In an industry set for historic growth, Life Plan Communities (CCRC) that want to remain relevant for generations are charting a course to not only serve their current residents, but also a younger population. These organizations are intentionally engaging in a strategic planning process that is incorporated into their day-to-day financial and operational activities.
Agile CCRCs are investing in their consumers—in particular, they’re setting their organizations apart from the competition. They’re not waiting for consumers to come to them based on a triggered need, like a health crisis. Instead, they’ve figured out how to leverage something that strikes a unique chord within their market, attracting a consumer to make an “affinity” move—they move because they want to live there, not because they have to.
For example, CCRCs are investing their cash in wellness. This isn’t only capital investment—it’s finding passionate employees who can take the intangible idea of wellness and turn it into a practical program. This engages existing residents and inspires others to move into the community.
So how do you evaluate what will set your organization apart from the competition? Listen to your residents, along with their adult children, who will be the next generation your community will serve. These focus groups can provide you with information to begin the strategic planning process.
To learn more about strategic planning, check out our resources and solutions or contact your trusted BKD advisor.