IDEAS YOU CAN COUNT ON
Q. WHAT ARE SOME GOOD WAYS TO BOOST MY BUSINESS KNOWLEDGE?
Tap knowledge at trade shows. “So many trade shows, I see people just walk by the accountants, the investment bankers,” Plante Moran partner Patrick McCormick says. “They don’t think of engaging with an accountant or an architect. But you can just pick the brains of these people.”
These booths may not have the dramatic draw of a product demo, but they offer free insights. To get the most out of a visit (real or virtual), he recommends asking a simple question: How are you helping clients around a particular issue?—whatever issue is top of your mind.
Stretch to take the finance webinars and seminars that you think might be beyond your level. It’s okay if you don’t understand everything being said at an education session. Even picking up one or two new pieces of knowledge makes it a good investment.
Benchmark. All progress depends on knowing your starting point. Get an accurate picture of where you are now and what industry and regional benchmarks are.
Market studies make a difference. Don’t just get one when you’re doing a project, McCormick says. Regular competitor analyses and updates every two to three years on demographics and home values of your primary market area pay off. Determine primary market area by using the zip codes of where 75 percent of your admissions come from— and remember that this can shift over time.
Check out the Senior Living Solutions Guide at the Senior Living Executive Virtual Conference. This year, you can virtually visit industry suppliers and download their knowledge at
conference.argentum.org/solutions-guide. White papers, videos, and collateral with contacts for more information are open to both conference attendees and those who can’t make it.
you’re unique Your Financing Solutions Should Be Too
nhireit.com | 615.890.9100 | Leaseback 14 SENIOR LIVING EXECUTIVE SEPTEMBER/OCTOBER 2020
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