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Be Proactive, not Reactive
In 2009, SB&A performed quadruple the number of marketing audits nationwide as in either 2007 or 2008 and found that early intervention might have made the majority of these audits unnecessary. At year’s end, we reflected back on conversations we’d had with clients, the banks and development companies that hired us to perform these audits; in looking forward we felt confident we could suggest a way for communities and their parent organizations to prevent experiencing a covenant default.
Talking with colleagues in the finance community, we found that in their experiences, people simply wait until they are forced to perform an audit to get the information they need to turn things around. This observation echoed our thoughts about being proactive vs. reactive.
That said, we recommend commissioning a marketing review in 2010 to establish strengths and weaknesses, to learn about market share your organization may be missing and to get advice from people who see the latest trends in retirement living nationwide. This way, you will have the information you need to meet your goals and avoid a missed bond covenant.
If you are interested in learning more, please CONTACT SB&A. |
