Why I Chose Wrong: Building a Practice Instead of a Company - Stephen Tweed

Stephen Tweed, CEO of Leading Home Care and founder of the Home Care CEO Forum, joins host David Knack on the Home Care Hindsight Podcast to discuss his extensive career in the home care industry. In this episode, Stephen shares insights on why caregiver retention matters as much as recruiting, how defining a clear vision shapes business growth, and why building a strong team is essential for success. Reflecting on his biggest career regret, Stephen offers a blueprint for moving from a solopreneur approach to building a team that allows business owners to "work on their business, not in it."

Stephen's lessons cover the value of retaining top caregivers, the importance of strategic delegation, and how small changes in team structure can lead to lasting success in home care. His experiences provide actionable advice for home care owners aiming to improve both their business and caregiver engagement.

Lesson Takeaways:

1. Define your vision with a clear, forward-looking plan for both business and lifestyle to set meaningful goals.
2. Prioritize retention over recruitment by focusing on retaining top caregivers, which builds continuity for clients and caregiver satisfaction, creating long-term growth.
3. Work on the business, not in it by delegating effectively and developing a team that allows for strategic oversight rather than daily operational tasks.
4. Invest in high-quality hires, as recruiting carefully for cultural fit and skill can significantly reduce turnover and improve team stability.

Timestamps:

[00:00:00] Discussion on why people leave home care companies, emphasizing the importance of proper treatment and consistent scheduling.
[00:01:00] Announcement about rebranding from Ava to Zyngage.
[00:03:00] Stephen's insight on the power of metrics: "What gets measured gets managed, what gets rewarded gets repeated."
[00:04:00] Stephen's philosophy on mixing work and play in business and life.
[00:07:00] A memorable travel story in Japan, showcasing the joy of cultural exchange and adventure.
[00:08:00] Reflection on the "biggest career regret" of building a practice instead of a company, highlighting the impact of long-term vision.
[00:10:00] Stephen discusses the importance of "future regret" as a tool for planning meaningful career decisions.
[00:12:00] Steps for business owners to shift from a "practice" to a "company" with a broader impact.
[00:16:00] Story of traveling to Italy with friends, underscoring the significance of living without regrets.[00:18:00] Advice on designing a business that supports personal goals, such as travel or family time.[00:21:00] Key factors in caregiver retention, such as hiring quality applicants and engagement strategies.
[00:22:00] The concept of "caregiver-first culture" to improve service quality and business growth.[00:27:00] Explanation of high-level leadership through accountability and strategic retention management.
[00:31:00] The impact of a strong phone presence in a business, creating lasting impressions with clients and caregivers.
[00:35:00] Stephen's legacy through transferring ownership of the Home Care CEO Forum, ensuring a lasting industry impact.
[00:40:00] Stephen's advice on "future-proofing" home care businesses by crafting a strong vision, culture, and systems.

Quotes

• Stephen Tweed: "If we really want to grow a business, then we need to focus on the whole process of recruiting, selection, onboarding, training, retention…it starts with high-quality applicants."
• Stephen Tweed: "What gets measured gets managed, what gets rewarded gets repeated."
• Stephen Tweed: "A number of members have made a conscious decision... We're going to put our caregivers first. And you say that to most business people and they say, no, no, the customer is always first. But we're saying in this case, no, because if we can get high quality caregivers and keep them, we can get clients."

Resources:

1. Home Care CEO Forum
2. Home Care CEO LinkedIn Community
3. Stephen Tweed on LinkedIn
4. Leading Home Care
5. Connect with David Knack on LinkedIn
6. Powered by Zingage
7. Connect with Stephen Tweed on LinkedIn
8. Recommended Reading: Conquering the Crisis by Stephen Tweed
9. Latest Ebook: Six Secrets to Selling Home Care to Your Ideal Client