Part 1: Description, Industry Trends, Market Analysis and Strategy, and Operations (25 Points)
Sections. The business plan will be completed in two sections: Part 1; Description, Industry Trends, Market Analysis and Strategy, and Operations, and Part 2; Executive Summary Technology, Management, Sustainability, Development and Financials.
Focus. Ideally the focus of the program in your business plan will be focused on an integrated healthcare approach that addresses a combination of a medical condition and a related lifestyle or behavioral (psychiatric or substance use disorder). However, this is not a hard requirement. Instead, it is recommended that you focus on an actual business organization, business start-up, or a business that you envision or dream of in the future.
Setting. Make it real! There are several options for the type of setting you choose for this project. A business plan requires considerable time and resources to complete, and the learning experience is enhanced if you complete the plan based on a real business or organization rather than a fictional scenario. Examples of an actual business include your current place of employment (provided that it is a healthcare organization), your own business, or a business from the Riipen program. Also, if you have a vision to create a business plan for a new business that you plan to start in the future, that is acceptable. Consider using your current place of employment or your current business especially if you have a new business proposal that you would like to present to your leadership or if you have not completed or need to update a business plan for your own business. Make sure to obtain formal approval from your supervisor/business if you plan to use your current place of employment or business for this project. Choosing a business from the Riipen program is highly recommended because these are actual businesses, often in start-up phase, and will likely prove a rich experience of the challenges of starting and running a business.
Format. APA 7th Edition format is not required for this paper, with the exception of citations and references. This is because a business plan should be based on principles of visual design that engage the target audience using formatting (color, font) and digital images (digital photos, illustrations, graphics) that are engaging. The business plan should use the recommended headings. When indicated, use the format recommended in the textbook Successful Business Plan: Secrets & Strategies. In particular it is recommended that you adhere to the textbook format for the Financials section of the assignment. The number of pages for each section of the business plan should range from a minimum of 10 to a maximum of 20, not including References and the optional Appendices.
Business Plan Part 1 - Components
The Business Plan Part 1: Description, Industry Trends, Market Analysis and Strategy, and Operations should address each of the following sections and the information required within each section.
Company Description (4 points)
This section communicates the basic details of your business in a brief format. The reader gets a well-defined understanding of what your business does and how far you have developed. The mission statement illustrates that you understand and can communicate the focus and objectives of your company.
Company name
Company's objectives/Mission statement
Legal issues
Products & services
Management/Leadership
Business location
Development stage & milestones achieved to date
Financial status
Industry Analysis & Trends (3 points)
Evaluates the standards, trends and features of your industry:
A description of your industry
Trends in your industry
Strategic opportunities that exist in your industry
Size and growth rate
Industry maturity: new, expanding, stable or declining
Service, manufacturing, retail or distribution
Sensitivity to economic cycles, seasonality
Technological changes
Regulation/certification/accreditation/licensure
Supply and distribution channels
Financial characteristics of similar companies/programs
Global industry concerns
Target Markets (3 points)
A comprehensive understanding and succinct explanation of your target market gives you focus and allows potential investors to see that you understand the opportunities as well as limitations of the market:
Define your target market
Market size and trends
Target customers
Market readiness
Strategic opportunities
The Competition (4 points)
Clearly understanding your competition is necessary for successfully developing your business plan. It is also critical to have a well-defined grasp of your strengths and weaknesses in terms of your internal business resources and consumer perceptions.
Competitive position (internal/external factors, customer perception, operations)
Other factors affecting your ability to compete (first-mover, the Internet, etc.) Global competition
Market share distribution
Future competition
Barriers to entry
Strategic Position & Risk Assessment (3 points)
Defining your strategic position enables you to clearly and completely know what business you are in. There is no one "correct" strategy, and your strategic position will evolve over time. Assessing your risks enables you to better reduce potential threats to your success.
Strategic position, how to distinguish yourself from the competition
Risk assessment
Balancing risks and opportunities
Marketing Plan & Strategy (4 points)
This part of your plan is at the core of your company's business. Investors look for marketing plans that are realistic for motivating customers and use a cost-effective approach to position your product/service in the market. Moreover, it is important that your sales approaches are appropriate and that your sales force is big enough and well trained enough to be able to secure the sales necessary to sustain your business.
Marketing plan and strategy
Marketing tactics
Online marketing tactics
Your sales workforce
Sales process
Global marketing
Operations (4 points)
Careful planning in this area can result in improved productivity and cost savings while improving the quality of your product/service and enhancing the work environment for your employees.
Facilities (e.g., Location, lease, improvements & utilities/maintenance)
Production (e.g., labor, productivity, capacity)
Inventory, supply and distribution (quality control, equipment)
Order fulfillment and Customer service (satisfaction)
Global operations
Research and development
Financial controls
Contingency plans