Business Growth Plan: Finding New Business Partner

Introduction

As the business owner of a medical insurance company, there arose a need for partnership with another organization. This was due to the advantages that would come with this partnership. However, the main benefit or aim for this partnership is to secure funding.

Business description

The name of the medical insurance company is Medirance Insurance Company. This is a business that is concerned with providing insurance for patients, in various parts of the world. It also offers individual health plans to patients that require them. This way, the patients that choose our services do not suffer setbacks through medical emergencies. The company’s main strategy, at the moment, is to extend their reach to more cities and nations in the world. The company also seeks to ensure that it is large enough to keep up with the growing competition from other insurance companies. This calls for a descriptive business plan, especially with the issue of partnership.

Description of products and services

The company’s products and services can be divided into three parts. First, the company provides individual health plans for the clients. Therefore, it tailors health packages that can suit the needs of the client, and the family. Secondly, the company provides corporate health plans. This is where the company is able to meet the medical needs of associations, investment and business clubs, companies and professional institutions. Lastly, the company provides healthcare services to the clients of the insurance program. This is with the help of other medical institutions willing to partner with the company. In fact, this is the major reason for the development of this business plan.

Marketing strategies

The major target market for the company is those patients in different health care facilities. For this reason, this partnership with a private medical facility represents the main marketing strategy. This is because such institutions have the potential clients that the company seeks. Therefore, the relation of Medirance with health institutions can be instrumental in the marketing of the company. This is because this creates a bridge, between the company and the potential clients. In this way, the company can be in a position to approach individual clients, business groups, and other organizations. The other marketing strategy is the combination of advertising with the public demonstration of the relation between this insurance company and poplar medical facilities. This is mainly effective if the medical institutions are from different cities. This extends the realm within which the advertising is effective. It also enlarges the market of the company. This is completely in line with the goals of the company.

Competitive advantages

Medirance is a company that has a lot of competitive advantages. This has been shown by its ability to attract more clients than most of the other competitive firms. First, the name of the company has already been established in some parts of the world. This means that there are many clients worldwide that have already chosen to work with the company. This is an advantage over all other new firms that may decide to engage in competing with our services. The other competitive advantage of this company is that it is already large. This means that it can attract clients that may include large business organizations. This provides economies of scale for the firm.

Financial plan

The main aim of the partnership with this private medical facility is the securing of funds. Therefore, this is a financial plan that can be made possible, by this mutual benefit partnership. To start with, the company gets more money for its operations from the pooling of resources from the different clients. This is where this private medical facility comes in. First, there are more clients that can be included from this medical facility. Secondly, this partnership will ensure this medical insurance company portrays a good image to the public. This means that more clients will enroll in the insurance program. Thirdly, the fact that this private company has a filial in another city extends the advertisement to other parts of the country, bringing in more clients.  Therefore, the premiums that are received from the clients increase, enabling the achievement of most of the financial goals. Lastly, the private company can also be involved in the raising of capital. This is because the medical services provided bring capital for the joint partnership.

Marketing plan

With regard to the partnership, the main marketing plan would be the public announcement of the partnership. This ensures that clients of the private medical institution prefer Medirance for their medical insurance. The other marketing plan is the advertisement of the private medical institution. This is going to increase the clients that come for the services provided by this medical institution. In turn, this increases the number of clients that subscribe to the insurance services of Medirance. Also, the increase in the finances of the company can be instrumental in the paying for the advertizing. Therefore, more and extended advertizing could also be used as a long-term marketing plan.

References
Life insurance companies as financial institutions a monograph prepared for the Commission on Money and Credit… (1962). Englewood Cliffs, N.J.: Prentice-Hall.
McDonald, M. (2002). Marketing plans: how to prepare them, how to use them (5th ed.). Amsterdam: Butterworth-Heinemann.
Palmer, F. B., & Topham, A. F. (1917). Private companies, their formation and advantages being a concise popular statement for business men of the mode of converting a business into a private company : with notes on limited partnerships (30th ed.). London: Stevens and Sons.
Partnerships. (1997). Washington, D.C.: Federal Election Commission.
DeMott, D. A. (1995). Partnerships. Durham, NC: School of Law, Duke University.

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