MARKET FORCES: Strategic Trends Impacting Senior Living Providers – Part 1
In this month’s newsletter, we tapped into the knowledge of Minneapolis based author and consultant to the Senior Living Industry, Jill J. Johnson, MBA. Her career spans four decades and has become a go-to expert in the industry.
To prepare for this multi-part newsletter and podcast series covering these market forces, Jill provided us with a couple copies of her latest book entitled, Market Forces – Strategic Trends Impacting Senior Living Providers, and we dug into this book with a pen and highlighter in hand. The amount of intriguing, interesting, informative data, and experiences she’s dealt with were impressive. And yet, it was an easy read!
So, here we go….
Jill begins here book with a powerful statement: “The senior living providers who survive and even thrive in this complex environment are those who do not accept the status quo. Nor do they just hope their economic or marketplace situations will magically keep their communities full.”
It’s such a fantastic quote because at Vincent Companies, on a very frequent basis, we discuss the need to adhere to this exact way of thinking. We often talk about the crucial importance of never allowing “good” to be good-enough, but rather constantly striving to be the leader, the trendsetter if you will, regarding the always changing aspects of the senior living industry.
She then went on to say, “The senior living industry encompasses one of the most complex business operations you will ever encounter. It comprises the elements of many different types of enterprises. At its core it means multi-family housing targeted to a specific age segment. Yet senior living providers often are involved in the delivery of both
simple and complex healthcare. You also handle hospitality, dining services, social services, entertainment, transportation, spiritual care, facility management, landscaping, fitness center services, salon and spa services, and even convenience store operations.Plus, it is all wrapped up in the complexities of providing service and care for aging adults who are moving toward or through their final transitions of life.”
It is common knowledge that there is a “Senior Tsunami” in population emerging which will create many ongoing pressures for the industry and the need for our services. Cookie cutter approaches are not enough to guarantee success.
Our entire team at Vincent Companies as well as all our strategic partners have always taken pride in never being fine with the status quo. We welcome change. To us, these challenges present great opportunities for operators striving to make a positive impact in the senior living industry. While there will be many pivots over the next couple decades, we are ready, willing, and able to remain not only a leader in the industry but to remain the “standard” in which all others attempt to emulate.
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