Developing multiple company owned branches over eight years, the Radfield Home Care model is one of the most tried and tested in the industry. As a result, franchise partners have the benefit of unrivalled knowledge from its GP franchisor, a support team developed specifically to target the most common challenges of the home care sector and a model that has been proven over many years, in many locations, through many different scenarios – including launching during one of the biggest financial downturns of recent years in 2008.
One benefit that many people don’t expect when they enquire with Radfield’s franchise recruitment team is unique client invoicing system, enabling franchise partners to develop secure cash flows and launch with more achievable working capital requirements.
“Many people often presume invoicing is invoicing; they’re sent out each month, clients pay within 30 days. However, when developing the model with our pilot company owned offices, we recognised early on that a few simple tweaks would massively improve cash flow and make paying staff and suppliers much less stressful. However, the other huge benefit that came from the new system also meant we have always had readily available finances, so we have never had to borrow money to grow our business, our company owned operations or the development of the franchise opportunity,”
explained franchisor, Dr Hannah MacKechnie.
The simple tweaks Hannah refers to have developed an invoice systems that allows a buffer between client payment and staff payroll. As a result, Radfield’s franchise partners are able to maintain a positive cash flow; with outgoings paid for only once income is in their bank account.
“In the early days of any new business launch, this has a tremendous impact of working capital requirements as money is entering your cash flow within a fortnight of providing your first care services. If this wasn’t the case, you would require additional working capital to fully support the business through to it’s break even point – usually in the form of an overdraft facility or additional loan funds,”
As a result, Radfield Home Care has one of the lowest working capital requirements in the sector at just £45,000 – 30% lower than some other home care franchises – and ongoing cash flow security enabling future growth and development, something that franchise partners, Jennie and Lisa from Havering & Brentwood have experienced:
“It has definitely helped with cash flow and financial management of the business. If it wasn’t in place, we may not have been where we are now; it has enabled us to invest in the business more and develop the office team, training room and grow our office space sooner than we otherwise would have done.”
Radfield Home Care specialises in providing care to older people within their own home. Focussing on the private marketplace, franchise partners benefit from higher profit margins that allow them to deliver the highest standards of care, without worrying about their bottom line. As a result, franchise partners can expect to see turnover figures of almost £1,000,000 within three years.
To find out more about Radfield Home Care’s unique cash flow and invoicing system, learn more about its industry-leading training programme or the rapidly expanding private home care marketplace, you can contact the franchise recruitment team on 01743 548 550 or email [email protected].
Get in touch with your local Radfield Home Care office today and find out more about the support we offer and the difference we can make.