Growth with Right at Home | Brady Schwab 1.16.24
Duration: 32m 17s
Description:
Right at Home’s Jen Chaney, VP of Franchise Development, and Brady Schwab, Chief Growth Officer, discuss what the Growth & Technology team is doing to help and support franchise owners on their journey and what they are looking into for the future.
Initial Focus
Brady Schwab joined Right at Home in October 2022 and his initial focus within his role was to support growth. Horizontal growth would be bringing in more owners into the system and/or helping owners looking to retire transition their businesses. Also working with existing owners in growing their business through innovation in products and services. Right at Home also has corporate-owned locations that serve as “test kitchens” for some of our innovations. Our corporate-owned portfolio is growing so we can be in the business alongside our franchisees and be close to daily challenges and how to solve them in new and different ways.
Innovation – The Process
Right at Home has a powerful franchise community, and the Strategic Leadership Council is the connection and conduit to the system. The SLC has a task force dedicated to innovation and technology that works with Corporate to help us understand the challenges and what’s happening. They help us prioritize serving the needs of clients and attracting more clients, more caregivers, and in turn, making the business more profitable. We also look at a more horizontal perspective, talking to analysts in the industry, and friendly competitors, reviewing regulatory standpoints, and legislative standpoints, looking at 3-5-10 years out. We look at the size of the business opportunity, its priority, does it meet our standards and reputation in the industry and community.
Importance of Innovation
Right at Home still has the heart, mind, and spirit of a younger organization that is fueled by our franchisees, noted Schwab. Their motivation to make an impact and grow their business is part of the reason why they join a franchise network. You want to be really successful and have an impact, and we as an organization want to be the energized, active organization that supports that.
Launching and Implementing a Concept into the System
Innovation is really a process. It is tested, reviewed, and brought back to find out if it works and see if we can solve it through the wins and failures. Our goal is to make it portable, understand the pieces that make it special, figure out how to package it, and roll it into the system. There are other ideas where there may be a problem we don’t have a solution for, so we start working through that process to figure out what it might look like. Then take it to a corporate location or franchisee to test it through an experimental process.
Primary Trends in Tech
Scwab added that AI is going to be huge and will impact business operations in documentation and process. We’re still in the evolutionary period of our clients being really warm and accepting of the application of data or sort of technology. And that’s a part of the aging process. It’s one of the challenges that we’re going to have to overcome. We also have the demographics to meet us halfway. So part of what we’re trying to solve is how do we make that technology a better part of improving their lives and not just serving the purposes of their caregiver or their family or somebody else outside of them? How do we really make it a part of their life?
Insight into 2024 Plans
We really think that the personalized care concept can be integrated into the system and could be a market differentiator. It supports our unique value proposition and at the end of the day, that’s the core of our business. The other is leveraging technology around the business model of our traditional care. We want to get into the home sooner, providing wraparound care for the hours that we’re not in the home. Right at Home wants to serve the needs of our franchisees, and support the families of the clients we serve. We are also looking into concepts around subscription models, modular care, or bundled care.
“Getting in the Home Sooner”
There’s an opportunity to be a part of the care continuum earlier on, whether it’s a pre-health event, or as somebody starting to slow down. Can we enrich or enhance their life with a little bit of support? From a business perspective, that brings a client into our fold over a longer period of time, and that leads to a longer, larger lifetime value of a client, as well as a stronger relationship. When home care is a part of the aging process, and more people want to age in the home, home care has a bright future around participation in traditional medicine, home health, rehabilitation, episodic care, and respite care.
Parting Thoughts
Schwab added, “Hats off to our leadership team, starting with Margaret as our CEO and her vision to really be an innovative and learning organization. Always do your due diligence, that never goes out of style.”
NEXT SCHEDULED TALK:
Check our website for the schedule of upcoming Tuesday Talks.
If you’d like to view some other Tuesday Talks, here’s a few you might like:
Executive Update with Margaret Haynes 12.12.23
Caregiver Recruitment and Retention 10.31.23
Executive Update with Margaret Haynes 11.14.23
Marketing Your Franchise with Right at Home 8.23.23
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