Business plans, financial management

The business plan is a formal proposal for action, to be presented to the management and the finance department, to persuade them to authorize the project. The business plan should summarize the reasons behind this proposal, the actions proposed, together with the financial and other consequences. There are many possible formats for the business plan for a particular product, but the essential features are outlined here (Bangs 2002) ... 

There should be an oral presentation towards the end of the semester to the management (which is your classmates, the professor, and the invitees) on your business plan for a proposed new product on the innovative product idea, on market and technology analysis, on the financial and environmental analysis, and on your recommended action. Be prepared to answer searching questions from your management, and to hear constructive comments intended to improve your research, your analysis, your recommendation, and your presentation skills. If time permits, it would be useful to take all the comments and constructive suggestions into consideration, and make a second oral presentation. The product design project concludes with the submission of a written report, which would be in parallel with the traditional process design project. 

Business plan competitions are now a weU-proven tool for surfacing ideas for new businesses in both a regional and a corporate context (Fig. 9.3). In one American life sciences company, for example, 1000 ideas were generated. These were turned into 100 business plans, of which 56 received seed funding. In a business plan competition, participants develop a fuUy-fledged business plan, usually in three phases from the initial description of the business idea to concrete details such as the appointment of the management team and a financial plan (Fig. 9.4). 

This ensures that the company s financial and human resources are only invested in high quality business plans. The professionals in question will include top managers, and, if a technology-related plan relies on expertise foreign to the company, the relevant external opinion leaders need to be involved. 

For director of pharmacy services, five to seven years of experience are often required in a similar health system. Additional education and training, such as an advanced residency in pharmacy management or a masters degree in business administration, are often preferred or required. Ability to manage resources, personnel, planning, financial, and interprofessional relationships with good communication skills are often required. 

In the specific implementation of a safety audit project, safety audit project leader should be fully aware of the following circumstances, an initid assessment of the importance of this safety audit and audit risk (1) ask the audited entity related personnel and related management (2) access to the audited entity s operations manual, the internal control manual and other information (3) access to the audited entity annual production and safety plans, financial budget and other documents (4) check the safety activities or safety issues certificates and records (5) examine the audited unit production, business activities and the implementation of internal control (6) select the number of safety events to be tested. 

Most safety professionals get involved in budgeting at some time in their careers. They will be more successful in such endeavors if they are informed about the organization s business plan and of the basics of financial management. 

A profit center is an organizational unit responsible for the generation of revenue and the control of costs. It is expected to achieve the financial goals set forth in its business plan. Doing so or not doing so determines salaries, bonuses, and promotion potential. Profit center managers are held accountable for maximizing profits in their sphere of influence. 

DESIGNED and MANAGED a fee-based financial planning system incorporating investment, fringe benefits, business continuation, and estate planning. 

Sam Bell has been able to increase prescription volume and is selective about the plans that he accepts. He uses a third-party network for some aspects of his business management. A financial analysis to determine which plans to accept would be beneficial rather than simply using 90-day supply as the key criterion (Table 17-5). 

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