If so, it’s time to get down to business and get your business plan developed, polished and perfected for the ADA VSC 2014 Business Plan Competition.
Contestants who are invited to the second round will be required to submit a complete written business plan using SBA guidelines (this will be due July 7th). There will be 12 semi-finalists and five finalists. Finalists will receive an all-expense paid trip to the ADA 2014 Annual Convention at the Red Rock Resort in Las Vegas, Nevada, November 6-9, 2014, where they will present their business plans in person.
The Grand Prize Winner will receive a $5,000 ADA cash grant to be used to advance business objectives and enhance business and leadership skills.
Business plans will be judged based on the following criteria:
- Cohesiveness throughout the document
- Professionalism and polish
Participants should register at http://www.sba.gov/business-plan/1 and create a business plan, utilizing this template and format.
Please contact Stephanie Czuhajewski at firstname.lastname@example.org for more information about the ADA Business Plan Competition.
GuidelinesPrior to submitting your application/intent to participate, please review eligibility requirements and submission guidelines. The letter of intent to submit must be completed no later than 5:00 p.m. EDT on Monday, April 7, 2014. The system will close at 5:00 p.m. EDT, and no applications can be submitted after that deadline.
|Friday, May 16th||Executive Summary Due|
|Friday, May 30th||Second Round Participants Notified to Submit Full Business Plan|
|Monday, July 7th |
by 5:00 pm EDT
|Deadline to submit Written Business Plan online.|
|Monday, July 21st ||Notification of Semifinalists|
|July 22 – August 9 ||Interviews and Feedback to Semifinalists|
|Monday, August 25th |
by 5:00 pm EDT
|Deadline to submit revised Written Business Plan online.|
|Friday, September 5th ||Notification of Finalists|
|Thursday, November 6th ||Presentation Practice Session|
|Saturday, November 8th ||ADA Open Student Business Plan Competition|
Use of Materials: ADA reserves the right to use material prepared for the Competition in publicizing and promoting the event. ADA may use these materials in any printed materials and any videotape or other medium that it may produce. ADA may videotape any portion of the Competition and utilize these tapes in any way that its sees fit.
Entry Fees: The ADA Business Plan Competition does not have an entry fee.
Changes to Competition Rules: While not anticipated, these rules and prizes are subject to change at the discretion of ADA. ADA and its staff and volunteers have the right to interpret these rules according to their own judgment.
Decisions regarding the Competition and the Winners: All decisions regarding the competition rules, procedures, and processes are at the sole discretion of ADA. Changes and/or interpretations of these rules may be made by the ADA any time. The decision of the participants, semi-finalists, finalists and winner are at the sole discretion of the judges and the ADA. Best efforts will be made to make decisions in accordance with this Official Rules document.
Eligibility RequirementsStudent Enrollment: The competition is for students enrolled in an Au.D. Program at an accredited university. Students must -be in their 3rd or 4th year of study during the 2014 Calendar year to be eligible. If you are a 3rd or 4th year student at any time during the calendar year, you are eligible to participate, even if you graduate prior to the competition. Students must be ADA student members in good standing.
Nature of Ventures: The ADA Business Plan Competition is for the development of new, independent audiology practices.
- Non-confidentiality: AAll sessions of the competition, including but not limited to oral presentations and question/answer sessions, are open to the public at large. Any and all of these sessions may be broadcast to interested persons through media which may include radio, television and the Internet. Any data or information discussed or divulged in public sessions by entrants should be considered information that could possibly enter the public realm, and entrants should not assume any right of confidentiality in any data or information discussed, divulged, or presented in these sessions.
Due to the nature of the competition, we are not able to ask judges, reviewers, staff, or the audience to agree to or sign non-disclosure statements. ADA cannot guarantee that other individuals will not obtain access to electronic or hard copies of the business plan. All presentations are open to attendees, and some presentations may be videotaped. Attendance by media personnel is expected.
- Copyrights & Permissions: If a contestant s use copyrighted materials and/or images from a third-party in their submissions or presentations, they must obtain permission and authorization in advance from the owners to use this material.
Written Business Plan
- Written Business Plan Submission: A complete written business plan from the confirmed second round participants will be due on or before 5:00 p.m. on Monday, July 7th (more information will be distributed to selected second-round participants).
- General Guidelines: Participants should register at http://www.sba.gov/business-plan/1 and create a business plan, utilizing this template and format.
- Contents of the Written Business Plan: your business plan should include
- Cover Page
- Executive Summary
- Company Description
- Market Research
- Product/Service Line
- Marketing & Sales
- Financial Projections
- Supporting Information
- Appendices: should be included only when they support the findings, statements, and observations in the plan. Because of the contestants participating in the competition, judges may not be able to read all the material in the appendices. Therefore, the text portion of the plan must contain all pertinent information in a clear and concise manner.
Oral PresentationsVenture presentations will take place on Saturday, November 8, 2014 at the ADA Annual Convention at Red Rock Resort and Casino in Las Vegas, Nevada.
Finalists will have 10 minutes to present, followed by a 5 minute question-and-answer session.
Equipment: Finalists should plan to bring a copy of their presentation on a zip drive or CD. The presentation room is equipped with a large-screen projector and a room PC to run the presentation. You may also connect your laptop directly to the projector to present.
Suggested Resource Materials for Review in Completing the Business PlanSmall Business Administration:
SBA - Writing a Business Plan
Audiology Business Information:
audiology.advanceweb.com/ebook/magazine.aspx?EBK=AA032111# (page 40)
journals.lww.com/thehearingjournal/toc/2006/07000 (page 10)
journals.lww.com/thehearingjournal/toc/2010/09000 (page 19)
Business Goals and Objectives:
To Incorporate or Not to Incorporate:
Plan for Practice Profitability:
The Statement of Statements:
ACME Audiology Chart of Accounts
ACME Audiology Practice Budget Worksheet
ACME Audiology Practice Cash Flow
ACME Audiology Practice Assessment Tool
ADA Basic Accounting Principles
Balance Sheets Income statements, and Statements of Cash Flow.pdf
Cash Sensitivity Analysis
Quickbooks Accounts List for LLC
Webliography Financial Management