Voice Recognition Software Business Plan
Voice Control
Strategy and Implementation Summary
Our business objectives will be reached by combining the synergies of our dictation/transcription speech recognition and document scanning and archival efforts with our electronic medical record software. Relationships built from these efforts in the orthopedic market will be leveraged in our electronic medical records business. As we identify our second, third, and fourth vertical markets for our electronic medical records business, we will follow our strategy of first building relationships in those markets with our dictation/transcription speech recognition business.
5.1 Strategy Pyramid
Our strategy is a two phase process. The first phase provides a solution for medical dictation using speech recognition software and/or document and image management software. This strategy involves not only our core orthopedic customer, but also involves medical professionals in a regional area defined in a triangle formed by Dayton, Cincinnati and Columbus, Ohio. The first phase seamlessly opening markets to later vertically integrate with the second phase. The second phase is vertically integrating our electronic medical records software into different medical markets.
It is our strategy to leverage relationships formed from our sales of these solutions. We believe we can gain the trust of our customers and be recognized as leaders in the use of speech recognition and/or document and image management in phase one. Thus, when we penetrate other vertical markets we will already have key testimonials from "peers" within the market in order to shorten the recognition cycle that is always a barrier.
Naturally, our first market is orthopedics. We already have market awareness and name recognition.
5.2 Milestones
The table and chart below outlines our critical milestones through year end 2003. A comprehensive list of marketing and sales milestones is included in our marketing outline, which is available upon request. Once funded, a monthly meeting will be held to review for analysis of the plan vs. actual. Our shareholders and advisers will be provided a copy of this monthly analysis.
5.3 Strategy Review
Upon entering the year 2005, we will review our strategy of providing dictation solutions. As stated earlier, we believe that speech recognition will be provided as a standard option on all new computer sales. Therefore, the profitability generated on selling off-the-shelf software will diminish. Continuing momentum will likely be more difficult.
By the year 2005 we should have developed a large base of satisfied customers. It is expected that the actual service provided from this group will gradually shift from custom dictation solutions to speech integration solutions. It may be necessary to spin off this group, or sell it to the managers/employees if it no longer has strategic synergies with our core electronic medical records business.
In 2005 we will review the strategy of continuing with our orthopedic screening business. If it no longer has strategic synergies with our long-term objectives, it may be necessary to divest ourself of this business unit.
5.4 Sales Forecast
The following table and charts contain our sales forecast for the first five years. First year monthly forecasts are included in the appendix.
Your business plan can look as polished and professional as this sample plan. It's fast and easy, with LivePlan.
Plan Outline
Market Research
Create your own business plan
Business planning has never been easier. With 500 complete sample plans, easy financials, and access anywhere, LivePlan turns your great idea into a great plan for success.
