Timing is perhaps the most valuable asset a business owner seeks – timing is everything. Some owners have the best concept of timing, and others do not.
Timing can transform a declining business into a conglomerate.
The opposite is equally as true – bad timing can cause an implosion beyond repair.
THE SCIENCE OF TIMING FOR SUCCESS
Sadly, many people, including business owners, consider perfect timing a coincidence or a gamble they call luck. This is deceptive.
When a business owner embraces and studies time as trends, ebbs, flows, and forecasts of various markets, one finds luck is absent from the equation.
The equation which leads to success has everything to do with timing.
Timing is the essential factor in business. It should be the guiding light for conducting business, especially in:
- Business Planning
- Negotiation
- Customer Relationships
- Product Launch
- Product Presentation
- Marketing Campaign
- Business Proposals
Timing determines the success of the above seven activities. Some of the brightest business professionals consider timing an afterthought.
This is a mistake – timing should always be evaluated first.
When to strike is more important than what to strike. Knowing the moment when to initiate your assisted living business plan determines how to strike.
Where to strike can also be driven timing. So, what is time telling us now with respect to residential assisted living?
FEW THINGS MATTER MORE IN BUSINESS THAN TIMING
What is more important than timing? Who said you can create perfect timing?
Understanding the timing of the assisted living industry and the factors driving it is a wonderful tool for negotiations.
Understanding how other assisted living businesses are faring in spite of market factors is priceless.
Remember, timing affects businesses differently.
Some businesses may collapse, others can withstand and there are those that are unaffected. Knowing the timing for competitive businesses in your market is essential to the success of your residential assisted living home.
So, again, what is time suggesting now?
What Time Is It in the Residential Assisted Living Industry?
It is time for America’s most rambunctious generation to enter their senior years. Baby Boomers are entering their golden years at record rates, with more than 10,000 seniors turning age 65 every day.
What might time suggest about this reality?
- What do Baby Boomers want?
- Where will Baby Boomers live?
- What greatly influences Baby Boomers?
- How are Baby Boomers families structured?
- What impact is the aging of Baby Boomers having on the economy?
- How long is this trajectory anticipated to occur?
While many more questions could be posed, one should ascertain exactly what time is suggesting?
There is a great need for comfortable senior living where socialization and active involvement is intertwined.
Therefore, it is time to invest, build, own and operate an assisted living home.
The experts at the Residential Assisted Living Academy can help you gain a better understanding of these times.
CAN YOU CREATE PERFECT TIMING?
Who said you could create perfect timing? Timing has a mind of its own that changes within every generation and crisscrosses between cultures.
Therefore, one does not create perfect timing; instead, experts identify it – some might say the best among us study time.
Therefore, ascertaining perfect timing has nothing to do with creating and everything to do with understanding.
Below are four things a business owner or investor can do to ascertain perfect timing.
- Network:
Business owner connecting with a wide variety of people in the industry or associated industries. Networking opens the investor up to the plethora of opportunities, challenges, pitfalls, and dangers existing in a particular industry. - Study:
Investing brain power in understanding that which is written. In other words, what is the industry, opportunity, or idea? How did it begin? Who are the leaders? What are they currently doing? Why are they doing that? What is the terminology? Where do these opportunities exist? One answer only generates another question. The discipline of study has no end date. The investor continuously studies and becomes increasingly knowledgeable while growing in wisdom from having networked. - Market Research:
Gathering data from the source. While networking and studying certainly have their importance, there is no data like that from consumers. Find out directly, through social media, online surveys, zoom calls, or any other safe method what consumers really want. It could be that they have grown tired of the standard and need an improvement. Who better to provide that improvement than you? This would make a great entry into an existing marketplace. - Industry Leadership:
Vital information is most often provided by those who have been successful. What created their success? What maintains it? Where do they see the industry going? How are they driving the industry forward? Talking with, following via social media, or gaining access to industry leaders is invaluable.
Assisted living homeowners must do more than capitalize on timing, but they must comprehensively understand the very nature of it. Timing is Arizona is different from California, which will differ greatly from Alabama.
Success is more than monetary accomplishment, it is sustainability.
What good is perfect timing if your business cannot endure?
Perfect timing is understood and respected, not manufactured by business owners.
VIGILANCE IS AN IMPORTANT QUALITY TO HAVE IN BUSINESS MANAGEMENT.
Vigilance is associated with the word vigil, meaning to keep watch.
The vigilant assisted living homeowner understands the demographic trajectory and shifts their business objectives accordingly.
The vigilant investor keeps watch over market trends that affect not just vacancy rates, but also income sources for residents.
The vigilant assisted living homeowner also takes their study of timing and weighs it against the economic balance of supply and demand.
In other words, what will residents and their families demand in five years and how will the present supply meet it?
- Can the present supply meet it?
- Should we begin to change our mode of operation?
- Should we upgrade our properties?
- Will we need new properties?
- How long will the current residents continue to be satisfied?
- Will a change in demand affect current residents at all?
The role of an assisted living homeowner or investor to be vigilant about finding the right location – location is key.
The Residential Assisted Living Academy teaches entrepreneurs how to find the best locations in the business.
FIVE PROFESSIONAL TIPS ABOUT TIMING
Below are five keys to help you build and sustain a thriving residential assisted living business. It takes into account professional tips that matter most.
Market timing and your timing must learn to dance to the same tune.
- Be Ready
In Texas, football coaches tell their players, “Stay ready so you don’t have to get ready.” The saying really has effect when spoken in a West Texas twang, but you get the point here.
Preparation is key. Remember, proper networking, studying, market research, and understanding industry leadership is essential to being ready.
Ready for what? Ready to make the move at the perfect time. So, “stay ready so you don’t have to get ready.” - Don’t Obsess About Being First
The American phenomena with being first has become cultish, even insidious. It is unnecessary. You need not be first to market in order to be successful and have longevity.
Truthfully, the first takes all of the hard blows. Can you sustain such blows?
Find the sweet spot between market timing and your own timing. Competitors may open their homes first and fill them quickly, but they will also draw the attention of regulatory agencies. They will certainly want to make an example, good or bad, of the first homes.
Make sure your timing is perfect, not that you are simply trying to be first in your market. - Make Some Noise
When the timing is right, let the world know. Do not drop a pebble in the lake; instead, hoist a boulder. Make such a splash the marketplace thinks it is a tsunami – momentum is central to driving market entrance and sustaining a business. Let the world know about your new assisted living home, what it offers, and the great care that will be given there.
Do not be bashful.
Remember, “It’s a mighty poor dog who won’t wag his own tale” – make some noise. - Do Your Homework
While you have done sufficient studying leading up to the grand opening of your new assisted living home, the homework now begins. Ask yourself:
- What are the greatest needs among my staff?
- What deficits exist in terms of care for our residents?
- How long will this furniture last before needing to be replaced?
- What training do we need immediately?
Getting answers to questions like these will help keep your assisted living home moving in the right direction. While the perfect time for launch was ascertained, the need for timing has not changed. You will forever be in partnership, bitter or sweet, with Father Time.
So, do your homework daily.
- Keep A Big-Picture Perspective
The day-to-day grind of owning and operating an assisted living home can be grievous. It is easy to allow yourself to be caught up in the daily problems and challenges that may or may not have a lasting effect.
As an investor or owner, you must embrace the big picture. Keeping the big picture in the forefront of your mind will prevent you from burn-out.
If a problem in your home is not affecting care and will be obsolete in two or three months due to changes, why would you devote your time to it? Leave it be – it is already obsolete.
Furthermore, focusing on your vision reminds you of why you entered the residential assisted living market.
Many opportunities will present themselves; it is your job to know which opportunities fit your big picture.
TAKE ADVANTAGE OF GREAT OPPORTUNITIES
One thing is certain, the equation for perfect timing has one obvious variable. The advancing age of Baby Boomers has created a market demand for assisting living homes in tsunami proportions.
That much is known and concrete.
The other side of the equation is you. Are you ready? Do you have all the knowledge you need to leap into action when the opportunity presents itself?
Contact the Residential Assisted Living Academy now.
Coaches, experts and experienced trainers will teach you everything you need to know from A-Z about assisted living, real estate and operating a business.
The first step is to prepare yourself to take advantage of this great opportunity – remember, timing is everything.
