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Business Plans for NursesBusiness Plan

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Business Plan II

Operating Budget

START UP AND OPERATING BUDGET

START UP -- PROJECT LAUNCH

EXPENSES

Wages & Salaries

Project Manager - .15 FTE (indirect)

Project Manager

Equipment

Laptop

Printer (WiFi enabled, Multifunctional)

MS Office Suite software

Smartphone

LCD projector

Business services

Umbrella liability insurance

Cellphone service plan

Internet connectivity

In-kind

Supplies & maintenance

Printer cartridges, printer paper, desk accessory items (writing implements, etc.)

Travel

Meetings w / potential training participants

TOTAL START UP EXPENSES

$10,000

Wages & Salaries

Project Manager - .15 FTE (indirect)

$3,000

Project Manager

$450

Business services

Umbrella liability insurance

$350

Cellphone service plan

$600

Internet connectivity

In-kind

Supplies & maintenance

Printer cartridges, printer paper, desk accessory items (writing implements, etc.)

$250

Travel to conferences

$350

TOTAL EXPENSES YR2

$5,000

YEAR 3

Wages & Salaries

Project Manager - .15 FTE (indirect)

$3,000

Project Manager

$450

Business services

Umbrella liability insurance

$350

Cellphone service plan

$600

Internet connectivity

In-kind

Supplies & maintenance

Printer cartridges, printer paper, desk accessory items (writing implements, etc.)

$250

Travel to conferences

$350

TOTAL EXPENSES YR3

$5,000

YEAR 4

Wages & Salaries

Project Manager - .15 FTE (indirect)

$3,000

Project Manager

$450

Business services

Umbrella liability insurance

$350

Cellphone service plan

$600

Internet connectivity

In-kind

Supplies & maintenance

Printer cartridges, printer paper, desk accessory items (writing implements, etc.)

$250

Travel to conferences

$350

TOTAL EXPENSES YR4

$5,000

YEAR 5

Wages & Salaries

Project Manager - .15 FTE (indirect)

$3,000

Project Manager

$450

Business services

Umbrella liability insurance

$350

Cellphone service plan

$600

Internet connectivity

In-kind

Supplies & maintenance

Printer cartridges, printer paper, desk accessory items (writing implements, etc.)

$250

Travel to conferences

$350

TOTAL 5-YEAR EXPENSES

TOTAL EXPENSES YR5

$5,000

REVENUE

START UP -- PROJECT LAUNCH

Federal VA Grant

$8,500

In-kind

Office space

$800

Internet connectivity

$700

TOTAL REVENUE

$10,000

YEAR 2

Federal VA Grant

$4,500

In-kind

Office space

$800

Internet connectivity

$700

Training Contracts

$4,000

TOTAL REVENUE

$10,000

YEAR 3

Federal VA Grant

$4,500

In-kind

Office space

$800

Internet connectivity

$700

Training Contracts

$4,000

TOTAL REVENUE

$10,000

YEAR 4

Federal VA Grant

$4,500

In-kind

Office space

$800

Internet connectivity

$700

Training Contracts

$4,000

TOTAL REVENUE

$10,000

YEAR 5

Federal VA Grant

$4,500

In-kind

Office space

$800

Internet connectivity

$700

Training Contracts

$4,000

TOTAL REVENUE

$10,000

TOTAL 5-YEAR REVENUE

$50,000

Resources

One key individual will manage the project, reporting to her supervising nurse, who reports to the hospital administrator. An advisory board will be established, consisting of both internal and external professionals. The department the project manager works for will be the same department that oversees the project as an integral function of the hospital for the pilot year.

The project activities take place primarily in community buildings or in the facilities of clients, where training rooms can usually be occupied without cost. This means that training space is not a line item in the budget. The working office space for producing marketing collateral and communicating with project participants through email and smartphone can be shared space in the Perry Point VA Medical or a similar healthcare facility. Alternately, a home office can serve as working office space. However, using space in the Veterans Administration facility will result in an in-kind line item under revenue on the project budget.

The equipment needed for this project consists of typical office computing set up: 1) laptop, which is preferable to a desktop computer as it can be taken to the training sites; 2) printer; 3) Microsoft Office Suite software or an open source alternative; 4) printer paper and printer cartridges; 5) cellphone; and LCD projector.

Marketing Strategies

The project will be marketed primarily through professional associations and organizations, specifically targeting healthcare administrators, nurses, and the Veterans Administration. The primary target market segment is professionals working in facilities that serve patients at high risk for pressure ulcers. For the project launch, this target market segment is administrators, supervising nurses, and wound care specialists at Perry Point VA Medical Center in Perry Point, Maryland.

The secondary target market segment is professionals in organizations that are concerned with the quality of patient care as one of their fundamental professional responsibilities. Most healthcare professionals organizations hold annual state-level or national conferences and most hold local or regional workshops. For the pilot year of the project, marketing will focus on local and regional associations, organizations, and healthcare facilities. Letters of introduction and print marketing collateral will be sent to these target market segments.

The marketing activities will be conducted by a part-time communications specialist or a student recruited from a local college or university. Optimally, marketing support services will be obtained from a non-profit organization with a mission to provide business support to not-for-profit programs and projects that benefit the community. Communication with these marketing support resources will be accomplished via telephone calls or emails. The project manager will conduct online searches to identify potential resources that appear to be a good match to the project's purpose. Should volunteer support be provided by a college, university, or a non-profit business support agency, the services will be treated as in-kind in the project budget.

Funding

The healthcare topic of pressure ulcers receives a great deal of attention from medical practitioners and clinicians. For this reason, funding may be more available for this practice problem than other training topics. Funding is expected to be available in the form of grants, in-kind support, and operations. The federal government offers a number of annual grants related to Veterans Administration activities. Since the project pilot will be conducted in a hospital operated by the Veterans Administration, the project manager anticipates seeking funding from federal grants for Veterans Administration and other publicly funded hospitals. The project is expected to attract in-kind funding from the hospitals and nursing homes in which the training is conducted. Moreover, as stated in the marketing strategies section, in-kind support from a non-profit, college, or university for the development of marketing collateral and outreach to the target market segment is anticipated.

Although the project functions as a self-supporting project, the training activities will create a revenue stream. One objective is to establish ongoing contracts with hospitals and other healthcare facilities that will be renewed annually in order to provide training to newly hired staff. Since the project manager will contribute only .15 FTE of indirect care hours to the project, the number of trainings that can be provided each month are limited. During the pilot year, the project anticipates that 4 trainings will be offered and occur on a quarterly basis. In subsequent years, the number of trainings may increase to 12, one per month, depending on interest, the outcomes of the pilot year, and the project scope modifications due to resource management.

Project Risks and Challenges

The project will utilize evidence-based research and will conduct before / after competency testing for participants. Because of the solid training program and the routine testing of participants, the project should not need to carry any liability insurance. However, if the shared community meeting rooms are released for training under hold harmless conditions, the project may wish to carry an umbrella liability policy.

When conducting a training project, there is always a possibility of the participants cancelling training for any number of reasons. Unless the training is provided under an agreement that safeguards the project staff from absorbing the cost of materials produced specifically for the scheduled training, the project may experience sunk costs. The risks associated with scheduling changes and cancellations of training can be addressed by a simple contractual agreement between the project manager and the agencies or people who agree to schedule, host, and participate in the trainings.

The most substantive challenges to the project are anticipated to be scheduling new trainings and meeting the timeframes that participants prefer. By building a training calendar several months in advance, the project manager will be able to provide optional dates and locations -- and resist the pressure to schedule a training that does not fit well with the available resources or the overall scheduling restraints.

Project Timeline

Project Activity

Project Year/

Month

Responsible

START UP

Meet with stakeholders to (VA hospital administrators, supervising nurses, wound specialists) to introduce the project and discuss funding options

YR1 - May

Project Manager, Stakeholders

Identify and contact professionals to serve as members of an Advisory Board for the project.

YR1 - May

Project Manager

Conduct research on federal grants for VA hospital related activities, and other sources of funding as suggested by the Advisory Board

YR1 - June

Project Manager

Write and submit federal grant

YR1 - June

Project Manager

Meet with stakeholders to pursue in-kind contributions of office space, internet connectivity,

YR1 - June

Project Manager, Stakeholders

Meet with stakeholders to establish a tentative schedule of trainings

YR1 - June

Project Manager, Stakeholders

Purchase project office and communications equipment

YR1 - June

Project Manager

Establish office and set up equipment

YR1 -- July

Project Manager

Initiate contact with non-profit agencies, colleges, and universities to obtain marketing strategy and marketing promotion support

YR1 - August

Project Manager

Commence… [END OF PREVIEW]

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