Free Long Term Financial Analysis Business Plan Sample

Type of paper: Business Plan

Topic: Business, Services, Nursing, Medicine, Market, Health, Therapy, Psychology

Pages: 5

Words: 1375

Published: 2020/10/27

Complete Respiratory Care Service

Description of the Business
Company Overview:
Complete Respiratory care services, is a startup, partnership business that will be located in Accra and Tema, Ghana. The core competency is to expand and improve the quality of health by providing respiratory therapy services to patients with deficiencies and abnormalities of the cardiopulmonary system. To further enhance the quality of services; the entity will be affiliated with some hospitals located in the region. The business specifically designs to help out the women who are suffering from respiratory problems in Ghana.

Vision

Mission
Services
Complete Respiratory care services, is an independent respiratory care provider and we will offer our services within the hospitals and clinics. The services will be catered offline. Our competitive edge is to use respiratory equipment such as, blood gas machine, pulse oximeter, CPAP/BIPAP machine, high flow nasocanula, gas tanks (all sizes), portable airway suction canister, oxygen concentrators, asthma peak flow meter to improve healthcare outcomes for patients (Ankit, 2008).
Whereas, the estimated service charges will be $ 150 per patient and these charges will vary as per the equipment used by patients. Therefore, we are expecting 1000 patients approximately in a year. Since, there is a very low survival rate of critically ill patients; we will work in a manner that will enable us to reduce the mortality rate of such patients. On the other hand, the usage of most advanced equipment will help in quickening the recovering process of the patients; that will shorten their length of stay in the hospital.

Competitive Advantage

Our expertise and support of latest medical equipment that allow patients in quick recovery
Benefits and Features:
Some of the benefits and features of Complete Respiratory care services are mentioned below:
Competitive pricing
Experienced and trained nurses
Safe, effective and advanced treatment
What Business Initiated and how it solves Problem
Market Gap
Technological advancements have made life very convenient and easy for people, especially in the developed countries (Abraham & Ashrof, 2010). This has resulted in taking people away from nature and living a pure life. However, countries like Ghana are still lacking such technology and services that could improve the health standards of the people. There is an immense demand for services that can help the people to direct the performance of their respiratory system in order to curtail down the rate of mortality in patients with respiratory diseases. Complete Respiratory care services, is strategizing to enter in the market, in order to meet the demand accordingly

Targeted Location

The location which has been targeted for this assignment is Ghana, Africa. The main reason behind selecting this region is that the levels of respiratory problems among women are increasing in this particular region that needed to be resolved as early as possible.

Market Analysis

Market Description
The target of our company would be the patients suffering from respiratory failure, pneumonia, asthma, and postoperative patients. Initially we will target all such patients, located in Accra and Tema in Ghana.
Respiratory therapy is in the introductory stage of Product Life Cycle (PLC) and the future of this industry is yet to be determined by the authorities.
The factors that may influence our target market include propensity to consume, due to low income and the internal regulations of hospitals for allowing us to render services within the premises of the hospitals.

Market Size

Both men and women have been equally suffering from respiratory diseases and many have lost their lives in Ghana (Ghana, 2015).
Share of Morbidity Due to Respiratory Disease by Gender 2010
Source: Mohprof
The respiratory diseases have prevailed very rapidly across Ghana in both the genders. In 2010, the total number of morbidity recorded was 1,213,191. Female segment holds the bulk of share with 56% and amounted morbidity of 683,113. Male segment comes after female, whose morbidity volume was 530,078, possessing a split of 44% (Mohprof, 2014).

Market Growth

Morbidity due to respiratory diseases and infection in Ghana has been increasing over the past few years.
Increase in Morbidity Due to Respiratory Disease in Ghana
Source: Moh-ghana and Mohprof
The table illustrates that in 2008 the total morbidity due to respiratory diseases in Ghana was 749,301. This figure increased in the year 2010 with 52.73% that raised the morbidity to 1,213,191 (Mohprof, 2014).

Target Market

The target market at the district level in Greater Accra is quite huge, which can be served profitably.
Population of Ghana by Districts and Gender (2010)

Source: Ghana

Our target market comprises people of any age and gender. Members of the family, who can earn their living and can afford to avail our services, will be our core target market. We would be serving them with respiratory therapy services to treat their respiratory diseases (US Census, 2014).

Market Growth Forecast

In the next 2 years, population of Ghana will be increasing at a considerable rate as indicated by the sources.
Potential Population Growth (Age Wise) of Ghana by 2015
Source: US Census
SWOT Analysis
Strength
Unique Service Provider
Complete Respiratory care services will provide unique and quality based therapy services to customers. Respiratory therapy is a holistic approach to manage the abnormalities of the cardiopulmonary system.

Owner’s Personal Vast Experience

Owners Miss. Helena Quist Acquah and Mr. Aaron Acquah have vast experience in respiratory therapy services. Through the vast exposure and relevant knowledge, we would definitely run the organization efficiently.

Availability of Advance Equipment

We are planning to use the most advanced equipment to initiate our services, in order to shorten the recovery time of patients.

Weaknesses

Lack of Awareness
During the initial years of operations, we will face some issues due to the absence of brand identity and low awareness among the people, regarding the services.

Opportunities

Increasing Demand of Respiratory Therapy Services Demand of respiratory therapy service has been increasing as compared to other sorts of therapies, which would certainly be a beneficial factor for us.

Facilitates any Age Group

The striking feature of respiratory therapy is that it serves any age group and gender.
Less Competition
The industry has low essence of competition because there are fewer companies that provide similar services like Complete Respiratory care services. Therefore, company can look to capture market share in Accra and Tema regions.

Threats

Dependency on Hospital
Complete Respiratory care services would be dependent on hospital management, in order to operate and there could be a conflict of interest between the two.

Budget

Investment Budget
Capital Utilization
Request for Proposal
We are in the hospital industry, therefore we are requesting for an electronic system that can help us to perform our operations in a perfect and organized manner.

Risk and Uncertainties

Complete Respiratory care services, is a company that provides respiratory therapy services to the patients. There are several systematic and non systematic risks involved with respect to our operational activities. Following are the risk factors associated with our business:

External Risk Factors:

Legal risks:
In Ghana, legal system is structured and there are many laws directly involved with healthcare services. The changes in these laws may affect the business. To negate such risks there should be a clear understanding of these regulations. Policies should be made accordingly, which can be beneficial as well as predict any uncertainty.

Other risks:

This includes natural disasters like flood, earthquakes, etc. We cannot predict or stop such events; but we can make sure our records are safe and backup of data is secured.

Marketing Strategy

Product Strategy: Special Product Attributes
We will be offering our expertise to those people; who are suffering from cardiopulmonary deficiency. Therefore, our respiratory care services have been designed according to their specific requirements. Secondly, we are also familiar with this region and factors causing such infections to prevail. It will greatly facilitate us, in achieving customer satisfaction to the fullest. We are aware of the fact that patients have high need of such respiratory care services in Ghana. We will thus look to fulfill each customer requirement according to the need. We have equipment that is not available in any other health care facility of Ghana. So, patients not only from Greater Accra, but also from different parts of the country would come to avail the respiratory care services.

Pricing Strategy: Premium

We will be charging premium price of our respiratory therapy services; since our services could not be substituted, and currently there are no other competitors present in Ghana. We will make sure that our services would generate enough revenue that could help us in allocating the required share to the hospitals, where we will operate.

Place Strategy: Zero Level Channel

Place strategy of Complete Respiratory care services will comprise only offline mediums. These offline mediums will be constituted over zero level channels. Place strategy will have the prime value in our marketing mix strategy since it is our core operation. We will be performing therapy services at our location. Clients will be able to visit us and avail our services.

Promotion Strategy: Pull

There are selected mediums, which Complete Respiratory care services, has opted to pursue in order to advertise. All the practices inherited will help the business in creating awareness in public, and influencing them to utilize our services for their needs and satisfaction. We will focus on pull strategy through direct and indirect channels.

Offline

Word of Mouth & Referrals
We will be using referrals and word of mouth for getting ourselves recognized. Owner will also utilize her vast network of friends, channel partners and business clients to gain vast recognition.

Television

We are strategizing to use television based advertisement, in order to promote our services in the cities like Accra and Tema, as it will certainly help us to flourish in this market.

Newspaper

Newspaper is yet another important medium to enhance the recognition of products and services and we will use the same.
Marketing Strategy Summary:
Expected Revenues
Assumptions
The Company is expecting 10,000 customer in year 1 and then there is 20% growth in number of customer each year after
The average payment made by the customer is $150
Following are the 1st year expenses which are expected to grow 5% each year

The tax is 30% on the operating income

The company purchased the following assets at the start of the business

Depreciation rate on fixed assets is 10%

The company received a bank loan worth $ 46434 at the start of the business @5% interest for 5 years
Profit & Loss Projections
P & L Projections by Month – 5 Years
Discussion of Assessment

References

Abraham, K & Ashrof, A (2010), Successful Business Planning, New York: Pearson Group
Ankit, T (2008), Business Planning, McGraw Hill
Ghana, accessed 4th February 2015,
http://www.ghana.gov.gh/images/stories/document/population_by_region.pdf
Mohprof, accessed 4th February 2015, http://www.mohprof.eu/LIVE/DATA/National_profiles/national_profile_Ghana.pdf
US Census, accessed 4th February 2015, http://www.census.gov/population/international/data/idb/region.php

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Free Long Term Financial Analysis Business Plan Sample. Free Essay Examples - WePapers.com. https://www.wepapers.com/samples/free-long-term-financial-analysis-business-plan-sample/. Published Oct 27, 2020. Accessed November 24, 2020.
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