Formulating a Business Plan and

1

Finding Funding in Uncertain Times.

• Formulating a Business Plan and
• Finding Funding
• Suzanne Guzelaydin MS, RN
• Simulation Practice Technology Integration Center
  Coordinator

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Business plan

• Google business plan and 93,1000,000 items come
  up in a basic search
• Google medical simulation business plan and
  194,000 items appear in the search.
• Google business plan freeware and 422,000 items
  are detailed

3
Business Plan Freeware

• http//www.planware.org/businessplanfreeware.htm

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Business Plan Freeware

• Channel Contents
• Free Exl-Plan Free, high-level financial planner
  for Excel for creating projected income
  statements, cashflows and balance sheets for 2
  years ahead. Includes a free comprehensive
  150-page business plan guide and Word-based
  template.
• Free Cashflow Plan Free, an Excel-based, business
  cash flow planner with roll-forward facility for
  short-term projections.
• Free-Plan (Biz-Plan), a free Business Plan
  Template for Word (48 pages) and guide (supplied
  as a 90 topic Help file and as a 100 page PDF
  file for printing).
• Free Online Strategic Planner for compiling a 2-3
  page strategic business plan.
• Free Online Business Planner for developing a 5-6
  page outline of a comprehensive business plan.
• Free Online Financial Planner for generating
  high-level, first-cut five-year projections of
  income statements, cashflows and balance sheets.
• Free Business Plan eGuides, compilation of papers
  on business planning matters.

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General Elements of a Business Plan

• Market and Industry Analysis
• Company Structure
• Product or Service Description
• Marketing Plan
• 3-year Financial Projections per lending
  guidelines
• Executive Summary

6
Elements of a Business Plan cont

• Define the beneficiaries and expected
  accomplishments.
• Identify the necessary resources and barriers to
  implementation.
• Timeline
• Describe the current problem/issue that your
  project will address.
• Describe how you will evaluate whether your
  project has created an improvement.

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Market and Industry Analysis Organization
Structure Background

• 2005-2008

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Background 2005-2006

• Building infra-structure for day to day lab
  operation
• Establishing and communicating lab time for
  clinical courses and open lab hours
• Developing a Policy and Procedure manual for lab
  operations
• Establishing a faculty requisition schedule to
  order supplies and equipment for lab activities
• Student/Faculty Lab expectations/orientation
• Literature Review

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Conferences

• Grant writing workshop
• Grants 101 Professional Grant Proposal Writing
• www.grantinstitute.com
• FITNE Simulation Conference
• Developing network of contacts related to
  technology and simulation

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Creating a buzz

• Faculty Resource and Development Committee (FRAD)
• Tech Fair to overview new technologies to enhance
  teaching strategies
• Licensing agreements
• Clinical equipment
• Electronic Health Record
• Computerized manikins
• Handheld Personal Data Assistance

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Collaborative Activities

• Introduction at College of Health Professions
  (CHP) Retreat
• Inclusion on McAuley School of Nursing Meeting
  Agenda throughout year
• Chair of Grant Taskforce within the CHP
• Faculty in Second Degree Option Program
• Developing network of internal/external contacts
  related to technology and simulation

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2006-2007

• National Institute of Health Webcast e-filing
• Annual Health Resources and Services
  Administration Technical Assistance workshop
• Registering for Federal Grants
• www.grants.gov
• Submission of HRSA grant - 2006
• Pursuit of funding opportunities
• Foundations
• Letters of Intent

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2006-2007

• Investigation and acquisition of equipment
• Integration of vital-sim manikins into curriculum
  
• Development and implementation of training
  activities related to new equipment
• Site visits to area Universities, Colleges and
  Community Colleges
• Survey of Faculty Lab Utilization Satisfaction
• Membership in International Nursing Association
  for Clinical and Simulation Learning
• www.inacsl.org

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2006-2009

• Social networking
• Twitter
• 140 character tweet
• Linkedin
• Useful for finding contractors to identify
  people in companies you are planning on doing
  business with
• Youtube
• Great way to provide information to prospects

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2006-2009

• Online announcements/resources
• notifier07_at_grants.gov
• Grants.gov Opportunities Posting Update
• Institute for Healthcare Improvement
  ltupdates_at_ihi.ccsend.comgt 
• http//findanetwork.hrsa.gov/
• a new online tool to assist interested parties in
  locating information about Health Center
  Controlled Network (HCCN) resources.

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Getting Started

• The Idea
• Funding
• The Business Plan

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The Idea

• The Driving Force of the project

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The Idea

• Creation of a Maureen A. Fay Teaching Learning
  Center within the College of Health Professions

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Resources Available or Needed

• Know your organization
• Expertise
• May be internal or external
• Advancement Office
• Consultant
• Workshops
• Funding
• Endowments
• Alumni
• Organizational Initiatives

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SWOT Analysis
Strengths Weakness
Opportunities Threats
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The Idea

• Defining the project scope
• Who will the project involve
• Timeframes
• Resources available /or needed

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The Idea

• What are the project goals?
• How will the goals be achieved?
• What benefits will come from achieving the goals?

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Goals

• Teaching Learning Space Expansion To expand the
  clinical laboratory practice space to accommodate
  the growing student population class size in all
  CHP programs.
• Simulation To integrate leading edge technology
  into our clinical curriculum through acquisition
  of computerized life-like simulation equipment
  and web-based digital recording equipment to
  enhance student-centered-learning through
  synchronous, asynchronous and distance learning
  experiences.
• Informatics To integrate informatics literacy
  components across the curricula of the CHP by
  forming partnerships with an electronic health
  record company, a point-of-care medical resource
  technology company and healthcare systems in the
  Metropolitan Detroit area

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Expected Benefits

• Meet the clinical practice/assessment space needs
  of our students and
• Provide recruitment advantages in establishing a
  reputation for technological leadership in the
  areas of simulated learning and informatics
  literacy.
• Provide faculty with dynamic pedagogical
  strategies to invigorate curricula.

• Position our graduates to be leaders in the
  areas of workforce design and interdisciplinary
  informatics utilization in healthcare once they
  enter into practice.
• Enhance all aspects of curricula within the
  College of Health Professions
• Prepare our graduates to be leaders in the
  ever-changing healthcare field.

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Collecting Quotes Renovation

• IT infrastructure
• Wired and wireless capacity
• Smart carts
• Smart boards
• Digital recording
• Duplication equipment
• Blackboard interface

• Architect
• Floor plan design
• Security
• Lighting
• Storage
• Electrical outlets
• Heating cooling
• Support from vendor for planning

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Quotes Technology

• Simulators, Warranties, Scenario programs
• Adult
• Pediatric
• OB/GYN
• Adjunct equipment to support simulations
• Electronic Health Record licensing contract
  support
• Point-of-care licensing contract hardware costs
• Digital Recording , duplication storage
  equipment

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Quotes Manpower

• Training costs
• Transportation, hotel, meals
• Work Release for development of scenarios
  workshop development
• Funded line for lab technician (FTE)
• IT support costs

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Timeframes for Quotes

• Most vendors will honor quotes for 90 days!
• Federal Grants take 6 months for approval
• Foundations may have an annual window for
  reviewing/approving applications
• Board of Directors or Presidents Council may meet
  quarterly

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Timeframe Planning

• Tools
• Microsoft Project
• Gantt chart

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Gantt Chart

• A Gantt chart allows you to plan for how long a
  project should take.  
•  A Gantt chart lays out the order in which tasks
  need to be addressed.  
•  
• A Gantt chart helps manage the dependencies
  between tasks.   

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Gantt Chart cont

• A Gantt chart allows you to see immediately what
  should have been achieved at a point in time.   
• A Gantt chart allows you to see how remedial
  action may bring the project back on course

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Gantt Chart
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Gantt Chart
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Funding Sources

• Which venue make the most sense for your project?
• Organizational funds
• Federal grant www.grants.gov
• State grant
• Foundation grant www. guidestar.org
• Review 990s
• Private donor
• Industry partner

36
Funding Sources

• Build a relationship with the funding source

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General Elements of a Business Plan

• Market and Industry Analysis
• Company Structure
• Product or Service Description
• Marketing Plan
• 3-year Financial Projections per lending
  guidelines
• Executive Summary

• Describe the current problem/issue that your
  project will address.
• Define the beneficiaries and expected
  accomplishments.
• Identify the necessary resources and barriers to
  implementation.
• Timeline
• Describe how you will evaluate whether your
  project has created an improvement.

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Writing

• Letter of Intent
• Full proposal

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Letter of Intent

• Funding source guidelines
• Get their attention with your creative idea
• Discuss how your project is a match to their
  funding preferences
• Funds requested
• In-kind funding
• Be succinct
• Dont use jargon
• Maximum 1 to 2 pages in length

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Writing

• Goals objectives
• Background
• Renovation
• Informatics
• Simulation
• Technical support
• Expected Benefits

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Writing

• Be passionate
• Utilize the literature to support your discussion
• Describe your student curriculum
• Describe challenges that education faces in
  preparing students for the workforce
• Stress how the funding will overcome these
  barriers

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Writing

• Budget
• Excel file
• Budget Justification
• Other Funding Sources
• On-going Expenses
• 3 year projection

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Budget Justification

• Renovation of Maureen A. Fay Center Space
• IT Infrastructure and Equipment
• Infrastructure
• Digital recording and duplication equipment
• Simulation Equipment
• Electronic Health Record Contractual agreements
• PDA equipment and Software
• Equipment and supplies for Simulation rooms and
  Assessment lab
• Acute care Ancillary equipment
• Disposable Medical Supplies
• Office Supplies
• Personnel Expenses
• Simulation Instructional Technician
• ITS Computer Services
• Total project costs

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Budget Formatting Federal grants

• A. Key Personnel appointments
• Calendar academic months
• Salary
• Fringe benefits (34)
• B. Other Personnel
• Post doctoral Associates
• Graduate students
• Undergraduate students
• Secretarial/ clerical
• other
• C. Itemize Equipment exceeding 5000.00
• D. Travel

• E. Participant/training support costs
• F. Other Direct costs
• Consultants
• Supplies
• Materials/supplies
• Publication costs
• Rental fees
• Computer services
• G. Total Direct costs (A thru F)
• H. Indirect costs (8)
• Next funding period
• Cumulative total (A thru H)

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Executive Summary

• Begin writing when you are half way through
  developing your proposal. Finish after you have
  completed the proposal.
• Develop a one page synopsis of the key points of
  the business plan. Its purpose is to explain the
  fundamentals of the proposal in a way that both
  informs and excites the reader.

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Executive Summary cont

• Write with the intended reader in mind.
• The best executive summary, and the plan itself,
  shows an understanding of what issues and
  questions are important to the reader and
  addresses them in a straightforward and
  comprehensive manner.
• Conclude the executive summary with the purpose
  of the business plan

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Proposal Assembly

• Table of Contents Appendices
• Assist the reader find the information you have
  developed

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Thank you!

• Questions??????