Life Chip Business Plan

Executive Summary
Hybrid’s Life Chip is part of a community health improvement plan that is set to improve health outcomes in the easiest form. With Life Chip, health assessment and caregiving will be more efficient because it helps with ‘’Big Data’’ of the patient. Essentially, it helps to break the barriers that come with finding records on the patient’s background. This device will simplify data access of the patient no matter where they are in the world. Because time is critical in medical cases, Life Chip is insurance for patients that will find themselves in emergency cases wherever they may be. It serves as a tool for health improvement for the coming years.
Life Chip is a digital technology that dramatically improves the functionality and performance when accessing patient’s data. The core algorithm of the device helps to track down a patient’s record including allergies, medication, blood group, blood pressure, history of other sicknesses to maximize on the chances of providing the best care. This specialised software is not costly and will also reduce costs where patients have to find other means to have their record with them. Hybrid anticipates that Life Chip will have a positive cash flow by the end of the year as well as set future targets in the healthcare segments. The significance of Life Chip is to provide doctors with access to patient records especially walk-ins. Life Chip is a small device, portable and with an easy program to use.
Mission Statement
Our mission statement is to provide the best care to every patient through enhanced digital technology and integrated clinical practice, research, and education.
Short Term Goals
The main Life Chip will help improve healthcare outcomes by helping doctors and other clinicians access the medical history of the patient. As a result, patients will be in a position to walk in any medical facility with their health record in the cloud. As a result, this will help save time, costs and save lives.
The short term plan will begin with a 3- months start period where the company will focus on developing the system’s design. The start expenses for this period will help to develop further the product, cover for legal costs, marketing, and other typical fees that will come as a result of the launching the new product. The founder will produce the first part of the financing of the product and work towards further development while marketing as well as preselling the chips.
Long Term Goals
Long term goals involve making double their profit by the end of the year. The company aims to normalise Life Chip and integrate it into primary health. The goal is to ensure that the health sector makes Life Chip part of the tools set to improve healthcare outcomes. As such, in the next one year, Life Cheap will be a necessary technology that every patient will have to enhance medical care. By 2022, the healthcare sector will be in apposition to deal with emergencies effectively and reducing risks involved in not having the necessary information with the patients.
The future for Hybrid considers having more patients on board benefitting from an array of services that Life Chip will provide. Other than healthcare information, Hybrid is seeking to expand the database by giving data involving other healthcare related aspects such as insurance, risk factors, and such.
Situational Analysis
The patients’ data sector is the hugest opportunity in the healthcare industry. For doctors to provide the best care, they need to have records that contain information about the patients. Life Chip is set to provide matching technology with the needs of the patients as well as the healthcare providers. The small segments in this market product line only focus on addressing short term needs. Even by a conservative estimate, other technology companies looking to produce a similar product have a long way to cover what Life Chip has done.
In this time and age, the medical healthcare sector is striving to improve healthcare outcomes through technology as well as other tools. The main objective is to reduce mortality rates, provide quality care, and also reduce costs. At present, Life Chip is the only product that covers the above aspects of healthcare. Therefore, our product is not facing significant competition yet. We are two steps ahead because of the need to add more service to the Life Chip.
The market products available are small devices that only record information such as blood pressure, glucose levels, blood group, on the go, accurately, and at a lower cost. These products help to do away with the need to visit labs that will require more expenses. By looking into such information, Life Chip is a necessity as it covers relevant characteristics of quality care whereby patient information is essential. The market needs a product that will be efficient and will also help reduce in cutting down costs. The conclusion is that the market is ready to embrace Life Chip because of the extra that the device is producing in terms of functionality.
SWOT Analysis
SWOT analysis helps to evaluate the company’s competitive advantage.
Strength
Hybrid derives its power from the fact that it is operating in the age of digital technology. The company is working with experts to have Life Chip hold as much information as possible for the access. The fact that the company is working to improve the product to create room for more big data makes it the most efficient outcome. Technology is here to stay; all Hybrid needs to do is keep updating the software and remain relevant in the medical care market. Another Strength is the funding that will help steer the business forward and work on more technology for Life Chip. Strong marketing strategies for the company will help put the product amidst the competition.
Weakness
Because Hybrid is a new company, there needs to experience that will help identify the setbacks on the market. However, for Hybrid it means that the company will have to learn as they progress with their marketing. The move is risky because there is uncertainty about losses as well as other setbacks. There those clients who do not trust allopathic devices and prefer to use other alternative methods such as traditional paperwork.
Opportunities
Due to the high demand in the efficient filling of the patient record, the company will earn a place in the market. The healthcare sector is looking to streamline processes such as procedures to ensure that patients have the best care. Life Chip will help to provide patient information at a cheaper cost and more efficiently. As such, this product is timely in the healthcare market.
Threats
Technology is big on the market and their many competitors who are also striving to earn a place in the industry. As such, new entrants are coming in every day with the same product, and this is strenuous for the company.
Target Market strategy
Hybrid’s target market is the areas of potential customers. Our current target segments have already met the need for low cost, technological devices by creating internal systems. Despite that it is not easy to come up with an accurate analysis of the market needs, our research indicates that:
Family Consumers: most people in the family setting require a tool that will help access better healthcare. In this time and age where healthcare is costly, finding a technology that will help reduce the stress, will help families with their finances. This great asset will be able to give individual people the power to access medical care without the necessary cost. Besides, they will have real-time information without the need to keep checking clinicians for information.
Due to the ability to update the software comes in handy to continue being relevant as long as the individual remains using it. The programming capability of downloading the medical information, contacts, and such during an emergency will help teams to work on the patient effectively.
Channels for sales- family consumers do not have to worry if one of their own is unconscious or incapable of relaying crucial information. By positioning the product for mobile phone users, will effectively increase sales since the majority of consumers have access to cell phones. Moreover, this marketing strategy will help cut on expenses such as payrolls and others. Using this method for marketing is also advantageous since it will help with product positioning as a leader in digital technology.
The military: even in unfamiliar grounds, the soldiers will be in a position to receive quality care based on the information provided by the Life Chip. In the field, using Life Chip technology’s remote unit will enable clinicians to offer timely care, find those missing, and this will make such missions efficient and less expensive. Our marketing focus is on the remote unit of the army that will profoundly improve when it comes to capturing patients’ information.
Hospitals: while this product will not directly sell to medical care providers, liaising with them will help spread the word about Life Chip to the patients. The clinicians are in a better position to communicate with the patient and tell them about the benefits of this technological product. Therefore, the company is also relying on word of mouth to create awareness about how efficient Life Chip is for technology.
Marketing Mix – 4 Ps
Price: the company is looking to provide Life Chip at an affordable price since the target market mostly comprises of a population that is looking to cut down cost. According to research, health care is strenuous to persons who have issues with insurance and such. Therefore, Life Chip is a solution to reducing extra costs when accessing medical care. For instance, with Life Chip one does not have to go to the lab if the information the clinicians are looking for is already on the device. The cost will cover production and making it affordable will help in beating the competition.
Product: the main feature that the product has is the design. Life Chip is portable and easy to use. As such, it makes to efficient for the consumer to access or give out information on the go. The design is universal, meaning that anyone can familiarise with it despite their geographical location. Apart from the physical attributes, Life Chip is timeless as one can update new software and update its version. The product maximizes on operating efficiencies.
Place: The Company will take advantage of both shelf and online spaces. Internet web listing will ensure that the product is available anywhere in the world. On the other hand, there is also a high demand for retail which will also provide Hybrid with a more market space. The distribution will focus on both wholesale and retail.
Promotion: another focus of the company with Life Chip is promotion. There is a need to create awareness about the product to target a more significant market segment. Therefore, one of the essential spaces for advertising and market is the media. Most consumers of such products get their information from radio and television. Another place to promote the product is medical and healthcare magazines. Necessarily, spaces that consumers are likely to get information will be the right choice for Life chip promotion.
Success Factors/metrics
The sales set up will assume realistic growth. The main areas of income are family consumers and the military. The forecast suggests that family consumers in the first three months will provide an estimate of 35% profits and the numbers will increase in the subsequent months till the end of the fiscal year. Outcall services will help the company improve allow an increase in sales without the need to have counter products. As such, the biggest platform for sales in the online market. On retail, the gross margin is 50% consistent across the board. Therefore, the more the clients, the more the sales. The need to have Life Chip for every family member will increase double sales. The fact that there is already high demand for better healthcare is a success factor that will sales double as soon as Life Chip is on the market.
Exit Strategy
The management of Hybrid is expectant that the implementation of this business plan will yield desirable results such as enough clients, ecommerce returns, and most importantly, profits. The financials found in this plan include monthly revenues, annual revenues, operating profit and loss.
Comparable
Despite that it is a challenge to put a value in the company, a recent analysis does provide substantial proof of capitalizing on the potential market. The new capital for the company is set to generate $47 per buyer and revenues of $900 monthly. In recent time, statistics show that the company has a market capitalization that will enable sales and taxes.
Funding and Use of Proceeds
For the company to remain competitive and continue growing, it is looking to secure financing through equity placement for it to make investments in various segments. The fund cash flow for the next ten months is that the company seeks $________ million to cater for the following requirements. The proceeds from the financing activity will go to the following places:
Salaries
Marketing and Strategic Collaborations
Technology, Equipment, and Start-Up $
R &D
Contingency Plan
Total***