Finding Funding in
Uncertain Times.
Formulating a Business Plan and
Finding Funding
Suzanne Guzelaydin MS, RN
Simulation Practice Technology Integration Center Coordinator
Business plan
 Google
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come up in a basic search

Google medical simulation business plan and
194,000 items appear in the search.
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Business Plan Freeware
 http://www.planware.org/businessplanfreeware.htm
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,
matters.
compilation of papers on business planning
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
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.
Market and Industry Analysis
& Organization Structure
Background
2005-2008
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
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
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
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
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
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
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
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.
Getting Started
The
Idea
Funding
The
Business Plan
The Idea
The
Driving Force of the project
The Idea
 Creation
of a Maureen A. Fay Teaching
Learning Center within the College of
Health Professions
Resources Available or Needed
 Know
your organization
– Expertise
» May be internal or external
» Advancement Office
» Consultant
» Workshops
– Funding
» Endowments
» Alumni
» Organizational Initiatives
SWOT Analysis
Strengths
Weakness
Opportunities
Threats
The Idea
Defining
the project scope:
– Who will the project involve
– Timeframes
– Resources available +/or needed
The Idea
What
are the project goals?
How will the goals be achieved?
What benefits will come from
achieving the goals?
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
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.


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 everchanging healthcare field.
Provide faculty with dynamic
pedagogical strategies to
invigorate curricula.
Collecting Quotes: Renovation
 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
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
Quotes: Manpower
Training
costs
– Transportation, hotel, meals
Work Release for development of
scenarios & workshop development
Funded line for lab technician (FTE)
IT support costs
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
Timeframe Planning
Tools:
–Microsoft Project
–Gantt chart
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.
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
Gantt Chart
Gantt Chart
Funding Sources
 Which
venue make the most sense for your
project?
»Organizational funds
»Federal grant: www.grants.gov
»State grant
»Foundation grant: www.
Review 990’s
»Private donor
»Industry partner
guidestar.org
Funding Sources
Build
a relationship with the funding source
General Elements of a Business Plan

Market and Industry Analysis

Company Structure

Describe the current
problem/issue that your project
will address.

Define the beneficiaries and
expected accomplishments.

Product or Service Description

Marketing Plan

Identify the necessary resources
and barriers to implementation.

3-year Financial Projections per
lending guidelines

Timeline

Describe how you will evaluate
whether your project has
created an improvement.

Executive Summary
Writing
Letter
of Intent
Full proposal
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
Writing
 Goals
& objectives
 Background
– Renovation
– Informatics
– Simulation
– Technical support
 Expected Benefits
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
Writing
Budget
– Excel file
– Budget
Justification
Other Funding
Sources
On-going Expenses
– 3 year projection
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:
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)
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.
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
Proposal Assembly
Table
Assist
of Contents & Appendices
the reader find the
information you have developed
Thank you!
Questions??????