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Understand the requirements of the business plan assignment and the importance and purpose of developing a business plan: What is a business plan?
creates the roadmap to direct business at its inception, maintains the direction
List, define, and describe the key components of a business plan and their purpose(s): What is the purpose of the product/service description?
description of what wants to be done in the community/hospital
List, define, and describe the key components of a business plan and their purpose(s): What are the 3 components of the product/service description?
Major features including steps/process (intake process, billing, etc. & what are the
pharmacist/interns doing, etc)
Additional information that may help to clarify key components of product/service
List the benefits (focus primary customers)
List, define, and describe the key components of a business plan and their purpose(s): What is the purpose of the value proposition section?
explains why customers should choose your product/service over competitors
List, define, and describe the key components of a business plan and their purpose(s): What is included in the value proposition section regarding the the business?
brief discussion of “additional features” that make business stand out for primary customers ⇒ Promise to your customers
List, define, and describe the key components of a business plan and their purpose(s): What is the purpose of the organizational operations section?
information about the organization/business where services will be provided
List, define, and describe the key components of a business plan and their purpose(s): What is included in the organizational operations section?
Name, Location, Type of business, Mission/vision, Ship w/ community, Services/products/individuals involved, Other relevant information
List, define, and describe the key components of a business plan and their purpose(s): What is the purpose of SWOT Analysis?
To review internal and external factors related to the business
List, define, and describe the key components of a business plan and their purpose(s): What are the 3 sections of the SWOT Analysis?
strength and weaknesses
opportunities
threats
List, define, and describe the key components of a business plan and their purpose(s): What is written in the Strength and Weakness section of the SWOT Analysis?
Focuses on staff skills, support from the organization, facilities to provide the service, availability of internal resources, and technological resources
List, define, and describe the key components of a business plan and their purpose(s): What is written in the Opportunities section of the SWOT Analysis?
Potential referral sources, payers for the services, and patients in the community that need this service
List, define, and describe the key components of a business plan and their purpose(s): What is written in the Threats section of the SWOT Analysis?
competitors, both current & future
Compare, contrast, and identify between primary and secondary customers and how a business’s value proposition impacts them
Primary customers: Most important; especially if competition exists ⇒ specific target population (may use or make a customer persona)
Secondary Customers:
Served by your product/service, not “early adopters” or are harder to target
May also tangentially benefit from the service/product ⇒ Job made easier by your service OR May benefit from your product without paying for it
“Add-on” service
State when a customer persona may be used and why
Need to be stated in the value proposition section of the business proposition (also called primary customer)
Compare and contrast between partners and competitors (inter and intra) and be able to identify each: What is the difference between partners and competitiors?
Partners are those you work with inside and/or outside the organization. Competitors are those who make a product comparable to yours and risk taking away your customers.
Compare and contrast between partners and competitors (inter and intra) and be able to identify each: What is the difference between intra-type and inter-type competitors?
Intra: offer same or similar product/service you are
Immediate competitors and should focus on them
list them out in relation to how far away they are to your location
If they're similar in service, notable features of their business
Inter: offer distinctly different product/service that meets a similar need
Identify and describe the following: pro forma income statement, breakeven analysis, and return on investment including the calculations used for these analyses: What is the definition of a pro-forma income statement?
an estimate of money on hand/coming in (income) + costs/expenses (liabilities) over a period of time
Identify and describe the following: pro forma income statement, breakeven analysis, and return on investment including the calculations used for these analyses: What would be requirements are there for the business plan’s pro-forma income statement?
Can estimate using the template in the instructions
Developing your own statement with all required elements
Use a one-year time frame in completing your estimates, may need to calculate additional years
to show profitability
Identify and describe the following: pro forma income statement, breakeven analysis, and return on investment including the calculations used for these analyses: What is the final pro forma calculation?
estimated net profit for the year:
income - expenses = net profit (projected)
Identify and describe the following: pro forma income statement, breakeven analysis, and return on investment including the calculations used for these analyses: What is the purpose of the break even analysis?
used to determine when your business/service will be able to cover all expenses
need to estimate how many “units” you need to sell (pt visits, encounters, etc)
Identify and describe the following: pro forma income statement, breakeven analysis, and return on investment including the calculations used for these analyses: What is included in the break even analysis?
estimated month when profits exceed losses or
estimated time when you will pay off all startup costs and previous uncovered losses
Identify and describe the following: pro forma income statement, breakeven analysis, and return on investment including the calculations used for these analyses: What is the equation for break even point?
BEP = total fixed costs/margin
margin = diff btwn what you charge someone for the service - cost to provide service
Identify and describe the following: pro forma income statement, breakeven analysis, and return on investment including the calculations used for these analyses: What is the return of investment (ROI)?
a calculation that estimates the amount of profit/loss in relation to initial investment
helps business inform investors how much value came out of their initial investment
Identify and describe the following: pro forma income statement, breakeven analysis, and return on investment including the calculations used for these analyses: What is the equation for return of investment (ROI)?
ROI = (gain from investment - cost of investment) / cost of investment
Identify and describe the following: pro forma income statement, breakeven analysis, and return on investment including the calculations used for these analyses: It is profitable when ROI >/</= 1?
> 1
Identify and describe the following: pro forma income statement, breakeven analysis, and return on investment including the calculations used for these analyses: What goes into cost of expenses for a business?
fixed costs: remodeling, CE/training, certification, licensure, equipment, educational materials
variable costs: salary, supplies, benefits, retraining, recertification, marketing material
Identify and describe the following: pro forma income statement, breakeven analysis, and return on investment including the calculations used for these analyses: Compesation/reimbursement may be determined by….
your location