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Business Plan
Executive Summary
CAN CARES Assisted Living provides living solutions for senior adults. CAN CARES is dedicated to providing the highest quality care to Central Ohio senior citizens who require or desire an assisted living facility. CAN CARES Assisted Living is located downtown in the heart of Columbus, Ohio. CAN CARES Assisted Living will be an alternative to the typically larger, less personal senior assisted living facilities and will specializes in providing a very high level of care in a smaller, more personalized environment. CAN CARES provides assistance to seniors in their activities of daily living which includes assisting with medicine, meals, appointments, personal grooming, physical therapy, etc. CAN CARES also provides an opportunity for entertainment, closeness, and activities that will empower seniors to find fulfillment in their everyday lives.
A goal of CAN CARES is to service seniors with residential care with providing seniors the best of both worlds, a private home environment mixed with the companionship and activities that a larger facility provide. In addition to the personalized care that residents of CAN CARES will receive, CAN CARES will also provide amenities that are unavailable at other residential care facilities, such as a movie theater, a chapel, a library, and meditation gardens.
The number of 60+ people in Ohio in 2020 was 11,575,100 people, along with Central Ohio having roughly 20% of its population being elderly. And will continue to grow in the coming years as the “baby boomer” generation ages further. Estimates have this number growing to 11,680,180 by 2040.
CAN CARES Assisted Living will start operations with a capacity of four residents, increasing to a total of at least six residents at the beginning of year two, which is an occupancy level that allows the business to be profitable. Plans for future include continued marketing of the facility to increase the capacity to at least 12 residents by the end of year two.
Vision/Mission Statement and Goals
Our mission is to always provide exceptional care at an affordable price, implementing the best practices to enhance the quality of life for the residents.
CAN CARES is an Assisted Living facility that will be located in Central Ohio. CAN CARES will be an innovative company that leads the industry in change in community design, resident services and family satisfaction.To provide an enriched services that promote dignity, choice and independence. Because we understand and respond to the evolving needs and desires of our residents.
A. Vision Statement
The vision/mission statements are clear summaries of where the business is headed. It describes what the business produces, who the products are produced for, and unique business characteristics. It will reflect the values of the management team and the type of business culture you are trying to create.
We are going to be a health and customer-centered assisted living facility. The plan is to have a certain way of service that will be deeply rooted in the fabric of our organizational structure and at all levels of the organization. In doing so, we know that we will be required to consistently achieve our set business goals, increase our profitability and reinforce our positive long-term relationships with the residents and all our employees.
B. Goals and Objectives
CAN CARES Assisted Living expects to establish long term relationship with clients, and there will not be a need for an intensive, ongoing marketing campaign. During the marketing goal for the first year, we will build a waiting list of 20 potential new residents. This will be done so that when year two begins, four candidates will be pre-screened and selected from the waiting list.
If there is an unexpected vacancy at any time during operations; a more active marketing strategy would be implemented to fill unexpected vacancies. We are certain that our values will help us drive the business to unimaginable heights and also help us attract the numbers of clients that will make our facility fully occupied within two years.
Contingency Plan
The scale of the project and start-up nature of the facility could make obtaining initial financing a challenge. While banks are quite willing to lend to these ventures, they often look at the longevity of a business at start-up to determine whether they will offer a loan. Despite the demonstrated demand for this type of facility in this region at this price point, it is possible vacancies could remain higher for a longer period of time due one or more of changing consumer preference, innovative new retirement living models, and significant economic downturn. While securing financing is obviously a critical obstacle, CAN CARES feels it’s prospects of obtaining financing are excellent for a number of reason.
First, CAN CARES will have solid sponsorship from the community and a bank to secure a building and get started. Second, the ALF industry is characterized as a low industry risk as vacancy rates are negligible and growth trends are consistent going back more than a decade.Third, the project will have excellent security to backstop financing as provided by the new, easily convertible multi-unit residential facility. In the event of dissolution, with relatively minor modifications, the facility could be converted to market housing and likely sold swiftly to pay down or eliminate any remaining debt. Moreover, outside of Schedule A Banks, there are other senior lenders who would entertain financing a project of this nature including regional banks, large credit unions and life insurance companies who have all shown an appetite to do business in this sector.
During an emergency the following procedures will be used to help maintain the minimum staffing listed above. Department leadership will be notified of any anticipated shortage and will determine when and which parts of this plan to activate.This phase will occur when local resources are exhausted. It may include canceling events or activities to balance workloads; readjusting facility schedules to allow for maximization of in-house staff; adding incentives or bonuses for staff who take on additional shifts; bringing on additional staff from outside of the facility (i.e., supplemental staff); and using volunteers to serve nonclinical roles to assist with critical daily tasks. CAN CARES will complete all of the following:
· Notify administrative staff of the staffing shortage and ask staff to work additional hours.
· Ask staff not to take voluntary time off during the incident.
· Consider offering other perks for taking extra shifts.
· Ask/ pay for additional staff support assistance from local staffing agencies.
The unexpected long-term absence is less common and more complex, but still requires the team to plan ahead. In the event that CAN CARES loses an essential key members, temporary position will have to be filled by current staff members first; then CAN CARES will need to expand the search outside of the organization. But said contingency plan will only occur, if CAN CARES have made plans in advance to cover funding and have access to quickly replace the void.