Detailed Business Plan: Total Rescue Hearing Clinic - An Analysis

This assignment presents a comprehensive business plan for a proposed audiology clinic, named Total Rescue Hearing Clinic. The plan begins with an executive summary outlining the clinic's mission to enhance the lifestyle of individuals with hearing disorders. It details the business's vision, mission, objectives, and proposed legal structure as a sole trader. The plan includes an organizational chart and emphasizes innovation in treatment and service delivery, particularly in response to increasing sound pollution. A SWOT analysis identifies internal strengths and weaknesses and external opportunities and threats. PESTLE analysis examines the political, economic, social, technological, legal, and environmental factors relevant to the business. The business feasibility section covers market segmentation, competition, and human resource management. The plan outlines a marketing strategy, monitoring mechanisms, and detailed financial projections, including cash flow, profit and loss, and break-even analysis. It also includes a sales plan, investment planning, risk management strategies, and an exit policy, culminating in a conclusion that highlights the plan's potential for success and sustainability. The business plan demonstrates a practical understanding of financial exploitation and profit generation and emphasizes the clinic's potential for innovation and long-term viability in the healthcare sector.

Business Plan

Executive Summary
This article is to frame a business plan from three short-listed business plans. Initial
selection of three business plan was Laundry service, Bakery and confectionery
manufacturing unit and audiology clinic. Ultimately the choice was made for audiology
clinic. This selection was made due to the uniqueness of this business with specialized
approach in healthcare segment. This business plan had emphasized on all basic areas
of planning like sales, marketing, financials, risk management and other relevant fields
to prove its authenticity as a strong business plan. This business plan had also
reiterated in the fields of its scope of business in future to prove its long term
sustainability. The financials had shown the scope of profit to justify its existence. The
sales forecast had been done in conservative manner to justify the feasibility of this
business. This business has the ability to create scope of employment for the
professionals and the office staffs. As this business is falls under the head of sole
trader, the funding is essentially taken from the family. The financial projection had
shown the prospect of this business and had justified this proposal as viable for the
entrepreneur and the society. This proposal can ensure the scope of innovation from
different viewpoint of operations. As innovation is one of the key factors for business
entrepreneurship, it is highlighted in the article with its scope for exploring the same.
This business plan can project all related fields of business with necessary analyses to
justify the existence of audiology clinic. The detailed discussion in different aspects of
business plan will highlight the possibility of this business plan to prove its worth as
successful and sustainable in long run.
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Table of Contents
Introduction.................................................................................................................................................5
Proposed name of the firm:........................................................................................................................5
Proposed clinic premise:.............................................................................................................................6
Vision...........................................................................................................................................................6
Mission........................................................................................................................................................6
Objective.....................................................................................................................................................6
Proposed legal entity...................................................................................................................................6
Organizational chart....................................................................................................................................7
Innovations..................................................................................................................................................8
SWOT Analysis.............................................................................................................................................8
Internal factors:.......................................................................................................................................9
Strengths.............................................................................................................................................9
Weaknesses.........................................................................................................................................9
External factors........................................................................................................................................9
Opportunities......................................................................................................................................9
Threats.................................................................................................................................................9
PESTLE Analysis...........................................................................................................................................9
Political..................................................................................................................................................10
Economical............................................................................................................................................10
Social.....................................................................................................................................................10
Technological.........................................................................................................................................10
Legal......................................................................................................................................................11
Environmental.......................................................................................................................................11
Business Feasibilities.................................................................................................................................11
Market segmentation of Hearing-aid sales with statistics in UK............................................................11
Competition of audiology clinics............................................................................................................15
Human Resource.......................................................................................................................................15
Marketing strategy....................................................................................................................................16
Monitoring Mechanism.............................................................................................................................16
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Financial Projection...................................................................................................................................18
Cash flow statement..............................................................................................................................18
Profit and Loss Account.........................................................................................................................20
Balance Sheet........................................................................................................................................21
Break-Even analysis...............................................................................................................................22
Sales Plan...................................................................................................................................................22
Investment planning..................................................................................................................................23
Risk management......................................................................................................................................24
Exit policy..................................................................................................................................................24
Conclusion.................................................................................................................................................25
References:................................................................................................................................................26
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Introduction
This business plan is framed to project innovative ideas of a new entrepreneur in the
fields of making an enterprise with its mission statement, SWOT analysis, PESTLE
analysis, marketing and Sales strategy, projected financials, legal aspects and other
allied fields necessary for the business plan. Initially the chosen options were dry
cleaning business, bakery and confectionery business and an audiology clinic. Of these
three options, dry cleaning business falls under service segment, bakery and
confectionery falls under manufacturing segment of industry; while audiology clinic is in
composite form of both sales of goods and service industry. Out of these three
industries, audiology clinic is special with its nature of business due to its increasing
demand in the society. Moreover, this business is coming under health segment with
special flavor of serving the people to fight against their long-term physical inability. Due
to availability of the professional in the segment of audiology though referred known
human resource, thought of this venture had come to my mind. This is a specialized line
of medical science with lots of scopes to prove the innovation skills for a young
entrepreneur. This business needs proper planning with corporate objectives to set. As
this business needs extensive marketing planning for initial footsteps in the market, a
strong marketing team is required for the success of this business. One of the main
tasks is to prepare financial requirement analysis divided into capital expenditure and
overhead expenses with probable break-even point analysis to understand the viability
of this business plan. That analysis will follow other analyses in the domains of
marketing, competitors’, socio-economic, long term sustainability and feasibility of this
plan. The main objective of this article is to frame a proposed business plan with
innovation given priority with practical knowledge of finance exploitation and extraction
of profit from this operation.
Proposed name of the firm:
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Total Rescue Hearing Clinic
Proposed clinic premise:
Near a Hospital with ENT out-patient department
Vision
Enhancement of life style for the specially-able people of hearing disorder through
rehabilitation process and available technological support for the community (Ray,
2018)
Mission
Assurance to the community of people with hearing impairment by sustainable value
added and quality service to ensure better life style (Ward, 2018)
Objective
 Honest and ethical approach
 Assurance to solution for the problem of the clients
 Value for money to the clients
 Transparency in stakeholder handling
 Grow with efficiency
 Strong corporate governance (Root, 2019)
Proposed legal entity
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The firm will start its operation in the legal status of sole trader and under the category
of small business. (Bridge, 2019)
Organizational chart
An organization chart is required for starting a business. (smartdraw, n.d.) This
organization will run with the following structure. Top of this organization structure is the
CEO, who is the sole owner of the firm. Under him, three different operating
departments will run their activities. They are finance and administration; marketing, and
operations. Finance and administration will cover the domain of finance management,
accounting and administrative operations. Operations will cover the areas of client
handling, management of supply chain associates and other stakeholders. Sales and
marketing department will cover entire sales and marketing operation as required for
this business. The performance of marketing will play very important role as marketing
will bridge the gap between the clients and the firm. The role of marketing will be
discussed later under specific head of discussion ‘marketing’. (Audiology, 2008)
.
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SalesAndMarketingOperationsClienthandling

Innovations
This business plan will endorse the concept of innovation in the field of service industry
with health service at its focal point. (Markus Perkmann, 2017) The service of audiology
for the specially-able community ensures better living options for the affected people.
This field demands high level of professional perfection. Due to current environmental
situation of high level sound pollution, this provision will encourage good business,
provided the service is excellent. Innovation in this field is possible through systematic
therapy with new scope of child care to make them part of the main stream citizen. As
this business is attached to healthcare, specialist professionals of this segment would
ensure latest development in the technological field to extend best level of possible
therapy for the patients. Innovations may grow in the fields by:
 Unique style of treatment to ensure effective deliverance to the stakeholders;
 Proper application of audiology apparatus with proper diagnosis of clients;
 Regular improvement of therapy pattern for the hearing impaired community;
 Exploration of new market for this business;
 Exploration of supply chain associates with better apparatus;
 Reach the target audience through web advertisement;
 Proper web support for the target audience through high-end website of the
organization with regular assessment to improve the same;
 Adoption of calculated risk for the expansion- both domestic and overseas;
 Unique system of attending problems with time-bound assured solutions;
 Unique approach to connect with the society by different social activities;
 Openness with flexibility and adaptability.
SWOT Analysis
SWOT analysis of this business plan is necessary to assess the risk factors related to
this business. (Jurevicius, 2013) Internal factors as strengths and weaknesses will
highlight the in-house merits and demerits of the organization, where as external factors
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like opportunities and threats will dominate the business situation, which is beyond
control of the entrepreneur, but can be faced with proper strategic planning of the
upcoming happenings. (ASHA, 2012)
Internal factors:
Strengths
 Professional approach for the clients
 Assurance of proper solution with detection of real problem
 Adaption of changing technologies
Weaknesses
 Requirement of longer time for therapy
 Retention of clients
 Reaching proper target audience
External factors
Opportunities
 Increasing market
 Availability of professionals
 Referral from satisfied clients and doctors
Threats
 Competition from other clinics
 Adaptation of new technology in audiology
 Future change of government policy related to this field
PESTLE Analysis
PESTLE analysis is required to understand the socio-economic position nd respective
response to be made for the business in discussion. (Frue, 2017)
Political
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As this clinic will start operating in London, the political condition seems to be stable in
spite of the hot issue of Brexit. The political situation does not have high impact on this
business, as this business falls under healthcare segment. (Traynor, 2018)
Economical
Economical impact on this business has no distinct impact, as this business is not
impulsive in nature; instead this business is compulsive in nature. The people of
affected segment need to get it cured for better life style. Hence economical factor has
least impact on this business. It may hamper the level of purchase of hearing aid- value
wise, but the business will be certain when the diagnosis is done and the need of
therapy or machine is prescribed by the professionals. (Law et al., 2011)
Social
Social impact of this entrepreneurship will have good impact, as this is related to
healthcare segment and would provide better life style for the target audience.
Moreover, through different value added services like workshops and seminars, this
venture would provide better awareness to the society by providing better knowledge of
the features, which needs healthcare attention for the affected people. (Rosenbaum,
2016)
Technological
Technological impacts of this entrepreneurship are with multi dimension. For audiology,
technological innovation and upgrading of hearing-aids makes the life of patients more
meaningful with proper identification of reason for living. This therapy, through
application of the upgraded version of service by professionals, will provide the affected
community better provision to live life with the deficiency being mitigated. (Ward, 2015)
Legal
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As per the Universal Declaration of Human Rights, Article 19, each individual has the
right to communicate in their own accessible culture. This Article provides the right for
every individual and legality of this business provides better life style for the hearing
impaired people through therapy and technological assistance. (MacLeod, 2018)
The implication of European Union Law regarding audiology profession is to ensure
General Data Protection regulation or GDPR. Enactment of this law is effective since
25th May, 2018. This GDPR is enforced to protect the data in the global culture of
digitized information maintenance. This rule is proposed in 2016 and is enforced since
2018. Violation of this regulation will cost the organization 20 million Euro or 4% of
global turnover of the organization. While starting this business, we have to keep in
mind the implication of this law and to adhere to its compliance as per guideline fixed by
the authority. (Cooling, 2018)
Environmental
Environment is changing the hazards and to be faced by the living creatures of the
planet including human being. The environmental hazards through sound pollution
make the life of individuals handicapped with loss of hearing. The people with hearing
disabilities, particularly the children, are affected by the changing environment. Hence,
the impact of environment increases the scope of this business with better level of
service to the mankind. It is the need of the time to create better environment for the
affected people of this segment so that they should not feel isolated and feel them as
part of the society. (Guesthouse, 2009)
Business Feasibilities
Market segmentation of Hearing-aid sales with statistics in UK
Market segmentation of hearing-aid is divided into two broad categories- manufacturers
in UK and Ireland and the demographic factors of the UK and Ireland. First we will
discuss about the manufacturer-wise segmentation of hearing aid market, and then we
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will consider the demographic factor of population facing hearing impairment. (Cooling,
2015)
The main manufacturers of hearing aid in UK and Ireland are divided into two
categories. They are NHS and private manufacturers. While NHS is defined as National
Health Service, (NHS, n.d.), private category represents the entrepreneurial effort
towards manufacturing hearing-aids. The British and Irish Hearing Instrument
Manufacturers Association (BIHIMA) regularly releases the results of turnover quarter-
wise to assess the trend of the market so far business is concerned. The observation
shows the sales of NHS products for 2018 is down by 1.3% with units count of 17,867.
The private market for the same period had shown an increase of 4.2% with the
increase in unit counts to 12,866. There was an overall diminishing pattern in the entire
market including NHS and Private market of 0.3% and with total count of units as 4981.
The result of Ireland also substantiates the growth of 8.8% in Q4 by unit with overall
increase in unit sales as 1.3% for 2018.
BIHIMA have also tracked the trend in change of technology for purchasing of hearing
aids by the patient of private sector. The Q4 result had shown the BTE (behind the ear)
technology is getting less popular as the sales are going down by 2.9% of market share.
Gradual fill-in-the gap technology proves popular is RITE (receiver in the ear). The
products with this technology are now covering 70.9% of total units sold in the UK from
private sources. The chairman of BIHIMA, Paul Surridge, had reiterated that the trend of
conversion of patient to private sector is encouraging as the awareness of better
hearing is acknowledged by the community with the help of latest technology. (BIHIMA,
2019)
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