Make Every Dollar Count: Budget Strategies You Can Implement
Written by Kassi Ellison and Daniel Stephens
September is here, which means you can no longer push off budget planning. It’s crunch time. For healthcare-at-home providers, the stakes are high—nailing your budget this month could set the stage for a successful 2025 filled with growth, stability, and improved patient care. But it’s not just about keeping the lights on; your budget must serve as a springboard for growth, particularly when developing your business strategy and expanding your impact.
The challenge now? Turning a daunting and time-sensitive task into a game plan ensures every dollar in your budget works toward growth and excellence. Let’s dive into how you can get it done—starting now.
Assess 2024: Where Did Your Business Development Strategy Fall Short?
Before setting your sights on next year, examine where your sales and business development efforts have failed in 2024.
- Sales Team Performance: Did your team meet their targets? Are you facing high turnover or skill gaps? If yes, now is the time to budget for hiring more team members and ensuring proper training to boost productivity.
- Talent Gaps: Are key players missing from the sales team, or is leadership lacking? Allocating funds to find experienced leaders or mentors for your team could make all the difference.
- Referral to Admission Bottlenecks: Is your referral process efficient, or are leads getting stuck? Now’s the time to invest in streamlining this process, ensuring that more referrals convert to admissions.
Set Clear and Immediate Priorities
If you are just starting to budget now, it means you don’t have the luxury of long-term ideation. The priorities you set now must be actionable and directly aligned with the gaps you’ve identified.
- Fill Your Team Gaps: Allocate funds to building a sales team that can handle your growth targets for 2025, whether recruiting new talent or investing in leadership development.
- Strategic Training: Are your salespeople prepared to convert referrals into admissions? Budget for targeted training programs that will upskill your team now rather than waiting for another year of missed opportunities.
- Fix Referral Issues Now: Invest in technology or process improvements to ensure your referral-to-admission pipeline runs smoothly by the year’s end.
CHAP Growth Solutions offers you more than just advice; we provide you with real, actionable plans to turn your gaps into growth opportunities. Whether it’s building a stronger sales team, optimizing referral management, or developing a data-driven strategy, we’re here to help.
Conquering Common Challenges
Limited Time for Planning
- Solution: Prioritize the most impactful areas. You won’t be able to address every challenge this month, so focus on what will drive immediate results—like team efficiency and referral management.
Turnover and Talent Gaps
- Solution: Allocate resources to hire the right talent quickly. Consider short-term solutions like interim leadership if time is tight. Did you know CHAP Growth Solutions can help with this as well?
Sales Team Underperformance
- Solution: Act now instead of waiting for a turnaround next year. Budget for intensive training programs to immediately boost your team’s performance before 2025 kicks off.
Turning Budget Challenges into Opportunities
The clock is ticking. Budget season is not just about getting through the year; it’s about making smart investments that will lead to long-term growth. By assessing your gaps, focusing on immediate actions, and working with CHAP Growth Solutions, you can transform this time crunch into a catalyst for 2025 success.
It’s not too late to make every dollar count. Reach out to CHAP Growth Solutions now, and let’s ensure you’re not just surviving budget season—you’re thriving in it.