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The senior living industry can be challenging, and it’s understandable that long-term planning can take a backseat to simply dealing with the pressures of the moment. But, with continued uncertainty facing the industry and talent retention remaining an issue, a commitment to strategy becomes essential. And with that commitment, new challenges emerge.

Senior living organizations must honestly evaluate their effectiveness in fulfilling their mission and serving residents, employees and the community. They also need a forward-thinking plan that prioritizes future growth rather than relying on past strategies or reacting solely to immediate challenges.

Strategic planning is not just for nonprofit organizations. For-profit providers must also think strategically about their future, especially as market conditions and reimbursement models evolve. Whether your organization is for-profit or nonprofit, strategic planning is essential for long-term success in the senior living industry.

To get more from your plan, here are five considerations for evaluating strategic planning in senior living organizations:

1. Understand the quantitative and your “why.”

Before jumping straight into strategy, take a step back to analyze what your organization does well and where improvements are needed. Start with understanding your “why” — what was the original mission of your organization and how well are you fulfilling it?

We all strive to make data-driven decisions, and your strategic planning should reflect this. Dedicate time to gathering meaningful data about your organization and comparing it to the “why” you established.

Collecting and analyzing data provides a clear picture of your organization and establishes a foundation for meaningful discussions about how that reality compares to your perception. It also offers valuable insights into your organization’s current and future needs.

Comprehensive strategic planning includes:

• Analyzing your performance against previous strategic goals.
• Understanding your organization’s financial position or strengths.
• Performing a market analysis of your service area.
• Conducting a SWOT (strengths, weaknesses, opportunities, threats) analysis.

2. Understand the qualitative and broader environment.

Collecting feedback from stakeholders is a crucial part of strategic planning. It demonstrates your leadership team’s commitment to considering diverse perspectives and fosters greater engagement and support.

Stakeholders can include:

• The executive team.
• All employees.
• The board of directors.
• Elected officials.
• Key community members.

Stakeholder feedback can be collected through surveys, focus groups or confidential interviews. Encourage participants to share their perspectives on the organization and any changes they believe are needed.

Beyond internal stakeholders, it’s also important to understand the broader environment affecting senior living, including:

• The changing regulatory landscape.
• Shifts in reimbursement models (especially for Medicare and Medicaid providers).
• Banking relationships and capital sources.
• Market demographics and competition.

Your stakeholders and environmental analysis will provide valuable insights to chart what’s next for your strategic planning — giving you a sense of whether your organization is operating efficiently and addressing the needs of your residents and community.

3. Compare it with your written strategy.

After collecting all the information from data analysis and stakeholder feedback, compare it to your written strategy. If you don’t have a formal strategy document, this is the time to develop one.

Data analysis enables your organization to determine what is outdated and what requires updating, providing a clear picture of the current reality. This ensures your plan aligns with the organization’s actual needs rather than assumptions.

This analysis should include hard questions about organizational viability:

• Is your organization sustainable on its own?
• Are there opportunities for strategic partnerships?
• Can you diversify your services to include additional healthcare service streams?
• What operational changes might be necessary to help ensure long-term success?

It also provides insight into what sets your organization apart. You can identify ways to differentiate from competitors, tailor services to your community and address challenges unique to your organization.

4. Reengage or develop your strategic muscle memory.

These three steps lay the groundwork before implementing new plans or launching new initiatives.

Once completed, some organizations may feel inclined to revisit past priorities that were once deemed essential. However, much like returning to the gym or resuming a training program, you and your team must rely on your strategic muscle memory to reignite your planning skills. For organizations new to strategic planning, this is the time to develop those skills.

At this stage, take a moment to reflect on the data and feedback, acknowledging that past priorities may no longer align with your organization’s goals or the evolving senior living landscape.

Instead, focus on developing a forward-thinking plan. What fresh perspective is needed?

Now is the time to reassess your strategic plan and priorities — shifting from a reactive approach to a proactive strategy that prepares your organization for the future.

5. Understand the impact of your plan on technology integration and talent.

In the competitive fight for talent, senior living organizations must leverage every available resource to attract and retain team members. A well-crafted plan with a clear vision and key performance indicators (KPIs) is a powerful asset in this effort.

With staffing shortages plaguing the industry, technology integration must be part of your strategic conversation. Consider:

• How can technology help address staffing challenges?
• What technologies can enhance resident care, particularly for memory care and higher-acuity populations?
• Do you have the capital resources to implement necessary technologies?
• Who will lead technology implementation efforts?

Technology is not just a separate consideration but an essential component of viability in modern senior living. From electronic health records to AI-enabled care planning, technology can help your organization thrive despite resource constraints.

A clearly articulated vision and strategy provide a common language that all stakeholders can understand and rally around. At the individual level, KPIs help people understand their role within the organization while providing them with set goals and expectations.

This builds a cohesive and resilient team, capable of navigating challenges and unexpected situations. Internally, it enhances the work environment for employees, while externally, it attracts potential talent who recognize and appreciate these efforts.

How Wipfli can help

You recognize the importance of these factors, but achieving them takes both time and experience. Our team understands the unique challenges facing both for-profit and nonprofit senior living providers, from shareholder value creation to mission sustainability.

At Wipfli, we offer a variety of strategic planning solutions, providing the guidance and objective perspective needed to maximize your planning efforts. We can help you with tech road mapping, automation initiatives, market studies, capital planning and more. Contact us today to learn how we can help your senior living organization reach its full potential.