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Monday, May 01, 2017

Why the care industry is one of the top three business opportunities in the ageing business

I know that it is much more exciting talking about new apps and technical innovations than anything so boring and depressing as 'care services'. If you have spent any time in an old people's care home or had to arrange domiciliary care you will know that it something you would sooner forget than consider as a business opportunity.

However, whichever way you cut the numbers the care industry is a huge business opportunity. The UK employs about 2 million people delivering care. Because of dreadful financial decisions made in the past the industry is laden with debt.  Much of the funding or care is reliant on government  - need I say more - it has been cut and will probably be cut further.  Local government, not renown for the quality of its management is responsible for much of the sourcing and the rationing of care services.

Sounds like the last place on earth that you want to be doing business?

I have just read an article in the RSA journal by Dr Shereen Hussein. ( Sorry but it not online).

Unlike most of the authors who are published by the RSA, she talked a lot of sense and made some good points.

Her primary argument is that care work, which is increasingly complex and resistant to automation, should be an economic opportunity.

I quote from Dr Hussein's article

It is tempting to conclude that the social care sector is facing a crisis growing needs, lack of funding, workforce shortages and working conditions that deems the sector unattractive to many.
Why not flirt the argument
Social care as a growing employment sector has considerable potential to be a more innovative and diverse market offering potential exciting and employment experience.

I think the care market is suffering from an overhang of bad news and despondency. The delivery of care is crying out for innovative thinking. That might involve an app but it will be a tiny part of the solution. It is not going to make the most exciting business pitch and is going to require some out of the box thinking. That all said, care services for older people is up there in my top three business opportunities. Dick Stroud

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