Hearing Testing Systems Business Plan

04 Mar Hearing Testing Systems Business Plan

Most people with hearing impairments who use hearing-aids, or have surgery to place cochlear Implants, expect to be able to hear well. Tens of thousands of people with hearing impairments continue to have difficulty hearing outside of the clinic setting. The problem is caused by incorrect settings being made to the medical device by a physician. Consequently, audiologists and speech therapists greatly need a hearing test that can quickly and accurately predict how well individuals, with either a cochlear implant or a hearing aid, can hear in a noisy “real world” environment following installation of the medical device. A test like this is crucial for children because early intervention can slow down learning. It is estimated that if children with hearing loss do not receive early intervention, special education for a child with hearing loss will cost an additional $420,000 in special education costs and result in a lifetime cost of approximately $1 million per child.^[1] In adults, hearing loss can begin as early as age 50 and lack of early intervention can lead to loss of jobs, emotional distress and even cognitive disorders. Additionally, hearing loss can affect half of a person's life. This is because the average lifespan for an adult is between 90 and 95.

Pure tone hearing tests, which require the use of sound proof booths and an audiometer to produce the tone, are currently used for hearing loss evaluation. These tests assess fundamental hearing loss, but do not predict how an individual will comprehend words and sentences in a real world setting. These tests are unable to determine whether a second hearing instrument or cochlear implants would improve a patient's hearing. This information is vital for patients and their families, as cochlear implant and hearing aids can often cost more than $40,000, and they are often not covered under insurance.

Auris Solutions has a very early stage company that specializes in hearing care. They offer innovative, scalable software-based tests that assess the ability to hear in a real setting. Our tests are different from other tests. They allow the clinician to optimize the settings of the hearing aids and make recommendations for the purchase of additional devices for their patients. This can make a big difference to patients' hearing and prevent them from suffering from mental and emotional issues. Our tests are expected to be an essential part of the portfolio of hearing tests offered by audiology clinics, and will be conducted following the audiogramtone test.

Auris Solutions is ready to market its first product: CRISP (Children's Realistic Intelligibility and Speech Perception). The rapid and reliable system to clinically test speech intelligibility for children computerizes the hearing test results. This allows a clinician to control the presentation, storage, analysis, and reinforcement of the results.

Auris Solutions seeks $250,000 to implement their marketing strategy, as well as to offset start-up costs such as product development, capital equipment purchase, and support the business plan for future products.

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[1] http://trfn.clpgh.org/shhh/Factsheet.html#r1

1.1 Objectives

• We will use a model to ensure that our gross margin is at or above 75%.
• To promote and improve the core competencies of the company, we will be looking for a qualified management team.
• We are committed to satisfying our customers with high-quality products and outstanding customer service.
• To grow the market for hearing care, we will spend a large portion of our sales revenue on research and development.

1.2 Mission

Auris Solutions, LLC, is a provider of innovative and comprehensive solutions for hearing loss diagnosis. We pride ourselves on the fact that our products are more rapid, reliable, and efficient than competitors. We will ensure that our business is managed for planned growth and long-term profitability.

We will grow by building upon demonstrated strengths and meeting our customers’ needs. Auris Solutions, LLC will be an industry leader in hearing solutions and maximize shareholder value.

These values are what we stand behind:

• Corporate Responsibility The Company will take part in community events.
• Ethical Standard-The Company will continue to operate on sound ethical principles.
• Comppassion ‘#8211 We reach out to you with kindness, openness, and concern.
• Respect – We honor the wonder of the human spirit.
• Excellence It is our expectation that we will be the best version of ourselves and one another.
• Stewardship We responsibly use our resources.
• Communities #8211 We create relationships that inspire and motivate us to help others.

Success Keys 1.3

Auris Solutions' goal is to provide our customers the best products as well as related services. Our commitment to quality will begin with our employees, who are our most important assets. Each of these areas are crucial to our success and will be held accountable by our employees:

• 
  Management team:
  
• Find the right people to join your company
• For all employees, establish evaluation policies and standards
• Assign responsibility to staff and delegate
• 
  Sales & Marketing:
  
• Auris brand and its product offerings should be made well-known
• Develop and implement your sales strategy
• Barriers to entry can be managed
• Use a marketing plan to bring our products or advertisements to the market.
• Provide customer support for all products after purchase
• Product Quality and Development:
• Timely launch of new products
• Establish quality processes
• 
  Management & Customer service:
  
• Take control of your purchases
• All purchases should take into account the needs of the customer
• Reduce need for an in-house inventory and overhead costs
• Manage accounts receivables and set marketing budgets
• Create a program to ensure customer satisfaction
• Shipment and delivery of products on time
• Effectively address customer complaints