Thriving – not just surviving – in a tough economy: what’s your plan?

You see the news: senior care stocks are in the dumps. Managers of small, community-based properties as well as those operating multi-state corporations are feeling the pain as the housing market has slowed to what feels like a full-on stop.

Some of the stories about the challenges today are so bad they almost make you laugh, like this one, told in a Boston Globe article recently.

The daughter (Ms. McNabb) is trying to help her father (Mr. Looney) move into a retirement community he had finally selected:

First, the housing market slumped. So McNabb helped him spruce up the house and he lowered the asking price. They found a buyer - who died the day before the closing. McNabb lowered the price again, and again an interested buyer died.

The community they had selected – a life-care community with a large buy-in required – offered an innovative bridge loan, which covered the up-front fee until the sale of the home.

This story has a happy ending:

Looney took advantage of the loan program, moved into North Hill, and a few months later sold his house for $425,000 and repaid the interest-free loan.

If you’re going to survive you’ve got to do something. If you’re going to thrive, you’ve got to do something even more…go farther, be more innovative and effective with your services.

Several of our clients have told us that this year is their year to focus on customer service. Their goal is that every single employee, every single day, treat residents, families and guests in the very best way possible. Good customer service is one vital characteristic of superstars.

Other communities are adding services designed to bring people into their buildings on a regular basis. I particularly like the idea of offering memory enhancement classes; letting the public schedule time on a computer-based memory building program, and other similar programs. Great PR; great exposure.

Others are adding hospice care, in-home care and other services to expand their reach and revenue.

Whatever it is that you’ve chosen to do, one thing is clear: you need it to be effective, and NOW. And you don’t have time to wait for everyone on your team to get the idea of what you’re trying to do through word of mouth – you need to train fast, effectively and thoroughly.

You need to get new hires up to speed immediately on your mission and your programs. You don’t have the luxury of waiting until you’ve got a full “class” to start a comprehensive training program.

And while you’re at it, you need to save time and money. You need training programs to not only be available when they’re needed, where they’re needed, but you need them to be cost-effective. You need training that is available right now, when the employee needs to learn.

We often sell our employees short. “They don’t want to learn anything new,” we say. “They like to do things the way they’ve always been done,” we believe.

But ask how many of your employees are using new technologies today that they didn’t use just 6 months ago. You’ll be astonished how many of them not only have Facebook profiles, for example, but how many have learned to upload pictures, movies and search the internet for the newest, funniest Youtube video, not to mention how many use their computer to stay in touch with relatives across the world using Skype and other newer technologies.

They’re eager and willing to learn new things and to change the way it’s always been done.

They just need to be motivated, to enjoy the process and to have immediate gratification for their efforts.

If you’re going to be among the senior care companies that will thrive in the coming year you’ll probably be making a few changes. And you can’t do it alone.