3 New Year’s Resolutions for HME Businesses

Posted on: December 30th, 2014 by Rob Baumhover

 

HME Retailers,

It’s that time of year again! The time for breaking bad habits and creating good ones. The time of year where we attempt to better ourselves for the coming year. We’re talking about New Year’s Resolutions! Here are four New Year’s resolutions that HME’s can make (and KEEP) to better their business in 2015!

 

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     1) Create a marketing plan for the entire year – and stick to it!

When business really gets booming, we often treat the marketing portion of our operation like we do our exercise goals. We let ourselves fall into the trap of “I’ll start tomorrow” or “if I skip it this one time…” And then months go by and you realize you haven’t done any marketing. Don’t let this happen in 2015!

Start now by planning out every marketing initiative you will do in the next 12 months. Write them in a calendar and set reminders ahead of time so you won’t forget what’s coming up!

     2) Implement an inventory tracking system – Then learn and use all of its capabilities

Tracking inventory is the single most important key to knowing how your business is doing as a whole. While many HME retailers have an inventory system in place, many are not using them efficiently or taking full advantage of all their capabilities.

Take the time to reach out to your inventory management system provider. Many offer numerous tutorials and tips to educate their customers. Use these tools to your advantage to track sales and product flow, and monitor the growth and change within your business!

     3) Increase the cash portion of your business

The growing trend in today’s market is that consumers are willing and able to pay cash for products if it means getting exactly what they want and need. However, Medicare and insurance will often only cover certain products that may not solve all of your customers’ home medical equipment needs. Giving customers affordable options for their health and lifestyle needs can mean the difference between sending them home with a merely sufficient product, versus a product that works specifically for their unique and individual needs, and improves their quality of life greatly.