Formulating a Business Plan and Finding Funding Suzanne Guzelaydin MS, RN

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

2. 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

4. Business Plan Freeware • Channel Contents • FreeExl-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. • FreeCashflow 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). • FreeOnline Strategic Plannerfor compiling a 2-3 page strategic business plan. • FreeOnline Business Plannerfor developing a 5-6 page outline of a comprehensive business plan. • FreeOnline Financial Plannerfor generating high-level, first-cut five-year projections of income statements, cashflows and balance sheets. • FreeBusiness Plan eGuides, compilation of papers on business planning matters.

5. 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 con’t • 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.

7. Market and Industry Analysis& Organization Structure Background 2005-2008

8. 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

9. 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

10. 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

11. 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

12. 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

13. 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

14. 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

15. 2006-2009 • Online announcements/resources • notifier07@grants.gov • Grants.gov Opportunities Posting Update • Institute for Healthcare Improvement <updates@ihi.ccsend.com>  • 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 • The Idea • Funding • The Business Plan

17. The Idea • The Driving Force of the project

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

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

20. SWOT Analysis

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

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

23. 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

24. 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. Expected Benefits

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

26. 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

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

28. 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

29. Timeframe Planning • Tools: • Microsoft Project • Gantt chart

30. 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.   

31. Gantt Chart con’t • 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

32. Gantt Chart

33. Gantt Chart

35. 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 990’s • Private donor • Industry partner

36. Funding Sources • Build a relationship with the funding source

37. 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. General Elements of a Business Plan

38. Writing • Letter of Intent • Full proposal

39. 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 • Don’t use jargon • Maximum 1 to 2 pages in length

40. Writing • Goals & objectives • Background • Renovation • Informatics • Simulation • Technical support • Expected Benefits

41. 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

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

43. 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:

44. 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) Budget Formatting: Federal grants

45. 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.

46. Executive Summary con’t • 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

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

48. Thank you! Questions??????