Your P&L is your truth teller. I didn't like what mine said – Matt Ericksen

In this episode of Home Care Hindsight, host David Knack sits down with Matt Ericksen, Senior Director of Sales and Operations at Griswold Home Care, to discuss his extensive experience and unique insights in the home care industry. Matt talks about overcoming personal challenges like dyslexia and ADHD to rise through the ranks and shares how his upbringing shaped his relentless drive to succeed.

The conversation covers critical topics such as the importance of P&L management, strategies for reducing labor costs, and actionable steps to improve business metrics. Matt also highlights the benefits of proactive management and key performance indicators that agency owners should focus on. This episode is packed with valuable advice for home care professionals looking to elevate their operations and achieve sustained growth.

Lesson Takeaways:

• Own Your P&L: See it as a story, not just numbers, and learn to manage labor and overhead for profitability.
• Proactive vs. Reactive: Shift your mindset from reacting to problems to anticipating and preventing them.
• Focus on First Billable Shift: The most crucial metric for staffing success is getting new hires to their first billable shift quickly.
• Overtime Costs: Controlling overtime and reducing unnecessary labor costs can have a massive impact on profitability.

Timestamps:

[00:00:00] Introduction to Matt Ericksen, his journey, and early life challenges with dyslexia and ADHD
[00:06:00] Building the ultimate playroom for his kids and the importance of creative outlets
[00:09:00] Matt's biggest mistake: not owning his P&L early in his career
[00:13:00] The importance of viewing a P&L as a story and focusing on labor costs
[00:17:00] Pricing services based on internal labor costs and avoiding margin compression
[00:23:00] Key metric: Hours per employee and retention strategies
[00:31:00] Matt's win of the week: Contributing to the Home Care Pulse 15th Anniversary Benchmark Report
[00:35:00] Matt's advice for agency owners: Focusing on first billable shift and key staff hiring practices

Quotes

• Matt Ericksen: "Your P&L is your truth teller at the end of the day. It's not just about numbers—it tells the story of your business."
• Matt Ericksen: "Focus on the things that drive real change—managing labor costs and being proactive, not reactive."
• Matt Ericksen: "Make sure your new hires are working within 48 hours of hire, or you risk losing them to turnover."
• David Knack: "When you shift from reacting to problems to anticipating them, that's when real growth happens."

Resources:

• Connect with Matt Ericksen on LinkedIn
• Learn more about Griswold Home Care
• Home Care Pulse 15th Anniversary Benchmark Study
• Ava
• Ava on LinkedIn
• Connect with David Knack on LinkedIn
• Subscribe to Ava on YouTube