As a senior living CEO, strategic planning takes top priority on your to-do list as 2017 draws to a close.
Across the industry, the fall season presents a time to review the past year and establish strategies to improve profitability—and one key activity in this process is finalizing your senior housing budget.
From facility maintenance to clinical care, each item listed in your senior housing budget represents the input of multiple stakeholders and strategies you’ve chosen to leverage for 2018 growth. But here’s the reality…
If you’re a larger senior living organization, it’s likely you’ve neglected a critical budget item, allocating too many resources toward a single budget item.
Because the plans you make now can empower or hinder your future growth, keep on reading to discover how you can avoid this pitfall for your senior living properties before you finalize your budget.
A Common Budgeting Mistake
At Bild & Company, we’ve seen a budgeting practice that’s easy for larger senior housing organizations with more resources to make—leaders channel significant funds toward lead generation.
Without a doubt, senior living marketing and promotions have an important place in your 2018 plans.
After all, you can’t drive top-line revenue unless your target audience is aware of what your communities offer.
However, it’s a mistake to think that finding leads and offering discounts are the driving factors behind increased occupancy.
In fact, lead generation can be an overinflated budget item for a very simple reason…
Many senior housing communities aren’t equipped to fully leverage the leads their marketing efforts produce.
From regional teams to site-level staff, costly leads acquired through SEO strategies or strategic marketing campaigns slip through the cracks…simply because organizational team members don’t execute strategies that drive top-line revenue and occupancy.
The Budget Item You Can’t Neglect
When it comes to your senior housing budget, there’s a critical item you can’t neglect if you want to meet growth goals and generate ROI on your marketing dollars.
Your 2018 budget desperately needs to allocate resources toward a growth infrastructure.
But maybe you’ve never heard of a growth infrastructure, and you’re wondering what this looks like or how it would impact your organization.
To put it simply, a growth infrastructure provides your organization with a comprehensive architecture that…
- Provides each property in your portfolio with metric-based systems proven to drive growth by connecting prospect needs with the intrinsic value of each community.
- Equips all teams—both at the site level and at the regional level—with consistent and cohesive best practices to meet growth goals for 2018.
- Brings your organization’s operational, clinical, and sales departments together to create an experience that drives occupancy and revenue.
If you want to learn more about a growth infrastructure and how you can strategically craft a budget to meet long-term goals, it’s time you talked with Bild & Company.
For years, the Bild & Company team has empowered senior living organizations with a growth infrastructure that solves occupancy challenges through our proprietary systems and expertise.
Whether you operate a small assisted living franchise or a large CCRC chain, we’ll provide guidance for your 2018 budget to increase profitability and top-line revenue across your communities—we can even help you effectively communicate and collaborate with key stakeholders and decision-makers regarding budget decisions.
To tap into our ability to empower your organization, set up a time to talk with our CEO, Traci Bild.
Simply contact us online, or give us a call at 1-800-640-0688 and ask for Liz Simpson.