Several years ago I wrote my second book, Zero Lost Revenue Days. I’ll never forget the day the CEO of a company at a conference I was speaking at said, “That is a horrible name! In fact- it’s not even possible to have Zero Lost Revenue Days!” I was floored and didn’t quite know what to say in response.
I’ll never forget that moment because in my heart I knew he was wrong. While many in our industry settled for budgeted occupancy or 92-93% as satisfactory, I knew it was plain crazy to leave all the lost revenue on the table and was determined to do something about it.
Today, I’m proud to say that Zero Lost Revenue Days is not such a foreign term; people have come to believe that it is indeed possible and many have successfully done it. Yet every day I meet executive teams who are settling for less than they are capable of. There’s no census challenge, so little to no urgency is placed on sales. In their minds, the bills are being paid, the investors are happy and really- what’s the big deal? “After all we are doing better than our competitors!” So what?
I want to get you excited and refocused, like never before on closing any and all revenue gaps. No more excuses, no more being content. It’s time to roll up your sleeves, learn what you don’t know and close those gaps. Think of it this way- if you have “just” three empty apartments in an AL, that’s easily, $125K per year in lost revenue. Additionally, and most importantly, it’s three seniors at home when they could be thriving with you! Why would this be acceptable to you?
Here are four things you can do right now to drive move ins, occupancy and revenue:
- Incentivize Your Sales People: I know. You don’t want to spend more money. But, if you have real sales people on your team, they for sure will respond to an incentive. Tier it- meaning the more move ins they get in a month throw in bigger opportunities financially. If people don’t get excited about this than odds are that’s one of your problems- you have the wrong people in the seat. Email SGarber@TraciBild.com ASAP and let us help you find true sales talent to get the job done.
- Review Your Metrics: You can’t do better until you know better. Look at the evidence to understand where opportunities exist. Look at how many leads are coming in weekly, how many are converting to tours, deposits and move ins. What you will find in many cases is that you have the traffic you need; it’s simply not converting to move ins. If this is the case you need to train your sales people professional selling skills. What is the system, when do you follow up, how often and what do you say to build value and get them to the next step in the process? While it would be great if they knew how to naturally do this, the sad truth is most people don’t. The result is valuable leads- people who really need what you have to offer- don’t get it. Target areas of immediate training. Want a shortcut to success? Email Seth at SGarber@TraciBild.com and we will get them trained for you so you can see that increased cash flow.
- Invest In Your People: The difference between a good sales team and an amazing sales team is solid, proven sales systems that get results. If you are reading this then you know that the Bild Sales Systems are the best of the best- so stop waiting for a miracle and reach out to you know who… Seth! Ha! SGarber@TraciBild.com.
- Set the Expectation: Be clear about the results you expect. No wishy washy communication or else people will get confused. If you want to experience 98% occupancy across the portfolio then you need to state it, be the voice and champion for this expectation. When a community falls short you need to get in there and address it immediately. People will take notice, be more serious about results because they will realize it’s important to you and the best part? They will start to perform! Whenever I’ve raised the bar, people have always risen to the occasion and that’s what I love about people! We are Americans. We believe in what’s possible and love a good challenge. So go and give it to them!
I know, I know… I’m a little bit excited! The fact is I love this stuff! I love sales, I love growing good companies into amazing, strong market leaders. I’ve been an underdog most of my life and have fought like crazy to do what others told me was impossible. That is why I know in my heart that Zero Lost Revenue Days is possible for you. Please reach out to us! If you would rather talk with me, shoot me an email to schedule time to talk! I’m at firstname.lastname@example.org. Our goal is to help you accomplish yours, which is what I call fun!
If you would like to order a copy of Zero Lost Revenue Days, visit http://amzn.to/1sGY0eo. If you would like to get this blog directly into your in box, visit www.bildandco.com and sign up for our Weekly Sales Memo.
Written by Traci Bild, Chairwoman Bild & Company.