Knowing your current costs is essential to stay in control of those costs, set accurate fees and show that you are running a cost-effective business.
But understanding how those costs are changing over time is just as important.
The best way to show how your costs have changed over time is to compare your monthly costs to the equivalent monthly costs last year.
Seeing what your fixed, staff and overall costs were, a couple of months ago in April, compared to what they were twelve months ago in April 2024, is a clear and powerful way of showing just how much your costs have increased.
Repeat this for the months throughout this fiscal year to build a full picture of your annual cost rises.
It’s a powerful way to evidence your rising costs and help you justify the need for care fee increases. Even comparing and showing the difference between the April months alone will help your argument should you need to increase your fees.
If you aren’t currently doing this then we’re offering a free Care Cost Comparison tool, designed to clearly show how your costs have changed month by month.
