Mission Statement: To provide others with caring and considerate help and motivation, so that they can become their best selves.
Business Environment:
Specifically for "Company Me," it is a sole proprietorship, which is a business owned by a single person. In most cases, the physical therapist runs the business. "Company Me" provides a service to my customers. I will be competing in the healthcare industry, specifically pertaining to physical fitness or physical therapy. The healthcare industry varies globally on how it is developed and used in different countries, but people exist globally and the healthcare industry relies on people. Physical therapy differs in titles from country to country, in some country's physical therapy is known as physiotherapist or kinesiologist ("Description of physical therapy," 2018). There are national physical therapy associations that define the roles of physical therapist with regards to the way the nation's healthcare industry is serviced, such as legislation, regulation and recognition, and the international guidelines established by the World Confederation of Physical Therapist ("Description of physical therapy," 2018). A the population grows older the demand for physical therapist is expected to rise, but the amount of supply varies ("Project the Supply and Demand," 2017). There were three different percentages used to determine a range of shortages or surplus of physical therapist by the year 2025 ("Project the Supply and Demand," 2017). One scenario used an attribution rate of 3.5% and predicted the expected a shortage of 26, 560 physical therapists ("Project the Supply and Demand," 2017). Another scenario used an attribution rate of 2.5% predicted an expected shortage of 9,592 physical therapists ("Project the Supply and Demand," 2017). The third attribution rate of 1.5% predicted a surplus of 8, 696 of physical therapist ("Project the Supply and Demand," 2017). The economic sources that determine the supply and demand would focus on costs. The supply would focus on the cost of education because the physical therapy profession requires a doctoral degree, which takes an abundance of money to complete. The more expensive the cost to earn a degree could create a shortage of physical therapist. The surplus of physical therapist could pertain to a high number of individuals entering the career.
Entrepreneurship and Strategy:
I envision the lack of patients as a challenge to promote "Company Me" and "Product Me." Lack of patients would be a challenge because I would have no patients to rate their experience of "Company Me" and "Product Me." Another challenge would be the acquisition of equipment needed, such as exercise equipment, ice machines, pillows, towels and etc. I would try to use networking as my strategy. Being in a health profession, networking is the best strategy. If "Company Me," provides my patients with kind and quality physical therapy care, my patients can mention me to others. Also, using doctors offices to mention my physical therapy services can also be a good strategy. I will also use business cards and TV ads to get "Company Me" out there. To get an inflow of patients, I would link my services with an orthopedic doctor's office, so that will guide people to choose my services. Also, linking my services with a doctors office can help lower the costs. I could use space in the doctors office as the location of "Company Me" to lower rent cost or rid the cost of buying a building. To get equipment, I would have to see if I could get equipment donated or I would have to take out loans to purchase the necessary equipment. I would also have to hire some other staff, such as a secretary to handle phone calls, appointments and patient check-ins and check-outs.
Management:
I will start my planning process for "Company Me" through strategic planning, which will establish my overall course of action. My mission statement will lead the planning of "Company Me." The core values of "Company Me" are compassion, commitment, construction. Compassion is a core value because it is important for our patients to know we care for them and we want the best for them. Our core values add to our foundation which will help "Company Me" be successful an dbe able to withstand any changes (Granville, n.d.). Commitment is another core value because it is important to keep our patients committed to there exercises and getting better. Also, it is important for the workers of "Company Me" to be committed to their job and their patients. The goals for "Company Me" are to 1.) Achieve 95% customer satisfaction rate at the end of the first 2 years, 2.) Produce a high-quality product, 3.) achieve 10% profit return on sales in the first 2 years. My objective to achieve goal 1 is to have customers takes surveys on compassion, quality of care and effectiveness of care. My objective to achieve goal 2 is to have sales of $40,000, with a profit of $4,000 for the first 12 months of operation. My objective to achieve goal 3 is providing friendly care to patients in one-on-one circumstances. So the organizational structure of "Company Me" will involve me as the top manager. In most physical therapy clinics, the physical therapist is in charge of the operations of the clinic. I will hire an physical therapy assistant and an athletic trainer to be the first-line managers. Physical therapy assistants and athletic trainers have similar skills to a physical therapist, so that makes them qualified to run similar operations, such as directing exercises for patients. "Company Me" is just starting out, so middle managers are not needed yet. I will hire a secretary to help with booking appointments and signing patients in and out. The secretary will be supervised by the first-line managers. "Company Me" will have specialization. As the physical therapist, I will specialize in setting the hours of operations, creating the exercises for the patients and I will set the guidelines and procedures for the other employees to follow. The physical therapy assistant and athletic trainer will be specialized to carry out the exercises with patients when I am not available. Also, they will work on cleaning the linen and making sure the equipment is organized. The secretary will be specialized to take care of any office duties, such as receiving and making phone calls, dealing with co-pays, booking appointments and signing patients in and out. I will also further my education so I can become a teacher for my employees (Granville, n.d.).
Marketing:
I would promote "Product Me" by being kind to my customers. I will try and understand there needs and I will help them reach their best selves through ways that are comfortable to them. I will create business cards and advertisements, so my customers are aware of my services. My potential customers are people of all ages. I can provide my physical therapy services to anyone, kids through senior citizens, who was injured or have an injury or disability that effects their everyday lives. The main groups of people who need physical therapy services are senior citizens and athletes. To create switching costs and customer loyalty, I will link my services with a specific orthopedics and sports medicine doctors office, so that it is easier for the patients doctors and information to be transferred between the doctors office and my physical therapy clinic. Also, I will provide transportation services, free of charge, for those who cannot drive or need assistance because of their injury or disability. Not many physical therapy clinics offer this service, so it will definitely make "Product Me" have switching costs and make it more innovative. Another marketing strategy is networking. Individuals constantly suggest different health care professions to their family and friends. If one patient has a good experience they can tell another potential patient about the great experience they had. To make "Product Me" innovative, I will provide patients with an unique service, where attention is undivided to each patient. I will make physical therapy an experience to be enjoyed rather than dreaded. I will tailor each patients exercises to their needs and likes. Networking not only creates professional relationships, but also emotional relationships along with intel on my business industry ( Granville, n.d.).
Accounting and Finance:
For "Company Me," I will create a financial plan. I will use management accounting for "Company Me." I will use this because the decisions are made inside the company by the owners. I will have to adhere general accepted accounting principles for this. I will use my own personal assets, loans from friends and family and bank loans. For my bank loan, I will use an intermediate loan because it is a loan for 5 years and I hope "Company Me" will be profitable by then. I will create a budget to organize my money for "Company Me." I will need to make a cash budget and a capital budget. This will provide cash-flow management for "Company Me."
Balance Sheet
Assets:
-Cash: $10,000
-Inventory: 0
-Buildings: 0
-Accounts Receivable: 0
Total Assets: 10,000
Liabilities: $10,000
-Amount to suppliers
-Loans from bank: 0
-Accounts payable: 0
Owners Equity
-Capital stock
-Retained earnings
Total L + OE = $10,000
Information Systems and Operations:
For my information systems, I will use a transaction processing system because it does the day-to-day data (Collin, 2014). I will also use electronic health records because they provide easy access for patients information ("Electronic Health Care," 2018). This also makes it easy for patients information to be transferred if needed ("Electronic Health Care," 2018).
References
A Model to Project the Supply and Demand of Physical Therapist 2010-2025. (2017, April 17).
Retrieved April 17, 2018 from https://www.apta.org/WorkforceData/ModelDescriptionFigures/
Collins, K. (2014). Exploring business(Vol. 2.1) [V2.1]. Retrieved April 20, 2018, from
https://scholar.flatworldknowledge.com/books/22211/collins-ch15_s03/read
Granville, K. (n.d.). How to Manage Your Career. Retrieved April 18, 2018 from
https://www.nytimes.com/guides/business/manage-your-career?smid=fb-
nytimes&smtyp=pay&smvar=guides
What is an electronic health record (EHR)? (2018, May 21). Retrieved April 17, 2018, from
https://www.healthit.gov/faq/what-electronic-health-record-ehr
Policy statement: Description of physical therapy. (2017, April 18). Retrieved April 17, 2018, from
https://www.wcpt.org/policy/ps-descriptionPT
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