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What Else is Aging at Your Community?

What Else is Aging at Your Community?

Posted on by MDSadmin

This is a continuation of the top priorities for success in 2015 and beyond. Previously, we talked about increasing resident age and acuity levels. In this edition, we will explore the impact of age on the physical plant. Because there were a lot of communities built in the 1980s and 1990s this has led to quite a bit of older inventory still in use today. Some owners have done a great job keeping up and some … not so much.

The old saying is true. You never get a second chance to make a first impression. Curb appeal can be inviting or may discourage prospects from stopping. The first step the prospect and their families take into your community will be the lasting image in their minds.

Can’t Judge a Book By it’s Cover … but we sometimes do

Even though I have been around the Senior Living Industry long enough to know that a building or the grounds are not always an indicator of the community, great care, or special features I might find inside, it still has an impact. It’s almost like starting at a deficit on the expectation scale and then having to rely on the tour, staff, and other factors to bring the community back into positive experience territory.

While this is not a great way to evaluate a community, it is human nature. I have been in some of the nicest communities built and have had poor experiences and on the converse, I have been in some marginal looking buildings that had the best atmosphere and service I have experienced. The difference is, I was visiting the community because of my job. Had it been for my mom or dad, we might not have stopped.

So you can only imagine how a prospect and/or their family members must feel. Sometimes the deficit can be too large to overcome, and that’s if they choose to stop and look. Unfortunately, sometime they keep driving to the next one on the list and don’t stop to give you the opportunity to prove how awesome your community is.

Update Ideas

Not only is the styling important, the need to look as modern as your nearest competitor, but sometimes you will also find operational inefficiencies, decreased ability to address the rising resident acuity, along with a decreased pricing flexibility to remain competitive.

Some ideas include updating the units themselves along with interior hallways. Depending upon the age and the need, this can run from $30,000 to $40,000 per unit. If you have a mixed-use community, such as Independent Living and Assisted Living or Assisted Living and Memory Care, you will want to consider existing unit mix and consider altering the mix going forward. Don’t forget the common areas and pay particularly close attention to entry areas. This should be warm, inviting, and make residents and visitors feel instantly at home.

It’s important to not only keep up with interior renovations and updates, but exterior, as well. If possible, ensure you have adequate and modern signage along with a well-manicured and landscaped entry way. Make sure exterior features are updated and maintained. Again, I feel the need to stress the importance of curb appeal and an inviting entrance to your community.

Plan Ahead

It’s important to remember that even if you have a new or newer building, the aging process has already begun. You must begin immediately to plan for the future … eventually your building will be the more mature property on the block. You can do this through a couple of means. One is a typical Cap X allotment of $300 – $500 per unit per year or an extensive and more formal annual Cap X plan.

These are also great opportunities to incorporate into your strategic planning for 2015 and beyond. MDS has a plethora of experience when evaluating the needs of your community to continue to remain successful. We can help you develop optimal unit mixes based on the market in which you operate. We can also help with the financial evaluation of the proposed changes to community to ensure a minimum impact for current and future residents. We look forward to hearing from you and working with you and your professional team to create a model for your continued success.

 

Roy Barker is Director of Special Projects at Moore Diversified Services, a Fort-Worth, Texas-based organization specializing in operations analysis, marketing development, and investment advisory services. Roy is an authority in the field of employee turnover analysis and retention strategies.

Conduct a S.W.O.T. Analysis Before You Need a S.W.A.T. Team!

Conduct a S.W.O.T. Analysis Before You Need a S.W.A.T. Team!

Posted on by MDSadmin

You have the ability to take your business wherever you can imagine. The first step in any journey is planning. The old mantra goes, plan your work and work your plan. Those are great keys to success. Develop a plan and then focus and stick to it. Not that it won’t need tweaking and adjusting along the way, but as long as you can stay focused and true to your mission and goals, you can accomplish anything in life and in business.

The first part of planning any journey is to decide where you’re at currently. I was raised back in the day of paper maps. Every summer my grandparents would take us on vacation and I would be the navigator. About a week before we left my grandfather would sit down with me and a map and we would not only map out our primary route but we would also have a secondary route as well. The very first step of this process every year would be pointing to the reference of Fort Worth, Texas on the map and he would say “this is where were starting from”.

Current Location                                                 

It’s the same way with business. You have to know where you’re at before you can develop a great plan leading to your desired goals. That is the beauty of the S.W.O.T. analysis or Strengths, Weaknesses, Opportunities, and Threats analysis. It’s a great process to perform in order to start the planning process and create your roadmap or strategic plan for success. This analysis works well for evaluation of products, departments, strategies, or an entire company.

The first part of the analysis, the S.W. (or strengths and weaknesses) portion, is an internal view of the product, department, or company. You are looking for and listing strengths and weaknesses of the target you’re evaluating. It can vary depending upon what you’re evaluating, but here are a few examples.

Strengths could include:

  • What does your organization do best?
  • What’s unique about you product, staff, company, or etc.
  • To what resources do you have access?

Weaknesses could include:

  • Employees not trained
  • Substandard customer service
  • Sales process too complicated

The second part of the analysis, or the O.T. are the opportunities and threats you see, which is a view of the external. These are the opportunities and threats created by or posed by outside forces to your product, department, company or whatever you are evaluating. Again, this will depend upon what you’re evaluating, but here are a few examples.

Opportunities could include:

  • New trends
  • New markets
  • Organic growth possibilities

Threats could include:

  • Existing competition
  • New competition
  • Competitors’ use of new technology

Planning Tool

While this was a very condensed overview of a S.W.O.T. analysis, you can see the value in performing one before beginning your strategic planning for 2015. It is also important to get buy-in for those who will be participating. It is advised to reach outside of your executive team and chose employees to participate from different departments and levels in the company. To ensure open and honest dialogue, employees will need to feel the environment is safe and they may speak freely.

Schedule a series of meetings over the course of a few weeks instead of one long session. This will help keep everyone focused on the task at hand and not worrying about day to day activities. Make sure there are no cell phones and only interruptions for true emergencies.

Keeping the sessions positive is a MUST. Even though you may uncover some things in which you were unaware or are troubling, look at this as an opportunity. Had you not conducted the S.W.O.T. analysis you might not have discovered challenges until it was too late. Draw on the message in my last blog about balance, when things seem out of control, there are still opportunities to be had.

I would enjoy working with you and your professional team to help you conduct both a S.W.O.T. analysis and a business wellness checkup, as well as moderating your strategic planning sessions. These two tools will be a great way to kick off and jump start your 2015 strategic planning process.

 

Roy Barker is Director of Special Projects at Moore Diversified Services, a Fort-Worth, Texas-based organization specializing in operations analysis, marketing development, and investment advisory services. Roy is an authority in the field of employee turnover analysis and retention strategies.

Where Do I Start?

Where Do I Start?

Posted on by MDSadmin

As you start your strategic planning for 2015 you might ask yourself “where do I start?” You have a lot of areas that you would like to tweak and improve as you start into the new year. Two great starting points are a financial wellness checkup and a SWOT analysis (SWOT is an acronym for strengths, weaknesses, opportunities, and threats).

The financial wellness checkup will give you a great base to start thinking about areas where you could sharpen your focus to improve your operational and financial health. A SWOT analysis will give you an opportunity to look at your departments, community, or company’s current strengths and weaknesses in order to develop strategies to take advantage of new opportunities and to defend against threats. In this blog I cover the financial wellness checkup and I will discuss the SWOT analysis in a future blog.

Benchmarking

It follows the old adage and answers that question where do I start? Of course, from the beginning! But where is the beginning really? There are so many different moving parts to your organization and there are so many different areas that you would like to change as you move forward. This is why it’s important to establish a baseline of where you are at today. This is where financial benchmarking comes in. Financial benchmarking has become a priority with senior managers in the senior living industry to determine where they are today and more importantly to chart a path of where they would like to be next year and in the future beyond.

It’s like going to your family doctor for a checkup and finding out your blood pressure, cholesterol, and sugar levels. Once you know what these levels are then you can begin developing a plan to make the desired changes in things like your lifestyle and/or diet in order to achieve optimal levels prescribed for you.

It’s much the same way with the financial wellness check and benchmarking. You look at your revenues and expenses based on different line items and departments, then compare them against generally accepted industry benchmarks. This boils down your complex operations to a few high-level numbers that are more easily managed. It is also recommended that you convert your revenue and expenses into a per resident day (PRD) basis this allows for a much easier comparison. You will want to be aware of the variance between your current year budget and your current actual spent year-to-date. It is also recommended that you look back over the last 3-5 years at changes in budget and variance year over year.

Making Needed Changes

Once you have compared your actual operating financials to the benchmarks the areas that need the most attention will come to light. This will provide you with a roadmap of where the most impact can be made in adjusting your operating budget, if necessary. Then you can dig in with further analysis of areas in which you would like to improve or change. This would be a great opportunity to use the SWOT analysis to help facilitate change and direction.

Another drain on a community’s financial health that we often see in the senior living industry is “cost creep”. This is basically the uncompensated care provided to the residents of your community. It is important to stay on top of resident care plan and evaluations to ensure your revenue for resident care matches the expenditure for actual care provided. MDS has a couple of templates that allow us to take a high level look at the minutes of direct care staff you are providing to your community and see how it compares to expected care provided and revenue based on current resident acuity.

Kick-off 2015 Strong

As you can see, conducting a financial wellness check is a great way to kick off your strategic planning for 2015. It will give you a snapshot of where you are today and also provide valuable information to incorporate when planning for the future. I would appreciation the opportunity to work with you and your professional team in conducting this financial wellness check, providing assistance with a SWOT analysis, and help moderate your 2015 strategic planning sessions. Let’s get you on the calendar today before too much time slips away.

MDS also offers a “shared executive” retainer program. As a retainer client, we can help monitor your operation metrics, provide important commentary on the industry and your business, and become a strategic partner in the success of your operation throughout the year. This has become a very popular program with our existing clients because of the tremendous value added through MDS’ staffs’ many years of experience in the industry delivered to you at a fraction of the cost. I would be happy to discuss your individual situation and develop a customized “shared executive” plan to suit your needs.

 

Roy Barker is Director of Special Projects at Moore Diversified Services, a Fort-Worth, Texas-based organization specializing in operations analysis, marketing development, and investment advisory services. Roy is an authority in the field of employee turnover analysis and retention strategies.

MDS Would Like To Say Thanks To Loyal Readers With Complimentary Book Chapter and Special Offer

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As our way of saying thank you to our blog subscribers we are offering A COMPLIMENTARY CHAPTER from Jim Moore’s “Independent Living and CCRCs, Survival, Success & Profitable Strategies for Not-For-Profit Sponsors and For-Profit Owner/Operators”, a must-read sequel to his previous BEST SELLING book “Assisted Living Strategies for Changing Markets”.   Current subscribers, please email roybarker@m-d-s.com and he will gladly forward your complimentary chapter.  If you are not yet a subscriber, simply subscribe to our blog TODAY by placing your email address in the sign up box on the far left hand side of this page and your chapter will automatically be sent to you.

As an added BONUS for our loyal followers (both new and old) we are offering this wonderful work of writing at a PROMOTIONAL RATE! Remember to sign up for our blog (if you haven’t already) and just click the link below to receive your own copy for the special promotional rate of ONLY $40 (shipping and handling included).   This book retails for over $60 with shipping and handling.

SUBSCRIBE TO OUR BLOG TODAY and take advantage of this special promotional price! (For a limited time while supplies last.)

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Was That Really The Question? Ways to Encourage Employee Engagement (part 3 of 3)

Was That Really The Question? Ways to Encourage Employee Engagement (part 3 of 3)

Posted on by MDSadmin

We’re at the end of our blog series focusing on ways to better engage your employees. Last week, we discussed the importance of communication and ways to provide employees with growth opportunities. Today we’ll look at the importance of having fun,as well as, remembering to say thank you.

Remember to Have Fun

While work has that name for a reason, it shouldn’t be drudgery. Inherently, there is usually enough stress involved in getting projects and products out the door to customers. Leaders should make sure they’re not adding extra pressure to this process.

Remember to celebrate more. Acknowledge the success of employees, projects, and any other milestones reached. Celebrations don’t have to be elaborate. It can be as simple as taking somebody a cookie and a Route 44 Coke from Sonic.

Take the time to plan activities for employees and their families outside the office walls. This idea is a little more challenging but very important. Plan lunch out at a favorite local restaurant or a picnic at the local park. This is a great way to get to know your employees and their families. While it’s not always feasible for larger companies to get everyone together at once, it can be done on a departmental level.

I’m not sure why this phenomenon happens, but the advent of computers, cell phones, and the other marvelous technology was supposed to provide us with more free time. Let’s face it. That just hasn’t happened. It seems that we’re all busier now than at any time in the past. That’s why I think it’s very important that we make the extra effort to make these get-togethers happen. Even if that means knocking off work a little bit early and giving employees a chance to participate while on the clock.

Say Thank You…..Often

Enough said really. Get in the habit of saying thank you. When you see employees walking down the hall, stop and thank them. Stick your head in an office or cubicle and say thank you for a job well done. There’s a great misconception that employees typically leave a company for money. Research and my personal experience has shown that not to be true for the majority. Typically, employees leave because they do not feel appreciated. Most of the time all they want is to be acknowledged for a job well done. A simple thank you goes a very long way to engaging employees and creating a nurturing atmosphere.

These are just a few of the many ways to encourage employee engagement. Do some research on your own or let us help you. Find out what’s going on in your company and what your employees desire. You can do electronic surveys. However, it’s always best to have that human involvement. So get out of your office and go talk to your employees. Really listen to how they feel about the company and its processes and procedures. It will go a long way to building trust with employees, and that’s a great first step.

Roy Barker is Director of Special Projects at Moore Diversified Services, a Fort Worth, Texas-based organization specializing in operations analysis, marketing development, and investment advisory services. Roy is an authority in the field of employee turnover analysis and retention strategies.

Was That Really The Question? Ways to Encourage Employee Engagement (part 2 of 3)

Was That Really The Question? Ways to Encourage Employee Engagement (part 2 of 3)

Posted on by MDSadmin

In this 3-part blog series , we’re exploring ways to better engage your employees within your company. Last time we discussed hiring individuals who fit within your current corporate culture. Today we’ll take a look at the importance of communication as well as providing growth opportunities for employees.

Communication

Once you have the right people in place communication is still imperative. Employees want to see that upper management is transparent and that they buy into this process. As I mentioned before, employees can spot a con job a mile away. Look at employees as valued team members. It’s much easier when management and employees are all pulling the wagon in the same direction. To ensure the success of your employees is to ensure the success of you and your business. They must be viewed as having something of value to contribute to the process of providing an excellent customer experience.

Take the time to really get to know your employees. Be visible. Be engaged yourself. And I’m not talking about just knowing their names and what departments they work in, but who they really are and what their lives are really about. Of course this task can be delegated. In a large company a CEO may not know the entire story about each employee, but there should be managers in between who do.

Growth Opportunities

It’s important to provide good employees with different methods of expanding their horizons. This can range from the necessary training needed for them to excel in their current position, as well as cross training for other jobs within their department or within the company in general.

Other growth opportunities may include expanding employee responsibilities, delegating specific tasks to them, and of course providing them with the opportunity for upward mobility within the company. Instead of handing down edicts from the top and letting them trickle down to the bottom, form teams where employees have a chance to collaborate and help set policies. We have to remember that frontline employees are the ones who know what the customer is looking for and what the roadblocks are to providing excellent customer service.

I look forward to seeing you next time as we continue to explore ways to engage your employees.

 

Roy Barker is Director of Special Projects at Moore Diversified Services, a Fort-Worth, Texas, based organization specializing in operations analysis, marketing development, and investment advisory services. Roy is an authority in the field of employee turnover analysis and retention strategies.

 

In Whose Hands Have You Placed Your Reputation and Business?

In Whose Hands Have You Placed Your Reputation and Business?

Posted on by MDSadmin

By Roy Barker

Many people answer this question with our executives, the higher-ups, and those employees who engage the consumer. All of these choices are correct, but in the consumer’s mind the employee helping him or her is the only voice and/or face of your company.

Are your phones being answered in a timely manner? Is the voice on the other end friendly and helpful? Are visitors greeted with a friendly smile? Is your intended message being delivered by employees through their actions?

Front line employees are the ones customers base their purchasing decisions on. Quality of service is key to producing happy residents, resident/employee referrals, and added value to your company. How many times have you gone out of your way to bypass a business because the one a mile down the road has better customer service, or has gone the extra mile to resolve an issue? This happens to Senior Living communities every day because of the way a prospect was handled or not handled on the phone. Most communities are unaware of a missed opportunity.

Questions To Ask

Questions you should now be asking yourself are: am I hiring the best individuals for the task? MDS believes the first step in quality customer service is hiring the right individual. The right individual may not always be the most qualified. In most instances, it is better to base hiring on attitude, personality, and corporate culture fit, and then train skills. This may take more time in the hiring and training process but will payoff in the long run through better quality service and longevity of the employee’s tenure with the company.

Next question: are your new hires being properly oriented into the company and company culture in their new positions, as well as receiving continued training? Employees should initially be trained through orientation and continued on a regular schedule thereafter. Training gives employees empowerment, competence, and confidence to do their job well resulting in a satisfied customer and employee. Even after you have gone through the previous steps you must still monitor and spot check to insure job duties are being carried out the way you want and expect them to be.

MDS can help you help your employees, customers, and bottom line through providing orientation and training materials, on-site training sessions, over the phone coaching, and group seminars to ensure your team has the tools needed to be successful and provide an excellent customer service experience to current and future clients. MDS also has many years of experience in mystery shopping communities to gather firsthand knowledge of the feel and attitude of a community, as well as monitoring results on an ongoing basis.

I look forward to working with you and your community’s professional team in the very near future. Contact me directly to set up an initial consultation and let’s start the process to an improved customer service experience, higher occupancy rates, and a healthier bottom line.