Executive Summary
This business strategy document provides a general overview of the general health care environment in which the Assisted Living at the Windsor of Ocala facility in Florida is situated. It assesses issues such as cost and economic environment as well as health care environment, and provides an overview of competitors at the local, regional and national level. It also gives a description of the Windsor of Ocala’s internal environment with an analysis of the community’s strengths, weaknesses, opportunities and threats as well as its competitive advantage, with a SWOT analysis providing key differential advantages between it and its competitors.
The strategy also includes an overview of what directional strategies are involved in the Ocala’s mission and forward guidance. The long term directional strategies for Ocala are provided and defined. The strategic alternatives available to Ocala are also discussed in detail, and an evaluation of alternatives and strategic choice are provided, with a comparison of alternative strategies for Ocala being given, and a description of the most optimal strategic choice for Ocala presented at the end.
This business strategy document thus situates the current state of the Windsor of Ocala within a contextual framework that allows for close scrutiny of the assisted living facility’s primary strengths and weaknesses, and looks at the company in terms of how it measures up to competitors and how it can enhance its own strategy to prepare for the coming years in the 21st century and the next round of elderly generations to come into the facility in search of a quality place to call home.
General Health Care Environment
The cost of assisted living is lower in Ocala, Florida, than the national median: the average cost of assisted living in Ocala sits at just over $3000 per month, while the national media is nearly four hundred dollars higher. However, in other nearby communities in Florida, the rate is even lower at $2335 (Caring, 2018).
Many members of the population in Florida are retired, as the state is known for being an inviting one for seniors and the elderly who are seeking a comfortable, quiet, warm place to retire in their old age. Communities like Ocala are a perfect example of this retiring aspect of a number of the state’s neighborhoods. In order for these individuals to retire, in Florida, however, they must have enjoyed a certain level of economic success in life. As Kadlec (2016) notes, “Florida, which helped popularize the notion of a snowbird retirement, has the most residents age 65-plus.†Yet, that may be changing, too: Florida “now ranks near the bottom of a new list of states deemed most desirable for folks contemplating retirement,†with Virginia and states in the Midwest ranking higher among retirees (Kadlec, 2016). Thus, the general economic environment of Florida is less appealing than it once was, though Ocala’s economic quality is still high.
In terms of special health care environment, Ocala is considered a strong region for providing assisted living services. However, as Stevenson (2012) points out, the Midwest still occupies the top spot for provided the best assisted living communities, as these communities attract and appeal to a wide range of people and offer solid care services from quality care providers in states that are neither too expensive nor so cheap that they attract trouble.
Competitor Analysis
The competition of the Windsor at Ocala on the local level consists of: Brookdale Pinecastle, which has been given 4 out of 5 stars by Caring (2018), the Hampton Manor at Deerwood, which has five stars, Brookdale Paddock Hills which has 4 stars, and Brentwood at Fore Ranch, which has 4 stars. Each of these assisted living communities are similar to Ocala in that they provide the same services and accommodations, as nearly all high-quality assisted living centers in the state.
Regionally, the top competitors are: Brookdale Alamonte Springs, Grand Villa of Altamonte Springs, Savannah Court of Bartow, the Atrium at Boca Raton, and Bradenton Senior Living. What distinguishes these assisted living centers are their commitment to quality, their consistently high level of residency (it is very difficult to obtain a place in them as they are always full), and their excellent reputations for cleanliness, supportive services, courtesy and resident accommodations year round.
Nationally, the top competitors are: Sunrise Senior Living, with 25,585 residents, Erickson Living, with 24,102 residents, Atria Senior Living, with 20,878 residents, Senior Lifestyle Corp with 20,650 residents, and Capital Senior Living Corp with 15,800 residents (After 55, 2018). These companies have assisted living communities across the nation and serve seniors in various parts of the U.S. with consistent service, which helps to give them a top reputation in the industry. These companies represent the largest senior living communities in the nation, based on the number of residencies total in all their community centers.
Internal Environmental Analysis & Competitive Advantage
Strengths
The Windsor of Ocala’s strengths include a variety of services and care options, including: 1) assisted living, 2) companion services, 3) gold leaf dining, 4) life enrichment, 5) memory care, 6) respite care, 7) customized tailored services, 8) and wellness services. Residents have 24 hour access to staff, there is always a licensed nurse on staff, and apartments are spacious and maintained by weekly housekeeping. The reputation of the Windsor is high within the community and staff is among the best in the industry.
Weaknesses
Its distance from some elderly communities within the region can be a problem for family members who want to remain close to their loved ones. The facility lacks a quality walking grounds area. The ratio of women to men residents is also high, which can discourage some male residents from staying as they might prefer male company.
Opportunities
The Windsor could expand its footprint and provide a walking area with an outdoor garden to help residents have a more delightful time outside with fresh air and exercise. The facility could also promote more masculine activities to attract more male residents to balance out its population.
Threats
With Florida declining as a preferred state for retirees, the Ocala may face a dwindling population from which to draw forth its market. The Ocala may have to begin to advertise itself nationwide which could be difficult considering the extensive competition.
Key Differential Advantages
Key differential advantages include a quality facility with full-service staff, unique programs for residents, spacious apartments, and stellar reputation among the community.
Directional Strategies
The long term directional strategies for the Windsor of Ocala are to increase and expand its marketing campaign to attract residents from the wider region and gradually to expand marketing throughout the state of Florida and into the southeast. The marketing campaign should highlight the Windsor’s attractive and quality facility. To increase its marketing attractiveness, the Windsor should expand its grounds to include a large outdoor walking area with gardens and a fountain where residents can enjoy being outdoors and communing with nature.
This strategy should also include developing more programs that will be attractive to elderly male residents so that male retirees will want to stay at the Windsor and help to balance the resident population, which currently is too heavily stilted towards a female population.
Working with local providers of day services should also be a strategy that the Windsor pursues so as to help residents get outdoors more often and engage with the community. Community care possibilities should also be explored so that residents can engage in a number of different therapeutic programs to help them stay happy, upbeat, and positive and avoid the onset of depression, idleness, loneliness, and isolation. Engaging with the community is very important for an assisted living facility. These programs could include: animal-assisted therapy, a volunteer-visitor program, Wii therapy (virtual sports for both men and women, such as golf, tennis, and bowling); indoor/outdoor garding, a reminiscence program, and videoconferencing with Internet browsing.
Strategic Alternatives
Strategic alternatives that are available for the Windsor at the Ocala include merging with one of the larger assisted living corporations throughout the U.S., such as Sunrise Senior Living, Erickson Living, Atria Senior Living, Senior Lifestyle Corp or Capital Senior Living Corp. Or the Windsor of Ocala might look to put itself up for sale to one of these corporations. To make itself attractive to a possible sale, Windsor must provide continuity and stability of residency, with balanced out populations, better walking grounds, up to date utilities, and an updated infrastructure that has been inspected and is up to code. Showing positive cash flow and a continuation of strong sales into the future would also help.
In order to accomplish its long term strategy, an alternative approach is to attract investment from private venture capitalists who see a long term return possible under the conditions provided by the Windsor of Ocala. The Windsor of Ocala currently operates in the black with a positive cash flow, but in order to update its grounds and make them more attractive and appealing across the region, the Windsor will have to invest considerably.
Another option is to sell shares of the company privately or publicly and raise capital through share issuance. This could allow the facility to provide the funding needed to provide a grounds for walking, a garden, fountain, more male-centered programs, and a better marketing campaign for seniors across the region, the state, and into the southeast of the nation.
Evaluation of Alternatives & Strategic Choice
While selling the facility to a larger competitor might seem like the best option going forward in the light of the state’s declining retiree population, Florida is still likely to maintain a high level of elderly persons from which the Windsor can draw its residents and maintain a high rate of residency, if not a maximum rate. Additionally, in order to keep up its reputation and to continue to make this facility to have a positive rate of return for its private equity holders, the best alternative strategy is not to seek a sale of the company to a large competitor but rather to sell off a stake of the facility to investors to help finance the updating of the grounds and a building of an outdoor walking area to make the facility more attractive to both men and women.
The facility could also stand to be more connected with the community, which makes bringing new stakeholders from the community into the Windsor family the most attractive option on the table. This alternative strategy would help to promote community-based care activities, such as animal-assisted therapy, Wii fitness, teleconferencing, and indoor/outdoor gardening, which can all be led by volunteers within the community. The more connected to the community the Windsor is, the stronger its reputation grows and the more attractive it becomes both to investors and to potential residents. Overcoming the issue of distance may be a threat but with investment capital, the facility could take on shuttles that run routes to far away destinations to help bring family members together. Teleconferencing could also help to reduce issues related to distance and this type of program could easily be funded with an investment from new stakeholders brought on through the sale of a portion of a stake in the Windsor of Ocala.
References
After 55. (2018). Top 12 senior housing companies. Retrieved from
https://www.after55.com/blog/biggest-senior-housing-companies/
Caring. (2018). 30 assisted living facilities near Ocala. Retrieved from
https://www.caring.com/local/assisted-living-facilities-in-ocala-florida
Kadlec, D. (2016). Why Florida is losing its grip on retirees. Retrieved from
http://time.com/money/4278424/best-states-retire-not-florida/
Stevenson, S. (2012). Best cities for senior living. Retrieved from
https://www.aplaceformom.com/blog/best-cities-for-senior-living/
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