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Networking: A Contact Sport

“Everyone you will ever meet knows something you don’t.” – Bill Nye

In a world where running a retirement village is like a never-ending jigsaw puzzle, we need all the support we can get. Saying this makes you start to appreciate the collegiate nature of being a Village Professional.

How then do you get the most out of networking opportunities, such as DCM Institutes upcoming Professional Development Day

Through the knowledge sharing these days present you with.

Gone are the days where successful networking was seen as how many business cards you could hand out, compared to how many you collect. (Do people even use business cards anymore?)

Networking days are primarily about relationship building, where both parties come away stronger from the connection and information sharing the event has provided them with.  An opportunity to feed off the energy of being in a room with someone, and not talking to a monitor. To learn from peers through conversations or table discussions, feeding your passion for your growth as a Village Professional.

“If you want to go fast, go alone. If you want to go far, go with others.” African Proverb.

Networking and knowledge sharing aren’t just buzzwords; they’re the unsung heroes in our search for excellence.  It’s about building a group of industry peers who’ve got your back and challenge you to expand your mind. To open you up to perspectives and opportunities you’d never previously considered.

Knowledge sharing is another avenue in fostering growth.  Collaborating with colleagues provides a platform to exchange ideas, challenges, and solutions. By sharing successes and learning from others’ experiences, you can gain practical insights. This collective wisdom creates a supportive community that thrives on the principles of mutual growth and development. 

“Your Network is Your Net Worth”

Try not to go into networking opportunities thinking you don’t have anything to contribute. Every person has experienced a unique situation they have had to solve or a common issue they have had to look at from a different perspective. Opening a person up to you, and you up to them comes from simply asking questions.

Next time you walk into a room with peers, join a group and keep the conversation flowing. You will quickly learn that as peers, we are all in this together, and there’s no better way to learn than with friends who’ve got your back.

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Key things to help you everyday Key Things to Help You Everyday

Crafting a Comprehensive Retirement Village Budget

A Manager’s Guide

Each year, we get back from leave and head straight into one of the most intense periods of work in our calendar – the Village Budget.

Preparing a considered budget is crucial to ensure we are in a position to maintain the services and amenities residents enjoy and do so in a way they can afford. Developing a retirement village budget requires careful consideration, which is why we’ve put together some key steps and to guide you in preparing your next Retirement Village Budget:

Assess Current Financial Position
  • Review existing financial records and assess the village’s current financial position.
  • Identify revenue sources, including resident levies, government subsidies, and any additional income streams such as hiring of communal areas or rent received from service providers.
Understand operating costs
  • Break down operational costs, such as staff salaries, maintenance, utilities, and insurance.
  • Consider future expenses, such as necessary repairs and maintenance to grounds, gardens or amenities.
plan for social activities
  • Allocate funds for recreational and social activities to enhance residents’ quality of life.
  • Consider diverse interests and preferences to create a well-rounded and engaging community.
Do you need to account for care and support?

As residents age, so do their care needs. It is not uncommon for care and support to creep into your Village Budget over time. If this is the case, this process is a great way to confirm that you are keeping up with residents needs through wellness programs, and partnerships with healthcare providers.

engage residents in the process
  • We cannot stress enough the importance of involving residents in the budgeting process.
  • Gather feedback and insights from the community to understand their priorities and concerns.
explore funding opportunities
  • Investigate potential funding opportunities, grants, or partnerships with local organisations.
  • Adding additional income sources into the Budget can help strengthen the financial position of the retirement village and take pressure off residents.
implement sustainable practices
  • Integrate sustainable practices to reduce operating costs and minimize the environmental impact.
  • Explore energy-efficient solutions and environmentally friendly initiatives.
review and adjust
  • Establish a routine for reviewing the budget as costs become known during the financial year. This will allow you to identify areas for improvement or adjustment.
  • Regular assessments ensure the budget remains adaptable to changing circumstances.
invest in financial education

Invest in our own financial education, as well as the education of residents on the mechanics of a Village Budget. This will aid the approval and consultation process and ensure complete transparency in the process you work through each year, as well as the costs associated with operating their community.

Above all else, preparing a Village Budget takes time. Starting the process sooner gives you the time required to deliver on these tips, and bring your residents along for the journey.

Village Budgets will be a major topic of discussion at DCM Institute’s upcoming Professional Development Day series next month.

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How a cheap fix saved thousands for retirement village residents

Sydney’s Water’s WaterFix Commercial program has helped the residents in the village in North Turramurra, 20km northwest of Sydney’s CBD, which is managed by Vision Lifestyle Projects.

Huon Park manager Sue McKindlay noticed a spike in water usage and requested an inspection from the WaterFix Commercial team who discovered a sub metre connected to a hot water heater was leaking at least 10 litres of water per day.

Upon further inspection by Sydney Water, the village’s water usage was 266 litres per resident per day – significantly higher than the recommended benchmark of 200 litres.

Sue said the village saw a “huge reduction” in water usage six months after Sydney Water installed a new online monitoring system to better access real time water usage data.

“A simple measure we’ve taken on board is reducing the frequency of irrigation around our gardens,” she said.

“It’s been a very valuable lesson for us in how to be mindful of our water usage and look at it in a different way.”

Huon Park retirement village is one of 28 businesses across NSW which joined Sydney’s Water’s WaterFix Commercial program in the last two years.

The initiative has saved customers more than $750,000 in total usage charges and 290 million litres of water – the equivalent to around 116 Olympic sized swimming pools.

Source: The Weekly Source