Development of a Business Plan

Development of a Busin" rel="nofollow">iness Plan Order Description I NEED MY PAPER IN APA FORMAT WITH PROPER CITATION, REFERENCES, DOI NUMBER, PLEASE USE THE REFERENCES THAT I GIVEN Chamberlain" rel="nofollow">in College of Nursin" rel="nofollow">ing: NR-533- Fin" rel="nofollow">inancial Management in" rel="nofollow">in HC Org Development of a Busin" rel="nofollow">iness Plan (graded) The course outcome for week 7 is as follows: Formulate and evaluate a busin" rel="nofollow">iness plan for a healthcare organization. (PO 4). Reflect back on a busin" rel="nofollow">iness plan or project that you are familiar with. How well did the plan or project align with the organization’s mission, vision, and/or values? Discuss the in" rel="nofollow">influence of the mission of SLMC in" rel="nofollow">in the development of the busin" rel="nofollow">iness plan that Debbie must develop. Development of a Busin" rel="nofollow">iness Plan As we begin" rel="nofollow">in this week’s lesson, it is important to have an understandin" rel="nofollow">ing of how to develop a busin" rel="nofollow">iness plan and how a well-developed plan can benefit the fin" rel="nofollow">inancial health of an organization. Last week’s content provided some in" rel="nofollow">insights in" rel="nofollow">into the fin" rel="nofollow">inancial risk of a healthcare organization, specifically long-term fin" rel="nofollow">inancial risk. A busin" rel="nofollow">iness plan is a detailed plan for a proposed project, program, or service, which in" rel="nofollow">includes necessary in" rel="nofollow">information to evaluate the fin" rel="nofollow">inancial feasibility of the proposed venture (Fin" rel="nofollow">inkler, Jones, & Kovner, 2013). The purpose of the plan is to provide an honest overview of the in" rel="nofollow">intended venture so the decision makers who have the power to approve or deny the project can make the most in" rel="nofollow">informed decision for the organization. The nurse leader may be required to develop or participate in" rel="nofollow">in the development of a busin" rel="nofollow">iness plan for an in" rel="nofollow">intended venture. If the nurse leader is the head of a busin" rel="nofollow">iness-plan-development venture, he or she would also contact other strategic people to participate in" rel="nofollow">in this project. A busin" rel="nofollow">iness plan is not a document that is completed in" rel="nofollow">in isolation by one in" rel="nofollow">individual, but rather a collaborative effort. In addition, strategic plannin" rel="nofollow">ing by nurse leaders can help identify potential opportunities and risks that may be considered in" rel="nofollow">in the busin" rel="nofollow">iness plan. Developin" rel="nofollow">ing a busin" rel="nofollow">iness plan may be a new skill for some nurse leaders. Utilizin" rel="nofollow">ing mentors and organizational resources can be helpful to ensure that you have the necessary in" rel="nofollow">information needed for your fin" rel="nofollow">inal busin" rel="nofollow">iness-plan-project proposal. Influences In the development of a busin" rel="nofollow">iness plan, certain" rel="nofollow">in in" rel="nofollow">influences that could affect this process, such as the organizational goals, mission, philosophy, and specific strategic targets, must be considered and may in" rel="nofollow">influence the acceptance or denial of a proposed venture. For example, if one of the strategic in" rel="nofollow">initiatives for Sain" rel="nofollow">int Louis Medical Center is to develop a cardiac-care center, a busin" rel="nofollow">iness plan that has been strategically developed for this venture has a high probability of bein" rel="nofollow">ing approved. To aid acceptance of a proposed busin" rel="nofollow">iness-plan venture, showin" rel="nofollow">ing a return in" rel="nofollow">in profit within" rel="nofollow">in a few years of a new venture acceptance is helpful to the decision makers. Many new busin" rel="nofollow">iness-plan-project ventures are not typically expected to make a profit within" rel="nofollow">in the first year or two; but after a year or two, a profit should start to be realized to contin" rel="nofollow">inue with the project. Fin" rel="nofollow">inancial support for a proposed busin" rel="nofollow">iness venture can also in" rel="nofollow">influence the acceptance or denial of a project. Last week, we discussed long-term fin" rel="nofollow">inancin" rel="nofollow">ing. If a donation is made to an organization and specifically allocated for a cardiac-care center, with sustain" rel="nofollow">ined long-term fundin" rel="nofollow">ing, the busin" rel="nofollow">iness plan would most assuredly be approved. Nursin" rel="nofollow">ing expertise should be in" rel="nofollow">included in" rel="nofollow">in a project of this nature in" rel="nofollow">in which a nurse would be very much in" rel="nofollow">involved in" rel="nofollow">in the fin" rel="nofollow">inal project. Often, the nurse leader who would oversee this new venture will be in" rel="nofollow">involved in" rel="nofollow">in all steps of the process, in" rel="nofollow">includin" rel="nofollow">ing meetin" rel="nofollow">ing with the benefactor to hear the benefactor’s vision and rationale for the project, development meetin" rel="nofollow">ings, and supportin" rel="nofollow">ing various marketin" rel="nofollow">ing and promotion opportunities for the fin" rel="nofollow">inal project. However, a complete and honest busin" rel="nofollow">iness plan should still be completed, outlin" rel="nofollow">inin" rel="nofollow">ing any opportunities and risks to the project. Even though there is specified fundin" rel="nofollow">ing for the project, some aspects of the project may need to be adjusted to ensure that the project will be successful and viable within" rel="nofollow">in the organization and community, long term. Steps The overall elements of your completed busin" rel="nofollow">iness-plan proposal typically in" rel="nofollow">include a cover letter, an executive summary of the proposed project, a detailed abstract, a fully detailed analysis, and appendices as needed (Fin" rel="nofollow">inkler, Jones, and Kovner, 2013). Your textbook describes each of these elements in" rel="nofollow">in further detail. Generally, if the executive summary engages the reviewer, they will proceed to review the additional in" rel="nofollow">information provided. When reviewin" rel="nofollow">ing the specific steps to develop a busin" rel="nofollow">iness plan, one must consider the in" rel="nofollow">internal and external in" rel="nofollow">influences durin" rel="nofollow">ing the process and must clearly communicate the ability to sustain" rel="nofollow">in the project long term. This document should attempt to answer questions that decision makers may ask before they would approve the project and in" rel="nofollow">invest the needed resources. Below are some questions to consider in" rel="nofollow">in the development of a busin" rel="nofollow">iness plan. Reflection Busin" rel="nofollow">iness Plan Development Questions to Consider • What exactly is the proposed project? • How does the project align with the organizational goals, mission, and vision? • To what extent does the organization have the capabilities to undertake the project? • Where will the organization acquire the capabilities it lacks? • Will the project make or lose money? • How much money will the project make over each projected year? • Does the organization have the fin" rel="nofollow">inancial resources to undertake the project? • If the fin" rel="nofollow">inancial resources are not available to undertake the project, where can those resources be obtain" rel="nofollow">ined? • How will the new product or service be marketed? • What competitors exist, and how can the proposed product or service be distin" rel="nofollow">inguished from them? • What alternative approaches to this busin" rel="nofollow">iness plan have been considered? • Why is the proposed busin" rel="nofollow">iness-plan approach considered better than the alternatives considered? (Fin" rel="nofollow">inkler, Jones, Kovner, 2013) Often, in" rel="nofollow">individuals in" rel="nofollow">involved in" rel="nofollow">in the decision makin" rel="nofollow">ing and approval of a project may not be familiar with the project. To assist these people to have a better understandin" rel="nofollow">ing of the project and be able to make an in" rel="nofollow">informed decision, it can be helpful to group the busin" rel="nofollow">iness plan in" rel="nofollow">in three sections: the executive summary, the detailed abstract, and the fully detailed analysis. Your textbook outlin" rel="nofollow">ines the steps in" rel="nofollow">in developin" rel="nofollow">ing a busin" rel="nofollow">iness plan. Image Description Includin" rel="nofollow">ing these steps in" rel="nofollow">in your busin" rel="nofollow">iness plan will provide a comprehensive plan for the decision makers to review and make an in" rel="nofollow">informed response in" rel="nofollow">in the approval or denial of a project. Summary This week, we reviewed the overall elements and specific steps when developin" rel="nofollow">ing a busin" rel="nofollow">iness plan for a proposed project. We also reflected on the role of the nurse leader in" rel="nofollow">in this process. Next week, we will in" rel="nofollow">introduce cost-benefit analysis and reflect on the overall course. Reference Fin" rel="nofollow">inkler, S., Jones, C., & Kovner, C. (2013). Fin" rel="nofollow">inancial management for nurse managers and executives. (4th ed.). St. Louis, MO. Saunders. • Chapter 11: Strategic Management (p. 206) • Chapter 22: The Nurse as an Entrepreneur Required Articles Crawford, P. (2013). Busin" rel="nofollow">iness plan basics for the nurse. Oklahoma Nurse, 58(2), 9. Hatchett, R., & Coady, E. (2013). Writin" rel="nofollow">ing a busin" rel="nofollow">iness plan to support a cardiac service. British Journal of Cardiac Nursin" rel="nofollow">ing, 8(4), 190–192. Page or paragraph numbers must be in" rel="nofollow">included with quotes per APA. See APA re how to format references and in" rel="nofollow">in-text citations i.e. capitalization issues and use of the ampersand versus the word ("and"). Includin" rel="nofollow">ing at least one in" rel="nofollow">in-text citation and matchin" rel="nofollow">ing reference. Check for grammar and spellin" rel="nofollow">ing