Smart Mask Business plan

Introduction

Business model

Smart Mask is an upcoming company that will deal with the production of high-quality surgical masks. The company will be located in location. The purpose of this business plan is to form a blueprint for the attainment of the companies’ objectives and solicit for funding from the financial institutions.

Products and services

The main product of our business is the smart mask. Smart mask catches aerosols and droplets from peoples’ noses and mouths, hence preventing the spread of coronavirus. Coronavirus is a respiratory disease that is spread through droplets. To reduce the spread of the virus, the world health organization recommended people to wear masks to prevent them from coming into contacts with the droplets from the infected persons. Besides, most countries have made it a legal requirement for people to were masks when going to public spaces.

Consequently, the demand for face masks has increased significantly, exceeding demand from the public, hospitals and clinics. Therefore, there is a ready market for surgical masks due to increasing healthcare demands. Moreover, (Nicola et al., 2020) shows that the need for more medical equipment has increased from 2016, and it is expected to continue rising for the next five years. Both hospitals and the general public has a high demand for medical equipment, especially surgical masks; therefore, selling surgical masks is a viable business idea.

Vision

Our vision is to produce the highest quality health products and ensure the attainment of good health for all people.

SMART objectives

According to (Moore 2017), business objectives need to be SMART for a business plan to be successful. SMART is an acronym used in the analysis of the business objectives. (Ogbeiwi 2017) shows that to ensure that business goals are reachable and clear, they should meet all the five dimensions of the SMART model. Firstly, business objectives need to be Specific, significant, sensible, and straightforward. In that connection, our business objectives specific. Our goal is to provide the best protection against COVID-19 and make surgical masks accessible in the market. Moreover, our business aims at producing environmentally friendly and biodegradable products. Lastly, our firm aims at obtaining gross profits by the end of the 2020 financial year.

Secondly, (Ogbeiwi 2017) shows that sound business objectives should be meaningful and motivating. Our business objectives are significant as they aim at providing the public with protection from the deadly coronavirus. Also, our goals are motivating. Our business aims at achieving financial returns at the end of the financial year. The need for attaining the economic profits will motivate every stakeholder to achieve the business objectives.

Thirdly, business objectives should be attainable (Moore, 2017). The effectiveness of surgical masks in preventing the spread of coronavirus will enable the business to attain its aim of protecting the public from contracting the virus. The growing demand for face masks and other medical equipment will offer a market for our products. A ready market for the business products will enable the business to gain profits, hence enhancing the attainment of the business’ goal of achieving the financial earnings by the end of the financial year. Furthermore, the company will ensure that the masks produced are biodegradable and environmentally friendly to enhance the attainment of the business’ goal to create pollution-free products.

Moreover, sound business objectives should be relevant. (Moore 2017) indicate that relevant business objectives should be realistic, reasonable, result-based, and resourced. Our business objectives meet the above criteria. Our business objectives are result-oriented. The attainment of the financial profit relies on the provision of protection to the public and the health industry.

Lastly, indicate that the business objectives should be time-bound. Our business objectives are time-based as the business aims at achieving financial profits by the end of the 2020 financial year.

Organizational Summary

Personnel Plan

Figure 1. Personnel plan, source: Author

Organizational Design

Organizational design involves the creation of processes, structures and role that ensures the business attains its objectives. (Albers et al., 2016) shows that the organization design depends on the intersections of law, people, operation and strategy. Firstly, our business will ensure it adheres to the existing rules by making products that conform to the government standards and engaging in activities that are in line with the government’s principles. Secondly, our organizational design will pay great attention to human resources to ensure that the business realizes its goals. According, business strategy is another critical aspect of the corporate structure. The organization influence the roles of the stakeholders and the processes in an organization. Our business will follow five procedures. Firstly, our company will ensure effective planning to attain the set goals. Secondly, our company will provide its brand and market with its product to create an image and gain a competitive advantage. Thirdly, our business will ensure that it manages people, processes and the benefits to maintain its competitiveness.

Job Analysis

The position of the chief executive officer is critical for the success of an organization. (McCarthy et al., 2017) shows that the CEO are responsible for planning, creating, implementing the strategic direction of a company. The CEO is also responsible for ensuring that the organization’s leadership is aware and sensitive to both external and internal competition, customer base, opportunities for expansion, industry developments and standards.

The CEO of Smart Mask will be responsible for the creation and implementation of the firm’s mission, vision, and the overall direction. The CEO will also be accountable for the design and implementation of the organizations’ strategy. Moreover, the CEO will also solicit guidance and advice from the board of directors when necessary. The CEO will also be evaluating the success of the firm in attaining its objects. Also, the CEO will be participating in the associations and events that will enhance their leadership skills, increase the organizations’ reputation and enhance the success of the firm.

The requirements for the position of the CEO will include completion of a training program in the management field and prior experience in a high managerial position in a medical firm. Besides, the CEO will be required to poses good interpersonal, analytical, leadership, and management skills.

Industry Analysis

Industry Insights

Following the outbreak of COVID 19, there has been a strain and increased demand on the medical equipment’s, especially the surgical masks. Due to global unpreparedness of the pandemic, there is a limited supply in surgical masks, especially small sizes for the children. Our business aims at exploiting this market gap and protecting the public from contracting the virus.

Target Market Demographics and Consumer Trends

Our main target customers are children, the elderly, and the medical practitioners like nurse and doctors. Most of the surgical masks produced in the market are oversize, giving a market niche for the production of smaller masks for the children. The older people form a significant portion of the target customers due to their vulnerability of the virus to their weak immune systems. Lastly, medical practitioners are very vulnerable to the virus to their increased contact with the infected patients.

SWOT Analysis

The Smart Mask will have various strengths, weaknesses, opportunities, and Threats. The strengths include the spread of coronavirus, which increases the demand for medical equipment, availability of raw materials and the production of high quality and cheaper products which will enhance our business’ competitiveness. The weakness includes little experience in the medical industry and dealing with a single product which increases threats to the company. The opportunities include the expanded market and weak rivals in the industry. Threats to our business have less information, shortage of resources, and the effects of the epidemics and the seasons in the industry.

Planning and Strategy Implementation

One Plausible Scenario and Relevant Contingency Plan

(Ji & Ahn 2019) recommends that business should have a plausible scenario and appropriate contingency plans to coup with and mitigate risks posed by the business threats. The main threat threats to our business are losing that may arise from lack of information and change of the season. Absence of the information may lead to failure in the production and marketing of a company’s products (Ji & Ahn 2019). The change of the season or the epidemic may seize the market for our products. The business will invest in research to keep up with up-to-date information on the industry. In case the pandemic ends, the company will focus on supplying the surgical masks to the medical facilities and other laboratories.

Proposed Sustainability and CSR Strategy

(Bosch et al., 2017) defines sustainability as a comprehensive system of management’s organization which concentrates on creating long-term social, environmental, and economic value. Our organization will focus on maintaining sustainability y producing biodegradable and environmentally friendly products that will reduce business’ destructive impacts on the environment. Smart Mask will also utilize the economies of scale to reduce production cost and enhance economic sustainability. Moreover, our company will ensure good relations with the public and other stakeholders to improve social sustainability. Concerning the CSR strategy, our company will align its societal obligation of ensuring good health by its business objective of getting profits from high-quality products.

References

Albers, S., Wohlgezogen, F., & Zajac, E. J. (2016). Strategic alliance structures: An organization design perspective. Journal of Management, 42(3), 582-614.

Bosch-Badia, M. T., Montllor-Serrats, J., & Tarrazon-Rodon, M. A. (2017). Efficiency and sustainability of CSR projects. Sustainability, 9(10), 1714.

Ji, S. H., & Ahn, J. (2019). Scenario-Planning Method for Cost Estimation Using Morphological Analysis. Advances in Civil Engineering, 2019.

McCarthy, S., Oliver, B., & Song, S. (2017). Corporate social responsibility and CEO confidence. Journal of Banking & Finance, 75, 280-291.

Moore, J. (2017). Setting SMART objectives. Headteacher Update, 2017(6), 14-14.

Nicola, M., Alsafi, Z., Sohrabi, C., Kerwan, A., Al-Jabir, A., Iosifidis, C., … & Agha, R. (2020). The socio-economic implications of the coronavirus and COVID-19 pandemic: a review. International Journal of Surgery.

Ogbeiwi, O. (2017). Why written objectives need to be SMART. British Journal of Healthcare Management, 23(7), 324-336.