Challenges for providers
Considerable market change means that social care providers face threats to some traditional forms of business, but also opportunities for innovation and development of new services to address the personalisation agenda.
In an environment where financial returns are being increasingly squeezed by funding and budget constraints, new ventures require rigorous investment appraisal and risk evaluation, while the ongoing financial feasibility of existing services need to be kept under review for continuing viability. This includes due diligence support in the purchase or sale of businesses
Historically many providers have not needed to be highly competent marketers as business has rolled in, but now they need to be more proactive, with excellent websites, and to be able to target and communicate with their prospective customers, who will increasingly purchase services individually, many through individual, personal budgets.