MEDICAL SUPPLY BUSINESS PLAN SAMPLE TEMPLATE
Do you wish to start a medical supply business? One of the most important things you’ll need is a plan that guides your operations.
As such, this medical supply business plan sample will prove useful in helping you create a comprehensive plan for your business operations.
Without further delay, let’s get to business.
EZ Medicals is a medical supply company that specializes in the supply of a variety of medical equipment. These range from life support equipment, medical laboratory equipment, diagnostic equipment, treatment equipment, and durable medical equipment. These are broad categories consisting of lots of other sub-categories.
We are located at Tallahassee and serve medical establishments within and around Florida. Although currently located in Florida, we hope to soon open up new outlets in the neighboring states of Georgia and Alabama.
As a medical supply business, EZ medicals deals in a long list of medical supplies that include hospital beds, manual and electric wheelchairs, mobility assistive equipment (like canes, walkers, and crutches) as well as traction equipment.
Others include oxygen ventilators and concentrators, pressure mattresses, breast pumps, insulin pumps, patient lifts, nebulizers, kidney machines, bili lights & blankets as well as stationary & portable oxygen tanks among others.
These medical supplies are sourced from reputable manufacturers and supplied to a wide range of medical facilities and personnel.
At EZ medicals, we are growth-driven and seek to expand our current capacity within a short time. We seek to grow beyond our current location to cover more cities across Tallahassee as well as the neighboring states of Alabama and Georgia.
Our mission at EZ Medicals is to provide state-of-the-art medical equipment from top manufacturers. Thus, making positive contributions to quality healthcare. We aren’t only profit-driven, but also seek to impact on the quality of healthcare services available to people in need of them.
The medical supply business is capital intensive and requires significant investment. Thus, adequate financing is required. We’ve been in operation for over 5 years and seek to embark on further expansion. Such expansion will include opening up and serving more locations.
We’ll be setting up shop in other major cities in Florida like Miami, Orlando, Tampa, and Jacksonville. The cost of such an expansion drive will amount to about $5,000,000.00. We’ll be applying for a loan with Wells Fargo Bank. This is a trusted financial institution and business partner.
By taking advantage of the current low-interest-rate regime, we hope to create a reliable funding strategy for our expansion plans.
Despite the many successes we’ve had over the years, such has not come without corresponding challenges. Nevertheless, the positives have far outweighed the negatives. Also, we have sought to identify our underlying strengths and weaknesses to help consolidate the gains made.
To achieve this, a reputable business consulting firm was hired to analyze key areas that include strength, weakness, opportunities, and threats. The following results were obtained;
The strength of our operations as a medical supply business stems from our industry experience. Also, our thorough knowledge, expertise, and established contacts with both product manufacturers and end-users have placed us at an advantage over a lot of competitors.
These have proven to be crucial to our growth plans, with a reliable brand being created as a result. We see this as a starting point and are poised to further consolidate on the gains made to grow our operations.
Our weakness lies in our limited financial strength as a company. This has restricted our ability to compete favorably with bigger and more established medical supply brands within Florida. However, we’re a work in progress and hope to surmount these challenges with the right partnerships in addition to the implementation of effective growth strategies.
Opportunities in the medical supply industry are massive. There’s a growing demand for medical supply services across the United States. While sourcing this equipment from both domestic and foreign manufacturers, we have plans of entering into manufacturing. This will be in partnership with existing companies to further consolidate on gains made.
A financial crisis is likely to up-end the smooth operations of our medical supply business. Although this is a real threat, the good news is that it doesn’t happen all the time. Plus, we are seeking effective ways to handle such problems to limit the negative fallout and impact such well have on our business operations.
The medical supply industry is a highly competitive one. This means that lots of other medical supply businesses exist. At EZ Medicals, we aren’t afraid of competition. Rather, we see this as an opportunity to grow and expand our services to meet global best practices.
We’ve identified our areas of strength include our thorough understanding of the industry in addition to our expertise. We’ve been able to establish strong relationships with medical supply manufacturers as well as end-users.
This has helped to ensure that we stay ahead of our competition with lots of incentives at our disposal to impact positively on our overall operations.
- Sales Projection
To guarantee profitability as a business, we are determined to adopt a wide range of marketing strategies. These will enhance our overall sales. Within three years of implementing our expansion plans, we hope to see a significant jump in our revenues as seen in our projected sales;
- First Fiscal Year $700,000.00
- Second Fiscal Year $1,500,000.00
- Third Fiscal Year $3,600,000.00
Marketing and Sales Strategies
Marketing our medical supply business will take different forms. This will include direct marketing to our clients, creating targeted ads about our business in addition to setting up a world-class marketing department. This arm of our business will constantly create effective campaigns that promote our operations and services.
There you go! This medical supply business plan sample has touched on the key areas that must be included in a good plan. Without a great plan, your medical supply business will hardly perform or meet expectations.