Developing a Strategic Business Plan in Nursing.
Developing a Strategic Business Plan in Nursing.
Section 1: Summary of the Issue- MY TOPIC IS STARTING A MEDICAL TRANSPOTATION BUSINESS As introduced in Week 6, continue to develop, write, and refine a 2-page summary of the issue you are addressing through the creation of a strategic plan. (Refer to Week 6 for the preparatory instructions as necessary). To complete: Create a 2 page summary of the issue, in which you identify and/or describe: • The unmet need and how it is evident in the specific group, unit, or organization • The mission, vision, and values of the group, unit, or organization •
Background, including: o Data from historical analysis and forecasting o Evidence from the literature o What has been attempted in the past by various individuals and groups to address this need o Which stakeholders should be included in the strategic planning process • Initial vision for addressing this need at the institutional or systems level, including at least one strategic goal • Broader issues to be considered Section 2: SWOT Analysis Conducting a SWOT analysis can have tremendous value in preparing for planned change. To prepare: • Conduct a SWOT analysis for your Course Project, incorporating any insights you have gained from this week’s Discussion. Identify two strengths, two weaknesses, two opportunities, and two threats that warrant attention relative to the identified unmet need. • Reflect on how you distinguished between weaknesses and threats and consider whether the threats or weaknesses also pose opportunities. To complete: Write a 2 page summary that conveys the results of your SWOT analysis. Include: • Two strengths • Two weaknesses • Two opportunities • Two threats • An explanation of whether the threats or weaknesses also pose opportunities Submit: • Section 1: Summary of the Issue (2 pages) • Section 2: SWOT Analysis (2 pages)Developing a Strategic Business Plan in Nursing.
Strategic business plan in nursing
Section 1: Summary of the issue
The issue to be addressed is the creation of a third-party logistics firm to act as an independent business entity that addresses the logistics needs of medical facilities within the State. This is based on the fact that medical facilities have difficulties in meeting their logistics needs since they do not have logistics specialization. The proposed business intends to invest in transport resources and assets to facilitate freight movement. The business will address the identified need by offeringthree principal services. Firstly, financial-based services that entail managing, tracing, tracking, booking and monitoring inventory, as well as controlling and accounting for the cost of transportation activities to include costs, audits,and payment. Secondly, distribution and warehousing services that provide storage space and access to established distribution networks. Finally, transportation services that manage freight activities. Through the three services, customers (medical facilities) will source for logistics services from the proposed business entity since it specializes in offering these services.
The strategic plan for the proposed is to ensure operational effectiveness for medical facilities through logistics efficiency. Its mission is to improve the logistics efficiency of medical facilities and to ensure that their transportation needs are met. The company will offer medical facilities the chance to focus on their strong points (providing medical services) while letting others manage their transportation as a weak point. At the company, customers (medical facilities) will have the opportunity to actively participate in creating an efficient operating environment. The company’s vision is to make logistics services available to any medical facility anywhere within the state, thus providing previously unattainable access to transportation services to a wide range of medical facilities. This will allow medical facilities to link operational efficiency with transportation and make them codependent. The company’s value statement is that we are in this business together (compassion and community values) Developing a Strategic Business Plan in Nursing.
The need for third-party logistics firms is not unique to medical facilities. Rather, it is an acknowledged trend within the concept of freight movement. In fact, engaging the services of a third-party logistics company implies that the transport facilities have been outsourced to include technology systems, vehicle fleets, storage facilities, and warehousing equipment. It is important to note that engaging a third-party logistics firm is a decision that is resultant of a need to access transport facilities that would provide good value (Bohling, 2013; Coyle et al., 2013). Also, hiring a third-party logistics firm would ease claims’ resolution for any losses incurred during handling. That is because third-party logistics firms typically have insurance that would reimburse handling losses. This means that medical facilities that hire third-party logistics firms do not need to make a capital investment in logistics facilities that include logistics management expertise, systems,and hardware. This implies that hiring a third-party logistics firm ensures that the company can focus on its direct business interests while gaining access to many logistics assets that focus on cost-effectiveness and business efficiency. Additionally, they allow companies to be in close proximity to their customers through improve transit and delivery time along with cost reduction (Patil&Dolas, 2015). As such, hiring third-party logistics firms is driven by intentions to reduce cost and improve efficiency.
Section 2: SWOT analysis
The present analysis evaluates the proposed company from a marketing perspective, focusing on the strengths, weaknesses, opportunities, and strengths (SWOT). In essence, internal company scrutiny will be conducted through a SWOT analysis to evaluate whether the company can be successful as a new venture and determine if the potential markets are suited for the company. As such, the SWOT analysis reveals where the proposed company should focus on even as it explores investment in the new venture (Ferrell & Hartline, 2011) Developing a Strategic Business Plan in Nursing.
Firstly, the logistics and transportation field is afast-growing industry that can be leveraged as a business opportunity. Secondly, the company is a startup that can adopt an open and collaborative culture that would allow it to develop new ventures with input from its personnel and through consultation. Thirdly, the proposed company has conducted an extensive market analysis as part of the startup process, and the collected data would help in conceptualizing business opportunities. Finally, the company intends to have a broad geographic presence since it covers the whole state thereby presenting good growth potential even when the market reaches maturity.
Firstly, the proposed company will be newly established thus making it lag behind its competitor who have been established within the logistics industry for a longer period of time. The company can address this threat through aggressive marketing. Secondly, there is low brand awareness of the company since it has been newly established and is expected to compete with other more established logistics companies. This would be addressed through aggressive marketing. Thirdly, the proposed company has cash limitations thereby necessitating an investment injection to allow it become operational. As it stands, the company is unable to fund extensive business activities. This will be addressed by seeking investors. Fourthly, the company has a warehousing space limitation, as well as transportation and shipping difficulties since it is yet to invest in logistics assets. This would be addressed by investing in the required logistics assets. Fifthly, the company does not havepersonnel and must consider employing new workers. This would be addressed by hiring new personnel as required. Sixthly, the company faces technological difficulties and must acquire new hardware and software before it can consider starting operations. Seventhly, the proposed company has a category limitation such that it has a limited product portfolio (since it would focus on serving medical facilities within the state) when compared to its rival third-party logistics who serve a larger customer range. Finally, the fact that the company will handle medical cargo limitsits options for business ideas and makes it highly vulnerable to regulatory control Developing a Strategic Business Plan in Nursing.
Firstly, there is increasing demand for logistics services within the medical industry. The company can capitalize on this demand by approaching medical facilities and letting them focus on health care provision even as the company addresses its logistics needs. Secondly, the logistics industry is growing at a very fast rate and the company can view this as an opportunity for growth. Thirdly, there is a possibility that the market is not fully tapped by the existing logistics company, thus giving the proposed company the chance to capitalize on this opportunity. Finally, there are emerging markets that represents newer geographies for the company’s expansion such that accelerating the process of setting up new branches and subsidiary operationsin other states becomes a good business move.
Firstly, there is a high level of competition, and other logistics companies are looking to tap into the medical facilities market. Secondly, there is little to no customer loyalty since customers will use the third-party logistics companies that meet their quality and cost needs and not the brands that they trust. Finally, there are high marketing costs since the market is more aware such that there has to be constant communication between the company and its consumers, which translate into marketing costs Developing a Strategic Business Plan in Nursing.