Rising expectations from the baby boomer generation is putting pressure on the aged care sector to provide new solutions in areas such as lifestyle services and premium accommodation.
It’s well known that government funding is a limited resource which will largely be funnelled into the provision of care, so providers need to explore alternative funding sources. As baby boomers, much more so than previous generations, have become accustomed to higher quality homes and more leisure-focused lifestyles, many are looking for access to entertainment, learning and wellbeing options when they move into an aging-in-place setting (such as fitness classes, beauty services, in-room massage, housekeeping, in-room movies and wine tasting evenings).
While this opens up a spectrum of opportunities for aged care providers, the primary challenge is planning which ‘extras’ to invest in. As with any business planning – the key first step is to start by reviewing your current business and identifying the strengths, weaknesses, opportunities and threats you are facing.
A great starting point for this review is a 3×3 SWOT analysis. Using this valuable tool, you can:
- Consider how to leverage your strengths and turn them into executable opportunities. We strongly encourage our aged care colleagues to dedicate a majority of their focus to this space.
- Identify how to use your strengths to mitigate threats. While we don’t endorse spending too much time worrying about threats, it is extremely valuable to use strengths to deal with these.
- Think about how to best develop your capacity so that weaknesses are overcome, threats are mitigated and opportunities are moved on. Again, the focus is less on weaknesses and threats, but rather about building capacity (and strengths/opportunities).
Download the 3×3 SWOT Analysis tool