Executive Update with Margaret Haynes | 4.4.23
Duration: 30m 07s
Description
Margaret Haynes, CEO of Right at Home, and Jen Chaney, VP of Franchise Development, cover highlights from the first quarter of 2023 in this Executive Update. Since the beginning of the year, Right at Home has been providing 400,000 in-home service care hours weekly, and continues to increase the number of hours every week. The increase means Right at Home is touching more and more lives in a meaningful way. Haynes also noted revenue figures were also on track, and the franchisees are building sustainable, profitable businesses. The following is a summary of the discussion:
Helping Individual Franchise Owners Grow Their Business
Right at Home recognizes that our new franchisees don’t typically have in-home care company experience so we are there to provide what it takes. So we provide a performance coach that will help you navigate opening your office and your core support structure. The coach is there to help you build a sustainable, profitable business. We have an entire group of individuals organized around centers of excellence so whatever challenges you face, Right at Home can deep dive with you with expertise in that subject.
Plans For Q2 Affecting Franchise Owners
In this executive update, Margaret states the three-year strategic plan is centered around driving growth, innovation, and operational performance. We are also focused on our annual meeting, Home Improvement, bringing the entire global network together. The network will be spending three quality days focusing on the business and learning from each other.
The Home Improvement Conference
Home Improvement is a great opportunity to learn from all your peers, i.e., address a challenge you’re having or come away with 2 or 3 solid nuggets of something new to try in your business. It’s an opportunity to re-energize and work on personal development. The speakers talk about growing the business and yourself.
Types of Peer Support
There are many different types of support Right at Home provides to its franchisees. At Home Improvement, you have the opportunity to speak with other franchisees and network. During the year, Right at Home also sets up state calls so you can engage with other owners near you and share best practices, as each state has its own challenges. There are also performance groups where 8 to 12 franchise owners have a corporate facilitator. They engage, benchmark their data, and discuss challenging issues and best practices every quarter. They encourage each other and hold each other accountable. Corporate schedules franchise-wide calls on each Tuesday, where town halls are held, or a webinar where franchisees can join.
The Makeup of Performance Groups
Approximately 50% of franchise owners are in performance groups because it is a commitment. They commit to benchmarking their days and attend face-to-face meetings and Zoom meetings. But the commitment will pay back in spades in terms of being involved. The majority of performance groups are put together with a hybrid of owners, some groups are state-based, some from all different locations, or all very tenured.
Joining a Performance Group
You will need to have established the business, worked on the business, and gotten some financial performance on record before you can join a Performance Group. You need to have some experience to talk about your business with the other operators first. Your business coach will be preparing you for the first year so you can join a performance group. We also use Profit Mastery University, a third-party education tool, to help new franchise owners understand the financial lingo, get the financial backing and background to take the mystery out of a balance sheet, and income statement, and help them understand financial fundamentals.
Ongoing Training for Caregivers
Right at Home uses a third party that brings content and makes it available for our franchisees to have access to a core group of learning modules. These are things that are necessary so you can meet your state requirements for caregivers, ensuring they are ready to go in the home. There are also additional modules available for $50/month, so caregivers can learn more about Alzheimer’s or increase their career with leadership and listening skills. They are also valuable for office staff, as well. We provide you with all the tools and resources to make sure you are ready to train your caregivers.
Overall Outlook for the Remainder of the Year
We know that the first baby boomers are turning 80 in 2025. So there is this big demand, and we don’t have an equal amount of workers. So we constantly talk with franchise owners that being the employer of choice is so important. This is a great industry to be a part of because you can touch lives in such a meaningful way.
If you are interested in becoming a member of the Right at Home family, submit the form below.
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Next Webinar: APRIL 18, 2:00 – 2:30 CDT
Marketing Your Business with Right at Home with Dawn Drazdys, Chief Marketing Officer
Other Recorded Webinars
Or if you are interested in some past webinars, take a look at these:
Caregiver Recruitment and Retention – 3.21.23
The Research Process to Discovery Day – 3.8.23
Supporting Franchisee Success: After the Doors are Open – 2.22.23