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

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Presentation on theme: "Formulating a Business Plan and Finding Funding Suzanne Guzelaydin MS, RN Simulation Practice Technology Integration Center Coordinator Finding Funding."— Presentation transcript:

1 Formulating a Business Plan and Finding Funding Suzanne Guzelaydin MS, RN Simulation Practice Technology Integration Center Coordinator Finding Funding in Uncertain Times.

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

3 Business Plan Freeware u

4 Business Plan Freeware u 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.Exl-Plan Free –Free Cashflow Plan Free, an Excel-based, business cash flow planner with roll-forward facility for short-term projections.Cashflow Plan Free –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-Plan (Biz-Plan) –Free Online Strategic Planner for compiling a 2-3 page strategic business plan.Online Strategic Planner –Free Online Business Planner for developing a 5-6 page outline of a comprehensive business plan.Online Business Planner –Free Online Financial Planner for generating high-level, first-cut five-year projections of income statements, cashflows and balance sheets.Online Financial Planner –Free Business Plan eGuides, compilation of papers on business planning matters.Business Plan eGuides

5 General Elements of a Business Plan u Market and Industry Analysis u Company Structure u Product or Service Description u Marketing Plan u 3-year Financial Projections per lending guidelines u Executive Summary

6 Elements of a Business Plan con’t u Define the beneficiaries and expected accomplishments. u Identify the necessary resources and barriers to implementation. u Timeline u Describe the current problem/issue that your project will address. u Describe how you will evaluate whether your project has created an improvement.

7 Market and Industry Analysis & Organization Structure Background

8 Background: u 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 u Literature Review

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

10 Creating a buzz u Faculty Resource and Development Committee (FRAD) u Tech Fair to overview new technologies to enhance teaching strategies: –Licensing agreements –Clinical equipment –Electronic Health Record –Computerized manikins –Handheld Personal Data Assistance

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

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

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

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

15 u Online announcements/resources »Grants.gov Opportunities Posting UpdateGrants.gov Opportunities Posting Update –Institute for Healthcare Improvement –http://findanetwork.hrsa.gov/http://findanetwork.hrsa.gov/ »a new online tool to assist interested parties in locating information about Health Center Controlled Network (HCCN) resources.

16 Getting Started u The Idea u Funding u The Business Plan

17 The Idea u The Driving Force of the project

18 The Idea u Creation of a Maureen A. Fay Teaching Learning Center within the College of Health Professions

19 Resources Available or Needed u Know your organization –Expertise »May be internal or external »Advancement Office »Consultant »Workshops –Funding »Endowments »Alumni »Organizational Initiatives

20 SWOT Analysis StrengthsWeakness OpportunitiesThreats

21 The Idea u Defining the project scope: –Who will the project involve –Timeframes –Resources available +/or needed

22 The Idea u What are the project goals? u How will the goals be achieved? u What benefits will come from achieving the goals?

23 Goals u Teaching Learning Space Expansion: To expand the clinical laboratory practice space to accommodate the growing student population class size in all CHP programs. u 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. u 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

24 Expected Benefits u Meet the clinical practice/assessment space needs of our students and u Provide recruitment advantages in establishing a reputation for technological leadership in the areas of simulated learning and informatics literacy. u Provide faculty with dynamic pedagogical strategies to invigorate curricula. u Position our graduates to be leaders in the areas of workforce design and interdisciplinary informatics utilization in healthcare once they enter into practice. u Enhance all aspects of curricula within the College of Health Professions u Prepare our graduates to be leaders in the ever- changing healthcare field.

25 Collecting Quotes: Renovation u Architect –Floor plan design –Security –Lighting –Storage –Electrical outlets –Heating & cooling –Support from vendor for planning u IT infrastructure –Wired and wireless capacity –Smart carts –Smart boards –Digital recording –Duplication equipment –Blackboard interface

26 Quotes: Technology u Simulators, Warranties, Scenario programs –Adult –Pediatric –OB/GYN u Adjunct equipment to support simulations u Electronic Health Record licensing contract & support u Point-of-care licensing contract & hardware costs u Digital Recording, duplication & storage equipment

27 Quotes: Manpower u Training costs –Transportation, hotel, meals u Work Release for development of scenarios & workshop development u Funded line for lab technician (FTE) u IT support costs

28 Timeframes for Quotes u 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

29 Timeframe Planning u Tools: –Microsoft Project –Gantt chart

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

31 Gantt Chart con’t u A Gantt chart allows you to see immediately what should have been achieved at a point in time. u A Gantt chart allows you to see how remedial action may bring the project back on course

32 Gantt Chart

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35 Funding Sources u Which venue make the most sense for your project? »Organizational funds »Federal grant: »State grant »Foundation grant: www. guidestar.org u Review 990’s »Private donor »Industry partner

36 Funding Sources u Build a relationship with the funding source

37 General Elements of a Business Plan u Market and Industry Analysis u Company Structure u Product or Service Description u Marketing Plan u 3-year Financial Projections per lending guidelines u Executive Summary u Describe the current problem/issue that your project will address. u Define the beneficiaries and expected accomplishments. u Identify the necessary resources and barriers to implementation. u Timeline u Describe how you will evaluate whether your project has created an improvement.

38 Writing u Letter of Intent u Full proposal

39 Letter of Intent u Funding source guidelines u Get their attention with your creative idea u Discuss how your project is a match to their funding preferences u Funds requested –In-kind funding u Be succinct –Don’t use jargon u Maximum 1 to 2 pages in length

40 Writing u Goals & objectives u Background –Renovation –Informatics –Simulation –Technical support u Expected Benefits

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

42 Writing u Budget –Excel file –Budget Justification u Other Funding Sources u On-going Expenses –3 year projection

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

44 Budget Formatting: Federal grants u A. Key Personnel: appointments –Calendar & academic months –Salary –Fringe benefits (34%) u B. Other Personnel –Post doctoral Associates –Graduate students –Undergraduate students –Secretarial/ clerical –other u C. Itemize Equipment exceeding $ u D. Travel u E. Participant/training support costs u F. Other Direct costs –Consultants –Supplies –Materials/supplies –Publication costs –Rental fees –Computer services u G. Total Direct costs (A thru F) u H. Indirect costs (8%) u Next funding period u Cumulative total (A thru H)

45 Executive Summary u Begin writing when you are half way through developing your proposal. Finish after you have completed the proposal. u 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.

46 Executive Summary con’t u Write with the intended reader in mind. u 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. u Conclude the executive summary with the purpose of the business plan

47 Proposal Assembly u Table of Contents & Appendices u Assist the reader find the information you have developed

48 Thank you! Questions??????


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