How Can The Senior Living Community Achieve SMART Goals?
We all have ambitions and goals, so how are you going to accomplish them? SMART targets are effective and simple to comprehend. They’re based on fact and broken down into small chunks so you can quickly digest them and achieve the ultimate goal. Have you ever heard the phrase “act smarter, not harder”? This is how you can do it.
Your Senior Living Community’s SMART Goals
Let’s start with the acronym SMART, which stands for Specific, Measurable, Attainable, Appropriate, and Time-bound. These are the details that you can detail in order to achieve your goals/objectives.
Let’s take a look at how to set a SMART target for your company to gain a deeper understanding.
COMMON GOAL: 100 PERCENT RESIDENT CAPACITY IN OUR SENIOR LIVING FACILITY WITH A WAIT LIST.
Most people think this is a fantastic goal, but it’s lacking a few key ingredients to make it a reality. How will we know when we’ve reached capacity? When are you hoping to finish this?
Let’s break down this target and see if we can come up with a SMART iteration.
We will break down your SMART goal into the who, what, where, where, and why in the “S” of your SMART goal. These are the essential details that we must identify in order to decide our objective.
New Haven Senior Living Community is a senior living community in New Haven, Connecticut.
What: To be fully booked with a waiting list.
When: By the end of the fourth quarter
Where: The Woodlands, Texas is the primary venue.
Why: We’ll get money for our next venue.
SMART Objectives Can Be Measured
How do you calculate your target after you’ve defined it? Metrics are crucial in this situation because they enable you to reliably represent performance and compare statistics as metrics shift.
When do you realize you’ve accomplished your goal’s desired outcome? Mark your progress with milestones. This may be the number of residents counted in a quarterly report, the overall desired earnings, or another variable. Finally, the “M” component of your SMART target should be able to be expressed numerically.
The maximum number of residents we can accommodate is 350. The average cost of living for each resident is $48,000. As a result, our goal is to make $16.8 million per month or have 350/350 residents.
What strategy would you use to achieve your objective? Ascertain that your SMART goal’s “A” component is attainable. This is a practical move that asks whether we have the necessary resources to succeed. To break down your objectives into sub-tasks and achieve small actionable steps that lead to overall progress, you must have consistency in action.
If you are currently at 10 residents by the end of Q1, maxing out by Q4 might not be an attainable target. This objective should be attainable and reachable.
The “R” in your SMART target denotes relevancy, or the point at which effort meets high-value objectives. This ensures that your SMART target is aligned with your company’s overall goals. If you want to get funding for your next facility (and you need to be at 100% resident capacity to get the money), a target of filling your resident capacity is perfectly important and consistent with your goal. You may want to change the specifics of your SMART target if they don’t agree with your high-value goals.
The letter “T” stands for “Time.” This crucial component assists you in keeping your action plan on track with your deadlines. There will be specific sub-tasks that must be done along the way if you want to finish this by the fourth quarter of this year.
Assembling Our “SMART” Objective
Now, let’s restate our original target so that it can be implemented using the SMART approach.
The original goal was to provide 100% resident capacity in our Senior Living Facility, with a waiting list.
SMART GOAL: By the end of Q4, we will have billed revenue of $16.8 million and/or 350 residents contracted.
Your Senior Living Community’s SMART Goals
Take a look at the differences between the two. Here’s a more detailed breakdown of the above goal:
Company Objective: By the end of Q4, we will have billed revenue of $16.8 million and/or 350 residents signed up for our facility. This will be accomplished by acquiring 56 new residents per quarter. We will produce 560 leads in order to acquire these 56 people. This will be accomplished by the use of published material, social media updates, email marketing, Google Ads, a direct-mail initiative, and involvement in four local community activities.
This is just one example of the many SMART objectives you can set for your business. It’s important to sit down with your main decision-makers and collaborate on your priorities and objectives. If you need assistance with your online plan, our team is happy to assist you. Before AOL dialed up our internet, some of us were there.
Do you need a SMART goal template?
Maybe you have a clear idea of what you want to achieve, but you need some assistance? We’ve got your back as accredited Hubspot partners, and we take pride in being SMART target experts. You can use this SMART target template to get started. It’s free to download and share, and we’d love to hear how it helped your team cross the finish line.
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