support, or expanding the services of an existing one is a market study. This step reduces risk by giving you the information you need to determine if your business is viable in the current market climate. Once you’ve investigated the market feasibility for your project, the next step is a financial feasibility analysis followed by a business plan.
Before you seek funding, it’s critical to have a comprehensive business plan in place. As many have pointed out, these are not normal times. And though the opportunities are there for skilled nursing homes, the challenges are also great. This doesn’t mean a new skilled nursing facility project is a bad idea, but you need to be well prepared. To be sure your business plan is airtight, consider hiring business plan consultants.
A goal without a plan is just a wish!