Blossom Seniors Agency- Strategy, Financing, HRIS, and Putting it All Together
Unmet gap
The healthcare sector is experiencing a growing need for agencies that offer senior residents care services. This rapid growth of senior citizens is occurring at a high rate that sees more than 10,000 seniors reach 65 years. The hope for most of these senior citizens is that they will age in dedicated homes (NIA, 2017). Healthcare providers in different roles have established this hope as a niche that can be explored. As a result, the number of jobs is also increasing tremendously in the sector (Pearson, 2021). The years between 2006 and 2016, a minimum of 2.8 million new jobs were created in the healthcare sector. The rate was higher than the economic growth by at least seven times. It is expected that the growth will reach 18 percent by 2026. The National Association for Home Care and Hospice’s leader reiterated that the rapidly growing demand for senior care services is expected to continue rising due to the increasing number of senior citizens in comparison to other members of the population. This unmet need also manifests in a preference for in-home services, an aspect that Blossom Seniors’ Agency intends to exploit. The current medical insurance services offered at the federal level of government, such as Medicaid and Medicare, have made access to such individualized services easier for many senior citizens (Rogers, 2018).
Target market
Blossom Seniors’ Agency seeks to target both men and women who are aged 50 years and above. The age is determined by the likelihood of needing medical assistance after being discharged from healthcare facilities. The senior citizens need more help with their medical administration, taking and recording vitals, dressing and cleaning wounds, bathing, feeding, and other activities. The company will target those in their homes because of its in-home model of business. As the company targets aging and sickly individuals, it will also reach out to their guardians and relatives. In most cases, these individuals make decisions related to caregiving for their sick friends, parents, or other relations. Thus, Blossom Seniors’ Agency will seek to appeal to these individuals as well as the aged who can make decisions. In terms of location, the agency will target individuals within a 50-mile radius of the headquarters, which will be in Los Angeles.
Form of business ownership
The business will utilize the partnership form of business ownership, which is owned and managed by more than one individual. The owners can equally own it or use the capital contribution of each person to determine the share of ownership. Each member adds valuable skills to the business. The partnership agreement is a critical document that is used for managing conflict. Blossom Seniors’ Agency will have four founders who have worked in the medical sector. Each will contribute their capital, which will determine their ownership. Due to their experience in the medical field, each member will contribute valuable skills and take charge of responsibilities that match their capabilities and expertise. The team will create a partnership deed that will govern the decisions, especially during conflict.
Product and prices
| Product/Service | Price per hour |
| Medical administration | $25 |
| Measuring and taking vitals | $25 |
| Attending medical appointments | $40 |
| Sanitary activities | $35 |
| Grooming and feeding | $25 |
| Physical activity/Massage therapy | $30 |
Promotion techniques
Social media will play a critical role as a promotional technique. Social media is ideal for initial marketing because it is affordable, reaches a wide audience, and can be shared by followers. The main platforms that will be used include Facebook, LinkedIn, Instagram, and Twitter. These platforms will allow the company to create a page, create content for advertisement, sponsor these posts and interact with followers at an affordable rate. As the business grows, it will utilize email marketing once it obtains details of its clients.
Distribution and positioning
The process of distributing these products/services will be direct. Due to the nature of the products, the employees who represent the organization will be required to offer the services onsite. This means that both the client and provider must be present for actual distribution. The positioning of the product/service will be based on the attributes and benefits that the clients will derive. These benefits include time-saving, assured patient comfort, peace of mind, honored doctor’s appointments, proper feeding, and observation of administration of prescribed medicine.
SWOT Analysis
Strengths
|
Opportunities
|
Weaknesses
|
Threats
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Strengths
The expertise of partners is a significant strength because the business will benefit from it. These include marketing, nursing, administration, and pharmacy. These backgrounds will enable the fulfillment of certain responsibilities in the business. Each of the members has been in an environment with other people. Thus, their people skills are excellent and can be easily passed on to the employees through training. The commitment of founders to the cause is important for its success.
Weaknesses
The lack of an established brand that can be associated with the business is a disadvantage now. The lack of a comprehensive marketing plan also works as a disadvantage because the company does not yet understand which platform to utilize. However, this information can be obtained as marketing activities continue. The likelihood of conflict among founders due to business ownership is high. However, the presence of a partnership deed may help manage the conflict.
Opportunities
The sector has low entry barriers, making it easier for new businesses to establish. The growing demand for in-home care services is a positive element for Blossom Seniors’ Agency. The demand is aligned to the rapidly aging population, which increases it. Therefore, the business is set to obtain a share of the market upon establishment. Low start-up costs due to the business model will facilitate better resource allocation and management.
Threats
The increasing number of agencies offering senior care services may cause saturation in the market, thus increasing competition. However, there could be a reduction in demand since 2019 due to the COVID19 pandemic and the need for self-protection. It is important to assure the targeted clients that safety practices against Covid-19 will be observed due to the compromised immunity of the aged patients. Finally, compliance with current regulations to avoid fines is an uphill task that may consume resources as well.
Competition
Multiple players and providers already offer home care services to senior citizens. The low barriers of entry and the growing need for the services make the business more ideal and competition less ferocious. However, none of the current players owns more than 5 percent of the market share (IBISWorld, 2021). In the future, there may be more entrants, which increases the rate of saturation as each new entrant gains a significant share of the market.
Special marketing
Buzz/viral marketing will be utilized as a special technique. Since the company will use social media as its initial platform, it will start off by creating a viral advertisement with a branded hashtag before the actual marketing campaign. This approach is expected to create a conversation around the business before it begins. It will be shared on all platforms on social media for maximum effect.
Marketing plan for social media
| Activity | Time |
| Set up social media pages on Instagram and Facebook | Immediately the business is registered (December-February) |
| Sponsor the pages for following and post daily to create awareness | December 4th, 2021, onwards |
| Post prices and services
Establish a call to action |
Daily from the time the page is set up |
| Reply to queries from potential clients’ guardians | As soon as they are received |
| Review performance | December 31st, 2021
January 31st, 2022 February 28th, 2022 |
Marketing budget
| Platform | Budgetary allocation (US$2000) |
| $500 | |
| $500 | |
| $400 | |
| $500 | |
| Miscellaneous | $100 |
Performance evaluation and contingency plan
The founders will consistently evaluate the businesses’ performance to ensure that a return on investment is secured. The marketing process will be evaluated by assessing the sales obtained from each post on each platform. These measurements are provided by the platforms for easy analysis. The information should guide future decision making on marketing efforts. It will be easier to collect accurate data on each platform’s effectiveness and choose appropriately. The performance of the employees will also be monitored to ensure they meet the set standards (SHRM, 2021; Varma, 2017). Constant feedback from clients will be collected, and performance management will be conducted twice a year (Andrews, Walker, & Boyne, 2006). A contingency fund will be set up to cater to eventualities that may not be foreseen at a suitable time. This fund will cushion the business against interruptions that may affect operations negatively.
Project management plan
The project is expected to run from October to February. The main activities include business registration, setting up the office, recruitment, marketing, and acquisition of assets. Other activities will continue to take place after this project is successfully established. Four of the main activities will take place concurrently, while registration will take place individually. As mentioned earlier, the business will use the partnership approach. Therefore, the main sources of funding will be the founders. Later, they will seek funds from other sources, such as financial institutions, to expand the practice to other regions.
Integrated cost leadership/differentiation strategy
The business will utilize integrated cost leadership and differentiation strategies. The services that the business intends to produce or offer are low-cost and thus affordable. In addition, they are differentiated by the fact that the business offers in-home services exclusively. The availability of in-home services is timely and necessary due to the need for the aged to remain in familiar environments and around their loved ones. As the demand for senior care increases due to the rapid growth of the aging population, it will be necessary for the population to receive varied care options. Institutionalized care has been the traditional option. The new in-home services will offer relief to clients who would still need the care services but desire to remain within their private spaces. Thus, the affordability of these services and the attributes that the client gains are the main selling points. Such care is critical, especially for the improvement of health, and most ideal for patients who wish to die in the company of their loved ones.
References
Andrews, R., Walker, R., & Boyne, G. A. (2006). Subjective and objective measures of organizational performance: An empirical exploration. doi:10.1017/CBO9780511488511.002
IBISWorld. (2021). Home Care Providers Industry in the US-Market Research Report. IBISWorld. Retrieved from https://www.ibisworld.com/united-states/market-research-reports/home-care-providers-industry/
NIA. (2017). Long-term care. Retrieved from National Institute on Aging: https://www.nia.nih.gov/health/what-long-term-care
Pearson, E. (2021). Business is Booming for Senior Care Franchises.
Rogers, K. (2018). As the US population ages, the need for home healthcare workers skyrockets. CNBC. Retrieved from https://www.cnbc.com/2018/05/31/as-the-us-population-ages-the-need-for-home-health-care-workers-skyrockets.html
SHRM. (2021). Managing Employee Performance. Retrieved from https://www.shrm.org/resourcesandtools/tools-and-samples/toolkits/pages/managingemployeeperformance.aspx
Varma, C. (2017). Importance of Employee Motivation & Job Satisfaction for Organizational Performance. IJSSIR, 6(2), 10-20.
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Question 
Module 4 – Case
STRATEGY, FINANCING, HRIS, AND PUTTING IT ALL TOGETHER
Case Assignment
For this final module, you will draw on the background readings in all four modules.
In addition to correcting each previous Business Plan component, review the information about financing options and also about competitive strategies and select the one you want to employ in your new business venture. Your options to select from are:
Blossom Seniors Agency- Strategy, Financing, HRIS, and Putting it All Together
Narrow market scope Segmentation Strategy
Broad market scope Differentiation Strategy Cost Leadership
Uniqueness competency Low-cost competency
Empirical research on the profit impact of marketing strategy indicates that firms with a high market share are often quite profitable, but so are many firms with low market share. The least profitable firms are those with moderate market share. This is sometimes referred to as the “hole-in-the-middle” problem.
Porter explains that firms with high market shares are successful because they pursue a cost-leadership strategy, and firms with low market shares are successful because they employ market segmentation or differentiation to focus on a small but profitable market niche. Firms in the middle are less profitable because of the lack of a viable generic strategy.
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