As I was getting my morning coffee at Dunkin Donuts, I was looking around and had a stark realization. Dunks and Starbucks are both very successful business models that serve basically the same products and yet have very different environments and price points. Coming from the South I had never given it much thought, it was pretty much Starbucks with Dunks just starting to develop properties in the area. But now, after residing in the Boston area for some time, … Continue reading “Are you a Dunks or Starbucks?”
Is “Cost Creep” affecting your income statement?
What is “Cost Creep”? How is it measured? How does it affect your community, division, or company? What can you do to stay out in front of it? These are some questions I hope to answer for you. Cost creep, in its basic form, is providing more care to residents than you are being compensated for. This can come about for many reasons, such as: an incorrect loaded hourly rate on which to base monthly service fees (MSF) and … Continue reading “Is “Cost Creep” affecting your income statement?”
10 Critical Steps to Increase Employee Retention
Employee retention is an area most businesses can improve on. In the heat of the moment with deadlines, phones ringing, and customers that need servicing, this is one area where short cuts are often taken. With the average entry level worker costing approximately $7,500 to turnover and executives reaching 200% of their yearly salary and some technical workers up to 400% of their yearly salary, this shortcut can be a costly proposition. Thought we’d start the year off with … Continue reading “10 Critical Steps to Increase Employee Retention”
What Else is Aging at Your Community?
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 … Continue reading “What Else is Aging at Your Community?”
Conduct a S.W.O.T. Analysis Before You Need a S.W.A.T. Team!
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 … Continue reading “Conduct a S.W.O.T. Analysis Before You Need a S.W.A.T. Team!”