The Business Plan Stephen H. Thomas MD MPH

Disclosures Nature of RelationshipSelf Spouse/ Partner List Name(s) of Commercial Entity(ies)Product or service the entity provides Clinical condition related to this product or service EXAMPLE X  XYZ Pharma, Inc.AntibioticInfection Advisory Board X   UCB Pharma, Inc.SeizureAED Consultant X   Baxter HealthcareSubcutaneous infusionDehydration Grant Recipient X X   MedEvac Foundation Intl Nanomed Grant support Microneedle HEMS research Drug administration

Physicians as business people: Hospital administrators’ perception

BP discussion points DefinitionComponents Audience Presentation

General reference

Focused reference

Definition Outlines product: Justification Development Deployment Returns

General characteristics Presents plan for profitably meeting a need Accurate, succinct, attractive Assesses the present; projects future Logically presents & justifies: – Initial and ongoing resource requirements – Marketing decisions and customer demand – Financial projections (e.g., ROI) Starts broad, focuses as move through plan

Specific components Cover page Table of Contents Executive Summary Business Description Business Environment Industry Background Competitive Analysis References Regulatory Issues Market Analysis Marketing Plan Operations Plan Management Summary Financial Plan Pro Forma Attachments Milestones Figures

BP as a document

Written BP: Be clean Quality logo/graphics ◊ Binders, not staples ◊ Length <40 pages ◊ Speling counts ◊ Convey care

Executive Summary 1-2 pages Sell the project Outline: – Opportunity – Proposal’s edge – “So what” – Current operation – Forecasting – “Ask” details – ROI – Timelines

Overview More detailed summation of project Unnecessary if use long Executive Summary Referenced, fleshed-out version of ES Pseudo-“Introduction” to ES as “Abstract”

Appendix

Background Establish need/problem Paint picture of industry Advantages to your “fix” “So what?”

Markets Document claims Make realistic projections – Growth rates – Resource requirements

Methods Ideas or materials Products or services

People Summarize management group – Qualifications – Planned contributions – Commitment to the project Emphasize team’s strengths Address weaknesses (& strategy)

Operations Show that details have been considered Determine breakeven point Do the number-crunching yourself

Anticipated results Balance enthusiasm with realism Worst-case Likely Best-case

The pro forma

What are the residency costs in FY2015? The pro forma

Dashboard Focus on BP assumptions’ accuracy Test hopes/assumptions with real-world data BP as a “learning plan” Dashboarding prevents complacency

Timeline & Budget

References

Presentation “Anyone can spin a plausible yarn about their pet project.” Tailor approach to audience Viewpoints: producer, market, investor