How A Change In Lifestyle Can Relate To Business


I have recently had the daunting task of moving my Mom to an independent living senior’s residence. I am sure many of you have endured the same experience with a loved one. I am amazed at the business lessons I learned through the process that I think are worthy of sharing. Read More.


In any business transaction there is a process that you must follow to ensure the best results. I found out very quickly that moving a senior from their home and into an independent residence requires all of the key factors required in a typical business operation.


The purpose of this article is to review the steps necessary to successfully complete a business transaction and hopefully you may pick up some tips should you ever be faced with the responsibility of moving a loved one from their home.


The process literally incorporates almost every aspect of business. It involves issues relating to setting goals and objectives, financial analysis, business planning, starting a new business, and succession planning. So let’s review them in order.


Goals & Objectives: To be successful in business you need goals and objectives to set your targets and maintain your focus throughout the time frame.   In the process of moving a loved one you need to establish if this is something they want and/or need, what care options you are looking for, what is the best facility, and a time frame for the move.


Financial Analysis: As in the case of business, before you book inventory you need to establish how your business has operated over the last few years and what is the current status of your company. Your history will help set your sales targets, margins and expenses so you can effectively plan for the coming year. The same applies to your loved one. You must first understand their financial status including revenues like pensions and investments, assets and fixed and variable expenses. This will allow you to establish the level of facility that can be afforded.


Business Plan: Once you have set your goals and established the financial status of your loved one you should build a plan for the move. This may involve selling assets like their home, consolidating personal property, setting a strategy for all the tasks required for the move, establishing a time line and most important building a cash flow for their new life style to ensure it is within their means.


Negotiation: As in business, you will need to negotiate with your suppliers based on the parameters and targets set in your business plan. This relates to meeting with seniors residences to negotiate rent, meals, care responsibilities and rules. At the end, you sign a contract as you would with your suppliers.


Succession Planning: It is required in a succession plan that you review the impact on all of your various associations, business partners, suppliers, government responsibilities, taxes, environment issues etc.   The same applies to a seniors move. You must identify all of their commercial and personal associations to ensure everyone is notified and changes are put in place. This would include at least three government agencies, banking, investments, telephone, cable, insurance and of course personal friends and family.


Seek Out Professionals: As you know from my articles, I am a big advocate of seeking out the right consultant or professional to help with your business plan. We can’t effectively be a “Jack of all trades”. We need help from professionals to achieve our goals. In the case of a seniors move, it is extremely important to seek out help with the tasks of resizing, moving and set up of their new living quarters. This takes the responsibility off your shoulders and puts it in the hands of professionals that are far better equipped at easing your loved one through the transition. It was the best money we spent in the entire process and there are lots of these companies out there ready and waiting to help.


Be Prepared For Change: The purpose of your business plan is to provide you with knowledge on a timely basis so you can make changes and stay on point. There are all kinds of curve balls that can be thrown at you like weather, economic conditions, product delivery etc. I found that throughout the process of moving my Mom we needed to be flexible and make changes to reach the goal of a smooth transition. Finding out there was still a lien registered from a mortgage that had been paid off 25 years ago on her property was a real ringer. However, our plan made accommodation for these kinds of surprises.


There is a formula for achieving your goals, whether it is in business or your personal life. It is all about understanding where you are, making a plan, educating yourself with as much information as possible and seeking out professionals to help with your success.


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