How to create a healthy revenue stream for 2012

Whether you like it or not, it is that time of year to start reflecting on that age old question, “How did business do in 2011?” You will then be asking yourself the common follow-on questions “What worked well for us this year, and what can we implement next year in order to create an even stronger revenue stream?”

As experts in senior aging and the long-term care industry, we are all familiar with the notion that the industry is expected to continue growing exponentially. In large part this is because the baby boomer generation continues to age on a daily basis and, eventually, each one of them will require some form of assistance as they progress through the aging process.

Whether you are an owner/operator of an assisted living community, manage a home care agency, or are like myself and own and operate a company that helps seniors transition to a new home, there are many benefits to long-term care providers forming partnerships with one another. One of the primary benefits of a strategic partnership is that companies are presented with the opportunity to add value to their existing services without expending extra cost or staffing.

As you begin to think about your plans for 2012, I have highlighted below some of the benefits of strategic, and most importantly, complimentary partnerships.  I have also shed some thoughts on why they may be a good option for you to consider in order to create that healthy revenue stream:

• Automatic Referral Source for Your Long-Term Care Home: Strategic alliances, that compliment each other in the spectrum of a client's potential present and future needs, create the ability for companies to act as an automatic referral source for one another. As each company acts to complete a different piece of the puzzle for the senior citizen, a partnership will guarantee that the long-term care facility is at the top of the company's referral list.
• Ability to Assist Long-Distance Relatives: Seniors moving into a long-term care facility may have family or friends that live miles and even states away, which makes it difficult for them to receive the necessary moving assistance. By partnering with companies who have multiple locations around the country, long-term care facilities have an immediate expert the resident can reach out to in order to help prepare families for the move. More importantly, this will not require the community to spend any additional money on staffing.
• Increased Brand Awareness: The opportunity to grow your market size with a partnership presents the additional opportunity to increase awareness of the brand. One of the key elements of a business' success is constant, growing brand awareness. If your brand awareness isn't growing, your business isn't growing.  Strategic alliances allow you to reach a broader audience without putting in extra time and capital

Like any strategic partnership, and even more important when seeking complimentary relationships, it is crucial that you do not just jump into a relationship. Rather, conduct research beforehand to ensure that the values of the company you are partnering with match the key values of your company. Both must carefully asses each other's expectations before making a commitment.