Scenario: Your best friend works for an In-Home Health Provider Company (IHHPC) in Palm Beach County, Florida. Your friend comes to you and explains that the In-Home Health Provider Co. wants to expand the next year to Broward County and Miami County. Your friend explains the company is dealing with a cash flow problem and if it is not figured out over the next six months the IHHPC will not meet the asset requirement for the expansion loan.
80% private pay patients.
10% Health insurance.
10% Long Term Care Insurance Policy
Your friend explains this is how the IHHPC works. A patient would call in and request a nurse for eight hours, seven days a week, starting the next day. The company would send the nurse the next day, then bill the patient on a weekly cycle. The IHHPC would mail a statement to the patient at the end of the first week of service. By the time the patient would get around to writing a check, and mailing it back in to the IHHPC, sometimes the company would not receive payment for six to eight weeks. The company would be paying the nurse weekly although not receiving payment for services yet.
The Break–even point: Go to the U.S. Small Business Administration website and search for “break-even point” at http://www.sba.gov/
Then answer the questions posed:
1. Why is it important for a business to know their break-even point? Cite an example and support your answer with your rationale.
2. How long should a business be prepared financially to survive if they do not make a profit? (Support your answer with references.)
What are the resources that Tim, the shop’s owner, could use if he needs to gain access to more funds to operate his business in the near future?
Research on the Internet to review the Product Life Cycle. Then describe the product life cycle for one of the following using no fewer than 300 words. A consumer product, for example a newspaper. A cell phone, for example the iPhone. A new car, for example the Jeep Wrangler. Choose a product that you use. Look up what product life cycle means, the stage as they relate to that product.
Research on the Internet to review the Product Lifecycle. Then describe the product life cycle for one of the listed product possibilities.
Marketing Planning: You are a small start up consulting service business in your own local market. Your feasibility analysis indicates that you have several struggling small businesses that are opportunities in your community. At present there are no other consulting businesses with which you would compete.
What kind of marketing strategy would you use for your consulting business and why? What would your implementation plan be?
You can go to information regarding marketing plans on the U.S. Small Business Administration (SBA) site at: http://www.sba.gov/
Look under creating your business plan, marketing and sales, and then under the helpful blogs regarding a marketing plan.
You are a marketing consultant to Tim’s Coffee Shoppe. A way for Tim’s Coffee Shoppe to determine the advantages (or weaknesses) Tim’s has as compared to their competitors is through doing a Competitive Profile Matrix (CPM). When you identify Tim’s key success factors, you can weigh them according to the strength/weakness as compared to the competitors. You can set any weight you wish, but a simple one is:
1 – Major weakness
2 – Minor weakness
3 – Minor strength
4 – Major strength
Key success factors can be identified for the business. They can include things such as the quality, location, brand recognition, profitability, product, the staff, etc. In the matrix, you will list these factors and rate the strength of each one in Tim’s business as well as his primary competitors. See the example below. Each coffee shop was ranked first, second or third in each of the factors that may or may not affect their competitive advantage.
Factor Tim’s Coffee Shoppe Competitor 1 (Enter Name) Competitor 2 (Enter Name)
Score Comments Score Comments Score Comments
Quality 1 2 3
Location 2 1 3
Brand Recognition 3 1 2
Profitability 2 3 1
Research technology used in human resource management on the Internet:
• Describe the technology used in HR.
• Discuss the benefit of this technology as it is applied to human resources.
• Describe the types of businesses to which this technology would ideally apply.
• Examine whether the technology you discovered would be a good investment for Tim’s Coffee Shoppe. Then discuss reasons as to why or why not.
Submit your paper in APA format. It should be a minimum of 4 pages in length that includes a title page and references page.
To what types of businesses does OSHA compliance apply? Does it apply to Tim’s? What are the employers versus the employees’ major responsibilities? What are the responsibilities of an employer (HR Dept.) regarding any injury? Are penalties substantial or insufficient in your opinion and why or why not?
Describe the difference between the Vision statement and the Mission statement.
Define what the Mission statement should contain and why based on your research.
Then state your version of Tim’s Coffee Shoppe’s Mission statement. Make sure to address whether the
Mission statement allows for future changes in the business without being too broad or too confining a statement.
Revise your company short and long term goals from Unit 1 to align with the mission and vision statements.
Revise your employee tasks and Job responsibilities from Unit 1 based on your mission statement and vision statements. Make sure your response:
Defines the tasks and responsibilities of managers in general and Tim as owner of the Coffee Shoppe in particular.
Choose which business form (sole proprietorship, “S” Corporation, “C” Corporation, LLC, 501C3, you would use for three of the following businesses (choose 3):
Shoe store with best friend
A community fresh produce market
Paralegal consulting services
Catering business- 3 acquaintances who met on a food website
Technology Consulting services
3 Guys and a Girl Car Repair
Bookkeeping business- Five accounting graduates’ startup
Interactive gaming design- two family members
Second hand clothing consignment shop-(one dressmaker and a seamstress)
Home services business- large business with one knowledgeable owner and one banker/investor.
Franchise food business
Chosen business form: After you choose the 3 businesses, explain which business form you chose and why for each. Defend your response.
Strengths and Weaknesses: Do you need a Board of Directors? What are the pitfalls of this type of structure (for each of the three businesses you chose)-why? What are the strengths involved with this structure for this particular type of business (address all 3).
Choose a business form (example, sole proprietorship and so on), that would be most appropriate for Tim’s Coffee Shoppe and justify your answer. Refer to the first team Discussion and the Learning Activity in this unit for a quick review of the types of business forms commonly used. Further information regarding forms of business can be accessed via the U.S. Small Business Administration (SBA) Website at http://www.sba.gov/.
Then search for “business structures.”