The job responsibilities of the senior living CEO are many.
Some days you’re analyzing operational costs…other days you’re holding meetings to successfully navigate regulatory changes.
But most days, it seems as if your title should be ECO—Effective Communication Officer.
After all, effective communication is critical when it comes to harmonizing competing stakeholder claims and creating buy-in for major decisions.
Sometimes getting buy-in is easy—you won’t find much pushback on your insightful idea to cut an unnecessary cost.
But many times, it can be difficult.
Key decision-makers can stymie your plans to hire additional team members. Your board of directors might question your decision to invest in better training and onboarding strategies if there’s a significant investment upfront.
Whatever your situation, effective communication bridges the gap between your ideas…and getting the resources you need to execute top-line growth initiatives.
Here are our 3 tips for being an effective communicator with investors and other decision-makers:
#1. Go beyond Verbal Communication
In your senior living organizations, meetings and phone calls have their place.
Informal, verbal communication is important for maintaining rapport with your colleagues, C-suite, and investors.
But don’t underestimate the power of preparing a formal proposal—no matter how small your operation is.
When you’re trying to secure the backing you need for a top-line growth strategy, get creative:
- Put together a comprehensive plan, and create a presentation to organize your thoughts.
- Draft an inspiring letter, and circulate it among decision-makers.
- Craft a full-length report, and share it with stakeholders.
Effective communication isn’t about limiting yourself to persuasive speaking. Identify what forms of communication resonate with investors, and use this to translate your ideas into action.
#2. Use Effective Communication to Connect Resources to Outcomes
When it comes to creating buy-in, it’s important to link any resources you need with key, measurable outcomes.
Propose a plan—without explaining how the outcome will benefit your team—and your brilliant idea can quickly look like selfish ambition.
Here are a few ideas for avoiding this pitfall and practicing effective communication:
- Begin your communication with the outcomes you and other stakeholders have in common.
- Demonstrate the logical connection between the results you want to achieve and the decisions that require buy-in.
- Spend an adequate amount of time explaining your end results…don’t gloss over them or spend too much time on the components of your solution.
#3. Prove the Numbers
It’s a fact—investors and management have different perspectives when it comes to running senior living operations.
But there’s one goal that unites your C-suite, your investors, and many other decision-makers—achieving growth.
Effective communication capitalizes on this common denominator by demonstrating how your strategies will result in an improved bottom line. For instance…
- Don’t say that hiring more team members “may help” your bottom line…provide investors with case study examples to bolster the validity of your claims.
- Avoid generalized words, such as “increase.” Calculate specific percentages, and spell out their impact on your revenue.
- Show what financial opportunities your operation has lost because it doesn’t have your solution. Place an estimate on your lost revenue and the financial drain that hidden challenges create.
Collaborating with investors and other stakeholders can be a challenge.
But effective communication turns challenges into opportunities to brainstorm, collaborate, and work together for a solution that fuels top-line growth.
If you need help effectively communicating why you need support for your top-line growth plans, reach out to Bild & Company.
At Bild & Company, we don’t just provide solutions to help you net up and grow.
Our case studies and proven track record provide the data you need to connect our solutions to outcomes and increased top-line revenue.
Discover how we empower senior living leaders to achieve tangible results, and tap into our expertise so you effectively communicate with your colleagues and other decision-makers.
Give us a call at 1-800-640-0688, or drop us a note online.