Development of a Business Plan (graded)
The course outcome for week 7 is as follows:
Formulate and evaluate a business plan for a healthcare organization. (PO 4).
Reflect back on a business plan or project that you are familiar with. How well did the plan or project align with the organizations mission vision and/or values?
Discuss the influence of the mission of SLMC in the development of the business plan that Debbie must develop.
Development of a Business Plan
As we begin this weeks lesson it is important to have an understanding of how to develop a business plan and how a well-developed plan can benefit the financial health of an organization. Last weeks content provided some insights into the financial risk of a healthcare organization specifically long-term financial risk.
A business plan is a detailed plan for a proposed project program or service which includes necessary information to evaluate the financial feasibility of the proposed venture (Finkler Jones & Kovner 2013). The purpose of the plan is to provide an honest overview of the intended venture so the decision makers who have the power to approve or deny the project can make the most informed decision for the organization.
The nurse leader may be required to develop or participate in the development of a business plan for an intended venture. If the nurse leader is the head of a business-plan-development venture he or she would also contact other strategic people to participate in this project. A business plan is not a document that is completed in isolation by one individual but rather a collaborative effort. In addition strategic planning by nurse leaders can help identify potential opportunities and risks that may be considered in the business plan. Developing a business plan may be a new skill for some nurse leaders. Utilizing mentors and organizational resources can be helpful to ensure that you have the necessary information needed for your final business-plan-project proposal.
Influences
In the development of a business plan certain influences that could affect this process such as the organizational goals mission philosophy and specific strategic targets must be considered and may influence the acceptance or denial of a proposed venture. For example if one of the strategic initiatives for Saint Louis Medical Center is to develop a cardiac-care center a business plan that has been strategically developed for this venture has a high probability of being approved. To aid acceptance of a proposed business-plan venture showing a return in profit within a few years of a new venture acceptance is helpful to the decision makers. Many new business-plan-project ventures are not typically expected to make a profit within the first year or two; but after a year or two a profit should start to be realized to continue with the project.
Financial support for a proposed business venture can also influence the acceptance or denial of a project. Last week we discussed long-term financing. If a donation is made to an organization and specifically allocated for a cardiac-care center with sustained long-term funding the business plan would most assuredly be approved. Nursing expertise should be included in a project of this nature in which a nurse would be very much involved in the final project.
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