Business Strengths (What you do well?)
ACNL primarily works towards assisting geriatric clients with their physical and mental health needs. The first strength of ACNL is customer centricity. The firm strives to meet the needs of every client by being available as per the customer’s schedule, both online and offline, and instantly via phone or text. ACNL also offers a mobile service as customers can access the service anytime. The firm also serves clients’ families by offering a wide range of support services including determining whether the primary client needs to be placed in a care home or not, getting Medicaid, providing meals on wheels, and adult day care services. The second strength is that ACNL bridges the gap between an overburdened social service system and the families of geriatric patients. Third, the company’s founder has 17 years of experience in the geriatric industry and employees are well versed in the psychological and emotional impact of different illnesses among senior citizens
Business Weaknesses (Where do you need to improve? What part of your business is not profitable? Where do you need further education and/or experience? What costs you time and/or money?
The company has two major weaknesses namely, low customer inflow and lack of a physical location. ACNL has to improve on its marketing strategies and service delivery to gain and retain customers. Currently, the business is not profitable due to a lack of customers. More experience is required to enable the firm to improve marketing efforts as the quality of services and experience in the geriatric field already exists. The business also does not have a physical office. Thus, acquiring a brick-and-mortar facility will cost a lot of money and take time to set up. ACNL has to decide whether the firm can survive as an online only service or work on acquiring a physical presence to thrive in a highly competitive market.
Business Opportunities (What are your goals? How can you do more with your friends/family to get them involved?)
ACNL has an opportunity of utilizing online marketing technology to attract a wider audience. In order to get fellow students involved, ACNL must come up with a strong business plan with a clear plan for monetization and profit. Thus, online platforms like Facebook and Twitter can be utilized to reach students who would like to work with the firm. The company’s management can also give back to the community by changing the company to a non-profit institution to help vulnerable older people who are neglected by their families or lack the financial capability to seek geriatric services. Switching to operating as a non-profit organization after enough capital is established, will attract more investors and donors to support the vision.
Business Threats (What obstacles do you face? Obstacles that will get in the way? What are your competitors doing that you’re not? What’s going on in the economy?
The primary threat facing the business is competition. Three main competitors include CareZone that helps geriatric users and their children to manage a wide range of health information like doctor’s appointments and prescriptions; Sanvello, the number 1 App for users suffering from anxiety, depression, and stress; and Care.com that helps users find professional caregivers for geriatric patients (Enlivant, 2018). Each of these competitors have an established presence in the market and a wide and loyal userbase. These firms also specialize in a specific area of geriatric care unlike ACNL which aims to be a full-service firm, a promise that can be difficult to deliver. The geriatric population’s intention to live independently is crucial to geriatric services’ increased demand. Geriatric care services are expected to reach around 1 billion US dollars by 2022, and the growth rate is expected to be 6.1% (Grand View Research, 2021). Thus, more companies are continuously investing in the industry, posing as a significant threat to new entrants such as ACNL
Combine your strength and opportunities to create business goals:
Grand View Research. (2021). Geriatric Care Services Market Size & Share | Industry Report, 2022. Retrieved 15 February 2021, from https://www.grandviewresearch.com/industry-analysis/geriatric-care-services-market
Enlivant. (2018, August 29). 7 of the best Senior Caregiver Apps. Retrieved February 16, 2021, from https://www.enlivant.com/blog/7-of-the-best-senior-caregiver-apps.