Wednesday, October 19, 2011

What Baby Boom?

Last week I sat down with the president of the Columbia Association, Phil Nelson for a short Q & A so I could get a feel for what it is like to run a large business. Columbia Association is a large non profit organization that is in the field of property management. I got to find out what types of challenges he faces on a daily basis,  plus long term goals and achievements.

lesson #10: With great power comes great aging populations.

I was surprised to hear from Mr. Nelson that one of the biggest challenges he faces on a daily basis is the fact that Columbia is planning for a huge aging population. He gave me a scary statistic that implied that by 2035 a majority of households will be childless. This is due to the aging baby boomer population. He explained to me that right now, the population pyramid looks like just that, a pyramid, with the number of younger people on the bottom, middle aged in the middle, and elderly at the top. By 2035 the population pyramid will turn into a population cylinder, with a decreasing amount of youth on the bottom.

His biggest problem with this statistic is that Columbia association now is set up for families and youth. There are 20 some pools and over 100 tot lots. What happens to Columbia Association when the majority of the city is elderly? Will they need that many pools? Will they need that many tot lots? Will the gyms need different equipment? What facilities will need to change in order to support the needs of the elderly.

Columbia Association also faces a problem with large turnover in population. They currently face a huge turnover rate in people coming and leaving Columbia. They have to figure out what attracts people to Columbia, and how to deal with the outrageous cost of living in this area. This also means that people don’t know what is and is not a Columbia Association facility. They have to figure out how to tell people what they’re actually getting for their money when they pay $1,500 in annual dues to the Columbia Association. These are all valid questions that may only be partially, if at all, answered. But Phil Nelson’s job is to plan ahead for the future, and to look for oncoming problems that come with a great aging population.

Now you’re thinking how does this apply to me and you? Well for starters, if you’re looking for a job, there’s an increasing demand for elder care. Old age homes, retirement communities, and nursing, are fields that are especially growing. Or, you could be more creative. I, myself, came up with the idea for a business centered around helping elderly with everyday things, like organizing, bill paying, consulting on big decisions, being a doctor buddy, all things that elderly people need to do but might not always have someone to do it for them. No matter what business you are in, you absolutely need to take into account the growing elderly population when you’re either doing marketing, or figuring out what services you need to be providing.

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