There is no better time than NOW, the beginning of a New Year, to look back and more importantly, to look FORWARD. It is time to make a plan for growth and success. Evaluate where you are, set some new and challenging goals, make a plan and LET”S GO!
It’s time to focus on two frequently heard sound bites:
- “What happened to the good old days?”
- “Senior living is not what it used to be.”
I’ll add a third one to think about:
- “A recession is a terrible opportunity to waste”
Our industry is fundamentally sound, but both the external economic environment and senior living business are getting increasingly complex. In senior living, we have a multifaceted business model involving:
- Real Estate
- Property Management
- Food and Beverage
- Lodging/Hospitality
- Social Services
- Health Care Delivery
- Limited Risk Pool Health Insurance Provider (Type ‘A’ life care CCRC.)
- Risk Management
- Asset Management
- Information Technology
Here is an outline of a six point strategic plan to put it all together:
1. Focus on organic growth.
2. Future growth can be a sound strategy.
3. Make market-driven not situation-driven decisions.
4. Constantly ask “what if” questions.
5. Everyone needs an exit strategy.
6. Take a realistic look at the future
Read the current MDS Senior Living and Senior Housing Strategy to get more details on each of these 6 points.