BUSINESS PLAN 2023

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Erica D. Jones, Ph.D.

CONTENTS Confidentiality Agreement.............................................................................................................. 4 1

Executive Summary ................................................................................................................. 7

2

Financial And Strategic Planning ............................................................................................ 9 2.1

Keys To Success............................................................................................................. 11

2.2

Mission ........................................................................................................................... 11

2.3

Vision ............................................................................................................................. 11

2.4

Values ............................................................................................................................. 12

2.5

Diversity, Equity, And Inclusion (Dei) .......................................................................... 12

2.6

Organizational Objectives .............................................................................................. 13

2.6.1

3

2.7

Risk Management ........................................................................................................... 14

2.8

Barriers To Entry ............................................................................................................ 15

Business Model Canvas ......................................................................................................... 16 3.1

4

5

6

Non-Financial Objectives ....................................................................................... 13

Execution Strategy ......................................................................................................... 18

Company Summary ............................................................................................................... 19 4.1

Company Information .................................................................................................... 19

4.2

Founder’s Story .............................................................................................................. 20

4.3

Target Market ................................................................................................................. 20

4.4

Service Description ........................................................................................................ 22

4.5

Regulatory Requirements ............................................................................................... 24

4.6

Management Team ......................................................................................................... 25

Market Research Summary ................................................................................................... 26 5.1

America’s Aging Population .......................................................................................... 26

5.2

Elderly Care And Caretaking Services........................................................................... 27

5.3

Alzheimer’s Disease In Virginia .................................................................................... 28

5.4

Competitors’ Analysis .................................................................................................... 29

5.5

Swot Analysis................................................................................................................. 30

Strategy And Implementation Summary ............................................................................... 31 6.1

Competitive Strategy ...................................................................................................... 31

6.2

Sales And Marketing Strategy ....................................................................................... 31 2

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6.3

Evaluation....................................................................................................................... 33

6.4

Volunteer Recruitment And Strategy ............................................................................. 34

Financial Summary ................................................................................................................ 37

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CONFIDENTIALITY AGREEMENT 1. Definition of Confidentiality. As used in this Agreement, "Confidential Information" refers to any information which has commercial value and is either (I) technical information, including patent, copyright, trade secret, and other proprietary information, techniques, sketches, drawings, models, inventions, know-how, processes, apparatus, equipment, algorithms, software programs, software source documents, and formulae related to the current, future and proposed products and services of Silver Care Dementia Center, Inc or (ii) non-technical information relating to Company's products, including without limitation pricing, margins, merchandising plans and strategies, finances, financial and accounting data and information, suppliers, customers, customer lists, purchasing data, sales and marketing plans, business plans and any other information which is proprietary and confidential to Company. 2. Nondisclosure and Non-use Obligations. The recipient(s) will maintain confidentiality and will not disclose, disseminate, or use any Confidential Information belonging to Silver Care Dementia Center, Inc, whether in written form. Recipient(s) agrees that he/she/they/them shall treat all Confidential Information of Silver Care Dementia Center, Inc with at least the same degree of care as he/she/they/them accords its own confidential information. If Recipient(s) is not an individual, Recipient(s) agrees that he/she/they/them shall disclose Confidential Information only to its employees who need to know such information and certifies that such employees have previously signed a copy of this Agreement. 3. Survival. This Agreement shall govern all communications between the parties. Recipient(s) understands that its obligations under Paragraph 2 ("Nondisclosure and Non-use Obligations") shall survive the termination of any other relationship between the parties. Accordingly, upon the termination of any relationship between the parties, Recipient(s) will promptly deliver to Silver Care Dementia Center, Inc without retaining any copies, all documents and other materials furnished to Recipient (s) by Silver Care Dementia Center, Inc. 4. Governing Law. This Agreement shall be governed in all respects by the laws of the United States, as such laws are applied to agreements entered and to be performed entirely within United States residents. 5. Injunctive Relief. A breach of any of the promises or agreements contained herein will result in irreparable and continuing damage to Silver Care Dementia Center, Inc for which there will be no adequate remedy at law, and Silver Care Dementia Center, Inc shall be entitled to injunctive 4

relief and/or a decree for specific performance, and such other relief as may be proper (including monetary damages if appropriate). 6. Entire Agreement.

This Agreement constitutes the entire agreement concerning the

Confidential Information disclosed herein and supersedes all prior or contemporaneous oral or written agreements concerning such Confidential Information. This Agreement may only be changed by mutual agreement of authorized representatives of the parties in writing. IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written below.

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ABSTRACT This Business Plan is written as a source of truth pertaining to the organizational activities of Silver Care Dementia Center, Inc coupled with highly substantiated strategies devised to propel its growth for years to come, while Silver Care Dementia Center, Inc seeks necessary funding to carry out its mission. Subsequently, all acquired funds or capital will be utilized for the operational component(s) of Silver Care Dementia Center, Inc. Also, Adequate market strategies will be incorporated to ensure that many target market(s) are informed about the benefits and uniqueness of Silver Care Dementia Center, Inc. Thus, resulting, in a highly successful launch and continued funding for the organization's sustainability. Lastly, this document’s additional purpose is to provide a blueprint for Silver Care Dementia Center, Inc, details of its activities and implementation, and market insights to aid in its feasibility studies.

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1 EXECUTIVE SUMMARY “Dementia does not rob someone of their dignity, it’s our reaction to them that does.” – Teepa Snow Dementia is a collection of symptoms resulting from certain brain disorders where two or more functions have significant impairment, such as memory and language skills. Experts believe that many factors contribute to Dementia, and it often presents as a combination of progressive symptoms affecting personality, behavior, memory, language, mood, and motor skills1. All people, especially the elderly and those with dementia, looking to enjoy life need to have a supportive environment and resources to manage and seize opportunities to enjoy each day. Often, if support and enjoyment opportunities are not available, people can experience hardships that negatively impact overall life fulfillment for themselves and those around them. These hardships impact the emotional, social, and physical wellbeing of people, creating an environment conducive to further negative outcomes. Fortunately, when people receive support, have stable housing, or can benefit from programs and services in place, they have far greater success in achieving a positive and fulfilling life. Research shows that individuals who have resources and opportunities have better and more predictable outcomes. Positive social connections, compassionate support, and social services enhance the positive outcomes, psychological well-being, and physical health of all people. 1

Alzheimer's Facts and Figures Report | Alzheimer's Association

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Silver Care Dementia Center, Inc is a 501(c)3 non-profit supportive organization that offers an adult night program for people living with dementia, while also providing respite care for caretakers to get uninterrupted rest. Dementia awareness education, healthy nutrition and exercise, companion care, and dementia care consulting are also provided. The aim of Silver Care Dementia Center, Inc is to partner with philanthropists, local organizations, and neighbors to work together to create sustainable support, resources, and enjoyment opportunities for individuals with dementia and their caretakers. The founder, Erica D. Jones, Ph.D., will oversee the overall management and operations of the organization with the help of the board of directors and executive leadership team. Erica D. Jones, Ph.D. believes strength is in numbers, and power is in resources, and opportunities. This mission is bigger than the founder, and she will work tirelessly to uplift individuals with dementia, providing resources and support to allow them and their families/caretakers to thrive in life. Silver Care Dementia Center, Inc is quite optimistic that its values will help drive the organization to accomplish its mission. Without any doubt, there are a considerable number of alternatives, but Silver Care Dementia Center, Inc will map out a unique model that will help it gain quick and sustainable acceptance and work its way to bridging effective programs for those with dementia. Silver Care Dementia Center, Inc will champion an organization-to-organization partnership strategy to reach potential members and affiliates. By utilizing this multi-channel approach, Silver Care Dementia Center, Inc will be able to conduct its mission in its entirety and efficiently make strides towards its vision.

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2 FINANCIAL AND STRATEGIC PLANNING Silver Care Dementia Center, Inc seeks an initial investment of $73,500 to cover the below capital/launch costs.

Launch Costs Deposits and Prepaids Supplies and Materials Professional Services and Fees Marketing and Branding Leasehold Improvements

12,500 7,500 2,500 5,000 36,000

Working Capital

10,000

Total Initial Costs

73,500

Below is a snapshot of the financials assumptions made for years one through five, that will ensure sustainability and success of the organization. Year 1 Sales Revenue Contributions

Year 2 Sales Revenue Contributions

127,956.25 80,000.00

Projection Basis:

200,000.00 120,000.00

Projection Basis:

Nightly Fees Volume/Year Transportation Volume/Year Consulting (hourly) Volume/Year

$ $ $

Grants Sponsorships Donations/ In-Kind Fundraising

Year 3 Sales Revenue Contributions

230,000 138,000 YOY Growth

200.00 164 50.00 82 175.00 520

Nightly Fees Volume/Year Transportation Volume/Year Consulting (hourly) Volume/Year

30,000.00 20,000.00 20,000.00 10,000.00

Grants Sponsorships Donations/ In-Kind Fundraising

Year 4 Sales Revenue Contributions

253,000 151,800

15%

YOY Growth

9

10%

$ $ $

200.00 280 50.00 150 175.00 780 60,000.00 25,000.00 20,000.00 15,000.00

Year 5 Sales Revenue Contributions

265,650 159,390 YOY Growth

5%

The below charts show the organization’s operating expenses and payroll expenses for years one through five. Operating Expenses

Year 1

Marketing Video/Photography Public Relations Fundraising Events and Initiatives Facility Fees Space Related Expenses Business Insurance Software/Subscriptions (QuickBooks, Zoom, etc.) Telecommunications Website Domain & Hosting General Office Supplies Taxes and Licenses Professional Memberships Professional Services (Legal and Accounting) Consulting Workshops / Service Activities Recreational and Leisure Program Supplies Respite Care Vouchers Professional Development Program Evaluative Tools Volunteer/Staff Appreciation Donations & Charitable Giving Contractual Labor (Grant Writing, etc.) Miscellaneous Expenses Total Annual Operating Expenses

Branding

Occupancy

Administrative

Programming

Salaries and Wages

Year 2

Year 3

5,000 1,500 1,000 1,500 30,000 5,000 1,250 500 1,200 350 850 600 300 1,000 700 2,500 12,000 1,000 800 500 750 500 3,000 2,500 74,300

Year 1

Year 2

Director/Administrator Assistant Director Supervisor Personal Care Aides (2-4 PT)

Year 4

5,150 1,545 1,030 1,545 30,900 5,150 1,288 515 1,236 361 876 618 309 1,030 721 3,000 13,000 1,500 816 510 765 500 5,000 2,500 79,864

5,408 1,622 1,082 1,622 32,445 5,408 1,352 541 1,298 379 919 649 324 1,082 757 3,500 20,000 2,000 857 536 803 525 7,000 2,625 92,732

Year 3 65,000 50,000 45,000 40,000

Year 5 5,570 1,671 1,114 1,671 33,418 5,570 1,392 557 1,337 390 947 668 334 1,114 780 3,605 30,000 2,500 883 552 827 541 7,210 2,704 105,354

Year 4 70,000 55,000 47,500 42,500

5,737 1,721 1,147 1,721 34,421 5,737 1,434 574 1,377 402 975 688 344 1,147 803 3,713 35,000 5,000 909 568 852 557 7,426 2,785 115,039

Year 5 80,000 60,000 50,000 45,000

82,400 61,800 51,500 46,350

Benefits Medical Benefits Defined Contribution Taxes Other

0% 0% 7% 0%

Total Annual Payroll

0% 0% 7% 0%

-

214,000

5% 0% 7% 0%

240,800

5% 0% 7% 2%

267,900

5% 0% 7% 2%

275,937

Cash Flow $40,000 $35,000

$30,000 $34,468

$25,000

$20,000

$34,064

$31,546

$26,137

$15,000

$10,000 $5,000

$0

Cash Flow Net Cash Flow

Year 1

Year 2

Year 3

Year 4

Year 5

133,656

26,137

34,468

31,546

34,064

Spending Detail 10

2.1 KEYS TO SUCCESS •

Strategic Focus: Silver Care Dementia Center, Inc will exist as a non-profit entity. The niche focus is providing support and resources to engage those with dementia, while alleviating the stress on their caretakers. By maintaining a strict focus on this niche, Silver Care Dementia Center, Inc will fulfill its mission.

•

Marketing: Silver Care Dementia Center, Inc will foster a direct and indirect marketing core, with an emphasis on organization-to-organization marketing. This approach allows for rapid growth by tapping into the existing needs of veteran and social service organizations that interact with the target market Silver Care Dementia Center, Inc intends to serve.

•

Positive Outcomes: By establishing a track record amongst program participants and their families/caretakers, partners, and communities involved, Silver Care Dementia Center, Inc will influence others and positively position the organization as a changemaker.

2.2 MISSION Silver Care Dementia Center, Inc’s mission is to support individuals living with dementia through a night program, providing them with a safe social environment and educating their caretakers.

2.3 VISION Silver Care Dementia Center, Inc envisions impacting the community through awareness and education to reduce the profound effects of dementia.

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2.4 VALUES •

Social: Silver Care Dementia Center, Inc values the fact that people living with dementia can still experience feelings and are capable of relationships.

•

Call To Serve: Silver Care Dementia Center, Inc enacts grace to deal with dementia in a way that honors God.

•

Dignity: Silver Care Dementia Center, Inc respects those afflicted with dementia.

•

Cause: Silver Care Dementia Center, Inc understands that the basic knowledge of a healthy brain is through exercise, diet, rest, and education.

•

Commitment: We remain committed to seeing and remembering the people who are easily forgotten by our society. We believe that in a world full of pressures, people in transition have the greatest potential to thrive when they have the backing of people who see and care about offering them a little extra help as they find their way in life.

2.5 DIVERSITY, EQUITY, AND INCLUSION (DEI) In addition to the organization’s values, Silver Care Dementia Center, Inc, is also committed to the values of diversity, equity, and inclusion (DEI) in all aspects. Silver Care Dementia Center, Inc is interested in cultivating a diverse employee workforce where everyone feels able to bring their best selves to work each day. To accomplish this, the organization is in the process of identifying and implementing diversity recruiting best practices to help create a more inclusive workplace. Silver Care Dementia Center, Inc will continue to solidify its commitment to DEI at all levels (board of directors, leadership staff, direct services), with the goal of elucidating a deep understanding as to why the organization is engaging in this work together and why

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racial, gender, and cultural equity is central to Silver Care Dementia Center, Inc’s success and the success of its clients – individuals with dementia and their families/caretakers. Strengthening diversity, equity, and inclusion is an ongoing process, as such the organization’s work in these areas continue to evolve and grow into new areas. Silver Care Dementia Center, Inc plans to commit to actions which infuse diversity, equity, and inclusion throughout its agency and internal systems such as: •

Learning about best practices for achieving diversity, equity, and inclusion, and sharing that knowledge with everyone at Silver Care Dementia Center, Inc.

•

Strengthening the organization’s ability to recruit and retain exemplary and diverse staff and leadership.

•

Ensuring that people of all abilities can access and engage with Silver Care Dementia Center, Inc’s resources and information.

Silver Care Dementia Center, Inc believes every person’s voice adds value and strives to create balance in the face of power differences. Silver Care Dementia Center, Inc believes that no person can or should be called up on to represent an entire community.

2.6 ORGANIZATIONAL OBJECTIVES 2.6.1 Non-financial Objectives •

Provide engaging and impactful programs, education, and support to individuals living with dementia, as well as their families/caretakers.

•

Promote a safe and stimulating social environment to individuals living with dementia in a pleasant, non-threatening, and non-institutional setting.

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• Onboard volunteers, interns, and employees to work programs virtually and inperson. •

Create strategies to put adequate offline and online marketing efforts to work for rapid growth.

•

Grow and expand organization throughout the state of Virginia.

•

Continuously learn from feedback.

2.6.2 Financial Objectives •

Secure funding needs for launch, working capital, and services.

•

Generate positive net cash flows each year.

•

Attain breakeven from investments within 12 months.

2.7 RISK MANAGEMENT Silver Care Dementia Center, Inc is not exempt from the risks every organization is exposed to. With the emergence of the organization, the possible risks are not being able to achieve widespread acceptability as a viable substitute to similar organizations, not being able to substantially ensure capital injection to launch and stabilize organizational growth, and a lack of support, clients, and recognition due to not having a strong marketing program. Different strategies will be put in place to ascertain that the risks to the organization are controlled or minimized. These strategies include: •

Investing sufficient funds into the organization to meet all required business operation requirements.

•

Adopting effective strategies to promote the brand and general services.

•

Minimizing overhead costs, which increases the organization’s sustainability.

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•

Building strategic and symbiotic partnerships with necessary companies and organizations.

•

Providing a constant and effective communication link.

•

Onboarding competent and experienced volunteers.

2.8 BARRIERS TO ENTRY Silver Care Dementia Center, Inc recognizes that there are barriers that any nonprofit will face when entering the market. Below are the identified barriers to entry for Silver Care Dementia Center, Inc: •

Lack of resources: After maximizing the amount of money that goes to the organization’s mission, there is very little left for improving the nonprofit itself.

•

Lack of investment: Because there is little money to be gained from investing in nonprofits, little investment goes into improving the sector. Typically, innovations don't come to the nonprofit sector until they've already been widely accepted in the forprofit sector.

•

Perceived lack of necessity: Community members do not readily see the importance and potential impact of the organization.

•

Lack of Highly-Qualified Human Resources: Many nonprofits are launched because the founder wants to help people not because he/she wants to run a nonprofit. As such, many small nonprofits are poorly managed.

To mitigate these barriers, Silver Care Dementia Center, Inc will position itself as a necessary changemaker in the community.

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3 BUSINESS MODEL CANVAS Key Partners Key Partners: •

• • •

Chamber of commerce and other professional organizations to provide referrals Leadership organizations Local health and wellness organizations Social service agencies

Key Suppliers: • • •

Accountant Attorney Nonprofit consultant

Key Activities • • • • • • •

Client (those with dementia and their families/caretakers) support Protect sensitive information of all program participants Maintain customer service Continued growth and engagement of clients and their families/caretakers Continue hosting engaging, educational, and enrichment activities Ensure safety of all participants Provide emergent support to clients and their families/caretakers

Value P

Silver Care D a 501(c)3 no organization night progra with dement providing re caretakers t rest. Demen education, h exercise, co dementia ca provided.

Key Resources Financial: Savings, bank loans, corporate partners, foundations, government Physical: Facilities, office space, educational resources and supplies, extracurricular equipment IP: Trade secrets, contracts, copyrights Human: Leadership, support staff, volunteers, governing board

1

Proposition

Dementia Center, Inc is on-profit supportive n that offers an adult am for people living tia, while also espite care for to get uninterrupted ntia awareness healthy nutrition and ompanion care, and are consulting are also

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Customer Relationships

Customer Segments

•

Niche Market: Individuals with dementia, as well as their families and caretakers

• •

App, chat, and engagement capabilities Participant feedback Support (emergent)

We will connect with our clients at hospitals, assisted living facilities, in the community, and at social service agencies

Channels Sales Channels: Social media, word of mouth, website, flyers, vehicle graphics, listing in directories, advertising on local industry related organizations’ websites, phone, mail, email, personal demonstration (workshops/seminars), partner with agents and brokers to promote services/products, speaking engagements Distribution Channels: Community events Support Channels: follow up calls, surveys

Cost Structure • • • • •

Development and maintenance of website Legal and administrative cost Advertising and marketing cost Employee Salaries Resources and supplies

1

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Revenue Streams • • • • •

Grants Sponsorships Fundraisers/Donations In-Kind Program Fees

3.1 EXECUTION STRATEGY Silver Care Dementia Center, Inc is its program and service buildout phase. The organization has incorporated as a nonprofit corporation in the state of Virginia and has obtained 501(c)3 tax-exemption from the Internal Revenue Service (IRS). Silver Care Dementia Center, Inc has successfully secured a domain name and completed the formal development of its site, which serves as the heart of the organization – community engagement, advertising of programs and services, and onboarding of volunteers, employees, and interns. The organization’s website is www.scdcva.org. On its path forward, the organization will flow through the target points, as illustrated below in the execution roadmap.

Product Development • Secure flexible space opportunities Securing Funding • Program Schedule • Apply for grants for distribution • Create monthy with assigned fundraisers volunteers/interns/e Business • Solicitation letters mployees Planning • Corporation/found • Establish database of prospective ation and • State partners/clients government incorporation funding • 501c3 setup opportunities • Vet Sponsors and grant writing • Recruit Volunteers

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Marketing Implementation • Social Media Engagement • Print Media • Partnership Opportunities • Community engagement for awareness

Program Implementation

4 COMPANY SUMMARY 4.1 COMPANY INFORMATION Legal Name: Silver Care Dementia Center, Inc. Address: 5500 Tidewater Drive Suite B, Norfolk, Virginia 23509 Date of Incorporation: 05/12/2020 EIN: 85-1014917 Tax Exemption Status: Active

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4.2 FOUNDER’S STORY In 2017, the founder, Erica D. Jones, Ph.D., became the primary caretaker of her grandparents, who are both people living with dementia. Eventually, she started a home-care agency for care of her grandparents to be able to be a financially support and maintain her grandparents’ home. During her time supporting her grandparents, Erica found a center in New York that had established a night program for people living with dementia. This is the program she has chosen to replicate with Silver Care Dementia Center, Inc. This would have been great for her grandfather because of his sleep disturbance (sundowning), and she was tired from not sleeping and needed that additional respite care.

4.3 TARGET MARKET Silver Care Dementia Center, Inc is physically located in Norfolk, VA, where it intends to serve local, regional, and state-wide communities through its programs and services. Silver Care Dementia Center, Inc will serve the following: • •

•

•

Age Groups o Elderly Socioeconomic Status o No-income o Low-Income o Middle-Income o Upper-Class Gender o Male o Female Location o Norfolk, Virginia 20

•

o State-wide Additional Demographics o Diagnosed with dementia o Caretaker of an individuals with dementia

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4.4 SERVICE DESCRIPTION Silver Care Dementia Center, Inc was founded on the need for respite care to be available for those involved in caring for people living with dementia because of the 24 hour/7 days a week burden placed on caretakers. Particular attention is given to those who cannot easily afford respite care and Silver Care Dementia Center, Inc intends to promote a safe, stimulating social environment to people living with dementia in a pleasant, non-threatening, non-institutional setting. The programs/ services are outlined below to show the scope and activities of each: The Silver Care Dementia Center, Inc Night Program: Silver Care Dementia Center, Inc night program is a program for people living with dementia to attend between the hours of 8:00 pm to 7:00 am. The center is open nightly Sunday through Thursday. Program participants will receive a latenight dinner upon arrival, nightly snacks throughout the night, and breakfast in the morning. There are trained staff that will provide personal care (ADLS) services, along with an agenda of nightly activities to engage their social and therapeutic needs. In return, this will allow the caretakers to return home to get a much-needed rest (respite care) while their loved ones are in a safe environment through the night.

Education: Silver Care Dementia Center, Inc reduces the profound effects of dementia and educates the community on dementia awareness. During the day Silver Care Dementia Center, Inc will have a host of scheduled events from healthy eating classes and presentations, exercise programs, education training on dementia, and community resources.

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Support: Silver Care Dementia Center, Inc offers companion care for people living with dementia. Silver Care Dementia Center, Inc will provide a trained volunteer to provide companion care services like respite care for caretakers. Your loved one living with dementia may have enjoyed a life of independence; however, once dementia symptoms appear, there may need to be more support for the caretaker. That’s where companion care can help. Silver Care Dementia Center, Inc Companion Care is companionship aimed to provide respite care for people living with dementia caretakers.

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4.5 REGULATORY REQUIREMENTS Silver Care Dementia Center, Inc will secure all necessary permits and licenses as mandated to conduct its operations in the state of Virginia. As a United States-based nonprofit corporation, Silver Care Dementia Center, Inc will ensure the following requirements: Corporate: o Obtain charitable solicitation permit. o File corporate annual reports in Virginia. o File annual 990 with the IRS. o Report address changes. •

Fundraising: o Include written disclosure statements on all written solicitations to ensure transparency between Silver Care Dementia Center, Inc and donors. o Produce and publish on website, an annual report illustrating revenues and expenses, program outcomes, goals for the upcoming year, and an acknowledgment of contributors.

•

Operational: o Maintain a current copy of bylaws. o Ensure the bylaws are consistently being adhered to. o Conduct regular board meetings. o Be aware of conflicts of interest.

•

Accounting: o Document unrelated business activities and income.

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o Stay current with grant reporting deadlines and requirements for any grants received. o Maintain accurate and up-to-date books.

4.6 MANAGEMENT TEAM The organization is founded and operated under the leadership of Erica D. Jones, Ph.D., with the assistance of its board, volunteers, and employees.

Founder

Board of Directors

Director

Assistant Director

Lead Personal Care Aide

Personal Care Aides

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5 MARKET RESEARCH SUMMARY 5.1 AMERICA’S AGING POPULATION2 People worldwide are living longer. Today most people can expect to live into their sixties and beyond. The United States, as well as every other country in the world is experiencing growth in both the size and the proportion of older persons in the population. By 2030, 1 in 6 people in the world will be aged 60 years or over. At this time the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion. By 2050, the world’s population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million. In the United States, the current growth of the population ages 65 and older, driven by the large baby boom generation, is unprecedented in U.S. history. As they have passed through each major stage of life, baby boomers (between ages 55 and 73 in

https://www.who.int/news-room/fact-sheets/detail/ageing-andhealth#:~:text=By%202030%2C%201%20in%206,will%20double%20(2.1%20billion). 2

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2019) have brought both challenges and opportunities to the economy, infrastructure, and institutions.

5.2 ELDERLY CARE AND CARETAKING SERVICES It is alarming to know some of statistics related to elderly care. They are 3: •

Annually 8,357,100 people receive support from the 5 main long-term care service: Home health agencies (4,742,500), Nursing homes (1,383,700), Hospices (1,244,500), Residential care communities (713,300), and Adult day service centers (273,200).

•

The lifetime probability of becoming disabled in at least two activities of daily living or of being cognitively impaired is 68% for people aged 65 and older.

•

By 2050, the number of individuals using paid long-term care services in any setting (e.g., at home, residential care such as assisted living, or skilled nursing facilities) will likely double from the 13 million using services in 2000, to 27 million people.

•

Among the population aged 65+, 69% will develop disabilities before they die, and 35% will eventually enter a nursing home.

Over 85% of people with disabilities are primarily cared for by family members4. Family caretakers may help with such tasks as eating and bathing, money management, laundry or administering medications that is all beneficial to the disables; however, this is often unpaid work and family caretakers may have other responsibilities that hinders deeper and more developmental care. With a little extra support, some individuals with disabilities can become more self- sufficient which positively benefits the individual and the entire family.

3

https://www.caregiver.org/resource/selected-long-term-care-statistics/

4

https://www.caregiver.org/resource/selected-long-term-care-statistics/

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Caring for a loved one with dementia poses many challenges for families and caretakers. People with dementia from conditions such as Alzheimer’s and related diseases have a progressive biological brain disorder that makes it more and more difficult for them to remember things, think clearly, communicate with others, and take care of themselves.

5.3 ALZHEIMER’S DISEASE IN VIRGINIA Alzheimer’s disease is a growing public health crisis in Virginia. The impact of Alzheimer’s is projected to rise, and the most recent data show5: •

150,000 people aged 65 and older are living with Alzheimer’s in Virginia.

•

9.5% of people aged 45 and older have subjective cognitive decline.

•

351,000 family caretakers bear the burden of the disease in Virginia.

•

524 million hours of unpaid care provided by Alzheimer’s caretakers.

•

$8.5 billion is the value of the unpaid care.

•

$1 billion is the cost of Alzheimer’s to the state Medicaid program.

These numbers show that a public health approach is necessary to lessen the burden and enhance the quality of life for those living with cognitive impairment and their families.

https://www.alz.org/professionals/public-health/stateoverview/virginia#:~:text=150%2C000%20people%20aged%2065%20and,of%20the%20disease%20in%20Virginia. 5

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5.4 COMPETITORS’ ANALYSIS Some organizations that offer similar services are as follows: • • •

Alzheimer’s Association (www.alz.or/seva) Visiting Angels Homecare (www.visitingangels.com) Always Best Care Senior Services (www.alwaysbestcare.com)

These organizations have established a reputation and positive representation over the years. Many of them have been serving Silver Care Dementia Center, Inc’s mission for long time and may be regarded as one of the leading organizations in our niche; however, Silver Care Dementia Center, Inc has taken all of this into proper consideration and have concluded there is still much to be done support those with dementia, as well as their families and caretakers. While the organization recognizes that it essentially competes with these similar organizations for vital funding and marketing space, Silver Care Dementia Center, Inc do not exist to compete beyond that premise. For we all are striving for the same or similar mission. For that reason, Silver Care Dementia Center, Inc will be open to strategic alliances with competitors to further the mission. Nevertheless, Silver Care Dementia Center, Inc will observe where these companies may have faltered, and thereby improve on its own capabilities.

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5.5 SWOT ANALYSIS

S

W

O

T

Strengths

Weakness

Opportunities

Threats

•

Founder’s • knowledge and personal/professional experience

New organization with limited exposure

•

•

Organization led by a compassionate and driven Leader

•

•

•

Limited Capital/ Funding

•

Established relationships in the local community

•

Lack of Recognition (organizational competition)

Targeted Programs

•

Small team

30

Aging population and lack of support/resources for those with disabilities Government programs and funding

•

More established organizations

•

Increased realestate/leasing costs

•

Organization to organization collaborations

•

Lack of qualified volunteers

•

Programs and Support for a wide demographic of individuals

•

Economic downturn

6 STRATEGY AND IMPLEMENTATION SUMMARY 6.1 COMPETITIVE STRATEGY The factors that differentiate Silver Care Dementia Center, Inc from competitors currently existing or those that will emerge in the future are as follows: •

The founder has a strong compassion for the elderly and those with dementia

•

Provision of emergent resources, support, and engagement opportunities

•

Values and Programming

•

Comprehensive support and services

•

Night program (the only night program in Norfolk)

6.2 SALES AND MARKETING STRATEGY Silver Care Dementia Center, Inc will adopt the following marketing techniques to promote the company: Captivating Web Design Silver Care Dementia Center, Inc considers the attractiveness of its website, regarding services and general portal architecture, as core of its marketing strategy. A well laid out and userfriendly site can influence the degree of users’ attention and affect the amount of time spent on site and trust in the organization. The website will be the center of all marketing efforts, so the website will be well-structured, captivating, engaging, clean, and easy to read/navigate. Silver Care Dementia Center, Inc will be up-to-date, attention-grabbing, and mobile-friendly.

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Leverage on the Internet •

Utilize Search Engine Marketing and Optimization (SEO): Silver Care Dementia Center, Inc will utilize Search engine marketing and optimization to develop a strong online presence by allowing the brand and to appear on a list of search engine results whenever a keyword search is done on major search engines. With a strong SEO strategy, the company’s website will become associated with the keywords used to find our services.

•

Utilize Affiliate and Associate Programs: With an affiliate program, people who believe in the organization will be encouraged to share information about the organization to enable acceptance and growth.

•

Press Releases: This strategy is aimed at positioning the brand as a trusted network through use of formal publicity.

•

Maintain a Social Media Presence: Silver Care Dementia Center, Inc will maintain a robust social media presence. More than that, the web pages will serve as a place to share bits of information, connect with people, and receive authentic feedback.

Local Connections Silver Care Dementia Center, Inc will partner with local businesses and organizations to build strong relationships within the community. There is no need to stand alone and hope for participants. Silver Care Dementia Center, Inc will be proactive in the community, serve the disabled community, and make powerful connections and partnerships with the entire community. Silver Care Dementia Center, Inc will be out in the community, often, disseminating flyers and information, and spreading awareness of services and programs.

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6.3 EVALUATION Program evaluation will be the responsibility of the board of directors and will consist of a formal evaluative strategy.

Formative Evaluation - Primarily qualitative in nature, the formative evaluation will be conducted through interviews and open-ended questionnaires. Volunteers will be asked about the day-to-day operation of Silver Care Dementia Center, Inc, the support provided, its impact, and other questions to provide feedback for the ongoing improvement of the operation of the Program. The board of directors will meet regularly with the organization’s staff to share findings from the formative evaluation effort. Periodic reports will be prepared that identify the major findings of the formative evaluation and how they have been used to improve operations.

Summative Evaluation - Primarily quantitative in nature, the summative evaluation will begin with the establishment of baseline data at the beginning of the Project and then be conducted at 6-month intervals.

There will be four important measures for the program: •

Number of program participants,

•

Number of business/employer partnerships,

•

Continued livelihood of each participant, and

•

Amount of funding received through public support.

A yearly report will be issued that presents the formative and summative findings.

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6.4 VOLUNTEER RECRUITMENT AND STRATEGY No nonprofit can thrive and become sustainable without the effective recruitment and support of volunteers. Volunteers will make up the backbone of Silver Care Dementia Center, Inc operations. Besides contributing the skills needed, it is important for volunteers to have core values that are aligned with the organization and can provide mentorship, guidance, and support to underserved and underrepresented populations. Silver Care Dementia Center, Inc will implement the following volunteer plan: •

Volunteer Plan: The successful involvement of volunteers will both help meet staffing needs and provide opportunities for community members to be more engaged with Silver Care Dementia Center, Inc.

•

Volunteer Needs: All staff will be engaged to identify work areas that will benefit from volunteers, and a volunteer program will be developed. Potential volunteer positions include Coordinators, Admin support, Outreach, Mentorship, and Events support.

•

Model: Silver Care Dementia Center, Inc will employ a model that involves both episodic and recurring volunteers. Recurring volunteers are those who provide regular, ongoing support, or who lead and plan for the involvement of others. They are given significant authority and responsibility. Episodic volunteers are those who sign up to participate for a short period, for a specific event or activity, and work under the supervision of staff or a recurring volunteer.

•

Volunteer Recruitment: It will be the responsibility of the founder to position Silver Care Dementia Center, Inc as a premier place to volunteer. This positioning will be crucial to recruiting competent, committed individuals. It requires that every volunteer be 34

treated as the asset they are, acknowledged regularly, and provided with special perks. The founder will undertake a variety of recruitment strategies to fill volunteer positions. These strategies include: o Advertising in free and low-cost print and digital media, including Silver Care Dementia Center, Inc’s website and social media pages, o Posting in online forums, o Meeting with constituents to recruit their involvement and request their assistance in identifying other prospective volunteers, and o Interviewing prospective volunteers to ensure a good fit with the position. •

Volunteer Management: Volunteer policies will be completed, and all volunteers will be provided with a copy upon beginning their work with Silver Care Dementia Center, Inc. The founder will supervise the volunteers and apply the policies consistently. Volunteers will be required to sign in and out each time they volunteer and will receive a formal appraisal of their work at least once annually.

•

Volunteer Retention: Keeping good volunteers is a priority of Silver Care Dementia Center, Inc. The following strategies will be employed to increase volunteer retention rates. o The founder and the Board of Directors will verbally thank volunteers at least once each time they volunteer.

35

o Written notes of appreciation, including accomplishments made possible by the volunteer’s help, will be sent following any significant event or hallmark (such as a year of volunteerism completed). o Appreciations will be included in Silver Care Dementia Center, Inc’s website and social media pages. o A special annual volunteer appreciation event will be held annually, providing recognition for the work of volunteers and an opportunity to socialize outside of the usual work times.

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7 FINANCIAL SUMMARY The following section contains the financial information for Silver Care Dementia Center, Inc. Tables and charts show annual pro forma for the first five business years.

Breakeven

Financial Snapshot

35,000

1

30,000

1

25,000

1

20,000 1 15,000

0

10,000

0

5,000 -

450,000 400,000

350,000 300,000 250,000 200,000

150,000 100,000 50,000

1

2

3

4

-

5

1

Monthly Breakeven Dollars

Net Surplus/ Deficit

3

Total Payroll Expenses

4

5

Total Operating Expenses

ENDING CASH BALANCE

160,000

70%

64%

140,000

2

Total Income

60%

120,000

300,000 269,871 250,000

235,807

50%

100,000

40%

204,261

200,000

80,000 30%

60,000

169,793 150,000

143,656

20%

40,000

100,000

20,000

9%

8%

8%

8%

-

10% 0%

1

2 Operating Income

3

4

50,000

5 -

Operating Margin

1

37

2

3

4

5

Financial Activities: Year 1

Year 2

Year 3

Year 4

Year 5

Income Contributions Sales Total Income Gross Profit Gross Profit %

80,000

120,000

138,000

151,800

127,956

200,000

230,000

253,000

265,650

207,956

320,000

368,000

404,800

425,040

207,956 100%

320,000 100%

368,000 100%

159,390

404,800 100%

425,040 100%

Payroll Employee Expenses

-

14,000

25,800

32,900

33,887

Salaries & Wages

-

200,000

215,000

235,000

242,050

-

214,000

240,800

267,900

275,937

Total Payroll Expenses Operating Expenses Marketing

5,000

5,150

5,408

5,570

5,737

Video/Photography

1,500

1,545

1,622

1,671

1,721

Public Relations

1,000

1,030

1,082

1,114

1,147

Fundraising Events and Initiatives

1,500

1,545

1,622

1,671

1,721

30,000

30,900

32,445

33,418

34,421

Space Related Expenses

5,000

5,150

5,408

5,570

5,737

Business Insurance

1,250

1,288

1,352

1,392

1,434

500

515

541

557

574

1,200

1,236

1,298

1,337

1,377

Website Domain & Hosting

350

361

379

390

402

General Office Supplies

850

876

919

947

975

Taxes and Licenses

600

618

649

668

688

Professional Memberships

300

309

324

334

344

1,000

1,030

1,082

1,114

1,147

Facility Fees

Software/Subscriptions (QuickBooks, Zoom, etc.) Telecommunications

Professional Services (Legal and Accounting) Consulting

700

721

757

780

803

2,500

3,000

3,500

3,605

3,713

12,000

13,000

20,000

30,000

35,000

1,000

1,500

2,000

2,500

5,000

Professional Development

800

816

857

883

909

Program Evaluative Tools

500

510

536

552

568

Volunteer/Staff Appreciation

750

765

803

827

852

Donations & Charitable Giving

500

500

525

541

557

3,000

5,000

7,000

7,210

7,426

Workshops / Service Activities Recreational and Leisure Program Supplies Respite Care Vouchers

Contractual Labor (Grant Writing, etc.) Miscellaneous Expenses Total Operating Expenses % of Revenue

2,500

2,500

2,625

2,704

2,785

74,300

79,864

92,732

105,354

115,039

36%

Operating Income

25% 133,656

Operating Margin

64% Net Surplus/ Deficit Margin

25% 26,137

8% 133,656 64%

38

26% 34,468

9% 26,137 8%

27% 31,546

8% 34,468 9%

34,064 8%

31,546 8%

34,064 8%

Cash Flow: The below pro forma shows positive net cash flow-maintained YoY. Year 1 Beginning Balance

Year 2

Year 3

Year 4

Year 5

10,000

143,656

169,793

204,261

235,807

207,956

320,000

368,000

404,800

425,040

207,956

320,000

368,000

404,800

425,040

Cash Inflows Revenue Total Cash Inflows Cash Outflows Procurement Activities Purchases

-

-

-

-

-

Operating Activities Payroll

-

214,000

240,800

267,900

275,937

74,300

79,864

92,732

105,354

115,039

74,300

293,864

333,532

373,254

390,976

Net Cash Flows

133,656

26,137

34,468

31,546

34,064

Operating Cash Balance

133,656

26,137

34,468

31,546

34,064

Ending Cash Balance

143,656

169,793

204,261

235,807

269,871

Operating Expenses Total Cash Outflows

39

Operational Analysis:

Cash Burn Analysis Income Operating Expenses Payroll

Operations to Contributions Payroll to Contributions

Year 1

Year 2

Year 3

Year 4

Year 5

207,956

320,000

368,000

404,800

425,040

74,300 36% 0%

79,864 214,000 25% 67%

92,732 240,800 25% 65%

105,354 267,900 26% 66%

115,039 275,937 27% 65%

40

Breakeven: Breakeven Analysis Gross Margin % of Funding

Year 1

Year 2

Year 3

Year 4

Year 5

Gross Margin

207,956

320,000

368,000

404,800

425,040

Total Funding

207,956

320,000

368,000

404,800

425,040

Gross Margin/Total Funding

100.0%

100.0%

100.0%

100.0%

100.0%

Total Fixed Expenses -

214,000

240,800

267,900

275,937

Operating Expenses

74,300

79,864

92,732

105,354

115,039

Operating + Payroll

74,300

293,864

333,532

373,254

390,976

Payroll

Breakeven Funding Gross Margin % of Funding

100.0%

Total Fixed Expenses

74,300

293,864

333,532

373,254

390,976

Yearly Breakeven Amount

74,300

293,864

333,532

373,254

390,976

Monthly Breakeven Dollars

6,192

24,489

27,794

31,104

32,581

100.0%

41

100.0%

100.0%

100.0%