Taking Advantage of Business Opportunities in the Senior Service Industry

According to a recent United Nations Study, the older population is growing at a faster rate than the world’s total population. It is predicted that by 2050, older persons will make up more that 50% of the populations in western, developed nations, including The United States. As our beloved seniors leave the work force, there are not enough younger replacements. In addition, our need for elder care and senior services is rising faster than we can come up with solutions. Older women outnumber older men by a landslide.

This is not meant to be a doom and gloom report. On the contrary, what I am saying is that where there is a tremendous need, there is also tremendous opportunity for creating new services. Not only are the seniors themselves going to need help; their loved ones will need help and support too.

It’s only going to get bigger.

Right now, a senior and/or their concerned family members have to navigate through a myriad of agencies and referral services to find housing, medical care and ancillary services. Navigating Medicare, Part B can be a real trip down Alice’s Rabbit hole! The adult children of seniors often live far away and/or can’t help.

The opportunity lies in creating a one stop service that will address all the needs of seniors and their families. Companies that create a one stop shopping service where seniors and their families can get all their needs met will be tapping in to an ever growing client base.

What do Seniors need now and what will they need later?

1. Help deciding if they can remain safely in their own home.
2. Knowledge of home safety products available
3. Help finding senior services of all kinds
4. Protection from Elder Care Abuse
5. Help finding affordable housing
6. Someone to help navigate through the government bureaucracy of Medicare and Social Security.
7. Help disposing of unwanted property
8. Social Interaction
9. Protecting their legacy
10. Protecting their finances
11. Keeping in touch with family
12. Transportation
13. Good Health
14. Home Care

There are so many opportunities in the Senior Service industry. While answering the call to help Seniors, we can also create amazing business opportunities too. Ask anyone who works with seniors and they will tell you that it is a truly rewarding experience.

Anyone who works with seniors has realized that many of their needs are just now being acknowledged. Industry has not yet caught up with the market opportunities of this rapidly growing population.

Those already in the senior care industry need to look beyond what they currently offer and expand their services to meet the needs of their clients. Opportunities abound.

Communication In Business Services Firms

Good communication in business services firms can make or break a sale. When you market your company and services, the only thing a prospective client cares about is what you will be able to do for them. Clearly communicating that with them isn’t as simple as displaying a list of services. It involves give and take and a thorough understanding of the prospects in your marketplace.

To apply the principles of good communication, you can start by learning as much as you can about your prospects. Understand their desires and their pain. Identify their needs and prepare for your meetings accordingly.

You can anticipate generic problems that your prospect might have, not just company specific ones or problems inherent in the industry. Your client expects you to be ahead of that curve. If you are pitching a new service to an existing client, can you communicate how you might help the customer become an internal problem-solver or address pandemic challenges. You can actually help transform your client’s liability into an asset through quality communication.

In some industries clients might be afraid that they’re not working with the newest equipment, or perhaps they feel they can’t increase product production speed and efficiency. Another fear that clients experience is the fear of lagging behind, not being able to match their competitors or serve their customers with the best products or services. There could be a fear that they won’t be able to apply state-of-the-art information systems, improve client communications, or have a market-savvy web site. These fears can be allayed by offering the value of your perspective along with open, clear communication.

Another difficulty common in sales situations may be the need to overcome hidden decision making. This is an excellent example of the need for communication in business services firms. A firm’s strategy must include a systematic approach to finding out what the decision makers won’t reveal on their own. Do you know who is the real buyer of the service or product you are selling? Who is the real user? When are the decision maker and the person the company sent to the sales meeting actually the same person? Having clear communication with your sales team and with your prospects will alleviate the tangle that can result from the absence of this information.

The way you sell products and services should directly reflect the way you work internally. Where it’s appropriate, you may want to propose regular meetings with your team and include budget reviews as items on the agenda. Likewise, you’ll want to make the buyer feel just how assiduous you are in keeping them aware of what is happening and how much it is costing. This level of communication is uncommon in business services firms, but it can make or break the future of your client relationships. Your investment in communication will translate directly to your bottom line.

Business Service Management – How Your Business Can Benefit From It

Businesses in most of the industries today rely on their IT infrastructure for delivery of their products or services. Despite this, business owners and IT managers face difficulty in figuring out the performance of their IT infrastructure and analyzing how that performance affects their bottom line at any given point of time. If you are wondering the same about your IT infrastructure, the answer to your queries is Business Service Management (BSM). Let’s discuss some aspects of Business Service Management and how it can benefit your business.

What Business Service Management Is

BSM is a way to monitor IT services so that one can understand its impact on the business’ bottom line. Through it, IT managers can monitor application performance so that they can identify, foresee and solve application bottlenecks. In case of larger organizations, the business owners and IT managers need to know which department if going to be affected the most in case of an outage, so that its impact can be minimized. Through BSM, the interests of the business can be protected by monitoring, tracking and managing the investment and operational aspects of the IT department. BSM hence ensures that IT processes are aligned with business processes for the maximum benefit of the business.

How you can use Business Service Management for your business

If your business depends on IT department for providing services or products or your customers, Business Service Management can be extremely useful to you. Even if you have a large company with a huge IT department, a BSM solution can help you undertake effective ITSM. When you have a Business Service Management solution in place, in case of a system failure, you will be able to know exactly where the error has occurred on a real-time basis. You will hence be able to analyze the financial impact of the failure as well as instruct the IT manager of steps to take to ensure that application performance is up to the mark.

Some of the many benefits of a BSM solution for your business are:

  • It ensures application performance is up to the mark at all times
  • BSM also ensures the availability of business-critical applications
  • A BSM solution helps IT managers to ensure that service level agreement conditions are met
  • You can make IT service management easier with a customized BSM solution
  • You can understand the impact of a system failure on your bottom line through Business Service Management
  • A BSM solution will help you avoid downtime of applications by identifying bottlenecks and figuring out their cause
  • Through a BSM solution, you can reduce losses of downtime and improve productivity of your business

Hospitality and the Service Industry

The term ‘hospitality’ refers to a broad category of segments or sectors within the service industry pertaining to different commercial aspects like cruise liners, event planning, lodging and hotels, restaurants, theme parks, transportation etc. The economics of the hospitality industry is directly proportionate to people’s ‘disposable incomes’ and available periods of ‘leisure time’.

Units within the industry

A broad hospitality unit has several sub-groups or division units like direct operations management, facility management, human resources, project management, sales & marketing management etc.

The single most important concept that is shared across all segments of the hospitality industry is ‘customer service’. The level of success of a business is determined by how it (the operational staff) is geared to serve others (customers). The focus of a hospitality industry may be any one of many or multiples of service sectors. Although managing the economics i.e. the challenges of income and expenditure is crucial to the success of a business, the accomplishment of rising up to the challenges of ‘customer service’ will dictate how the business can hope to progress.

Elements of hospitality involving customer service

One of the largest elements or the single most important of all elements in the hospitality sector is Food & Beverage (F&B). The F&B trade can function independently in the form of bars, catering establishments, eateries, pubs and restaurants, or as part of other service businesses such as the entertainment segment that includes bowling alleys, casinos, game parlors and movie houses. When the F&B outlet is a part of a larger hotel & lodging outfit, it enhances the chances of offering top-class customer service and providing an overall experience to the customer or guest.

The next segment will be the Accommodations area, either Bed & Breakfast (B&B) places or lodging places that represent a large chunk of the hospitality industry. This area covers any place that provides accommodation from camping sites to wayside motels, high-end hotels & holiday resorts to luxury deluxe properties. The focus of providing lodging integrating attentive customer service along with comfort and efficiency is at the heart of a business service that is customer-oriented. More than the monetary aspect, most travelers value basic amenities that are provided with cleanliness, efficiency and caring and the more satisfied people using hotels, restaurants, bars, etc., the more the business can be successful.

Another prime sector of the hospitality industry is to do with transportation and travel – from airlines to cruises to train travel, domestic to individual countries as well as global. This particular segment, as the others too, requires considerable knowledge and experience in customer service as well as modern trends in travel and transportation that define the services provided to customers in terms of efficiency, safety and enjoyment.