Business Plan Assignment

Business Plan Assignment Order Description Business Plan Assignment Guidelines With Scoring Rubric Purpose The purposes of this assignment are to (a) identify and articulate key steps and concepts in the development of a business plan for a new wellness center at Saint Louis Medical Center (SLMC), which includes evaluating variance analyses as they apply to nursing budgets within healthcare organizations (CO 2); (b) formulate and evaluate a business plan for a healthcare organization (CO 4); and (c) communicate the information in a clear, succinct, and scholarly manner. Course Outcomes Through this assignment, the student will demonstrate the ability to (CO 2) Evaluate variance analyses as they apply to nursing budgets within healthcare organizations. (PO 4) (CO 4) Formulate and evaluate a business plan for a healthcare organization. (PO 4) Due Date: Sunday 11:59 p.m. MT at the end of Week 7 Total Points Possible: 225 REQUIREMENTS: 1. This paper will be graded on quality of information, use of citations, use of standard English grammar, sentence structure, and organization based on the required components. 2. Create this assignment using Microsoft Word, which is the required format for all Chamberlain documents. You can tell that the document is saved as an MS Word document because it will end in .docx. 3. Submit the paper to the appropriate CCN Dropbox by 11:59 p.m. MT on Sunday of the week due. Any questions about this paper may be discussed in the weekly Q & A Discussion topic. 4. The length of the paper is to be no greater than four pages, excluding title page and reference page. Extra pages will not be read by the instructor and will not count toward your grade. 5. APA format (6th edition) is required in this assignment, including a title page and a reference page. Use APA level 1 headings for the organizational structure of this assignment. Remember that the introduction does not carry a heading that labels it as a level heading in APA format. The first part of your paper is assumed to be the introduction. See the APA manual for details. See the resource in Doc Sharing called Guidelines for Writing Professional Papers. Use the suggested format and headings to organize your assignment: a. Include an introduction (do not label it as a heading in APA format) b. Steps to Develop a Business Plan c. Alignment with Organizational Mission and Vision d. Strengths and Weaknesses e. Throughput Considerations f. Marketing Strategies g. Conclusion PREPARING THE PAPER A business plan is a detailed plan for a proposed program, project, or service. As the nurse executive of SLMC, you must evaluate the feasibility of a business plan for a new wellness center at your organization. Note: Use the resources in Doc Sharing related to SLMC to assist in completion of this assignment as needed. Use the documents in Doc Sharing to assist in the assignment as needed. 1. Clearly introduce your business-plan assignment in the introduction paragraph. Include a sentence that states the purpose of your assignment. 2. Clearly identify and articulate the steps to develop a business plan for a new wellness center at SLMC. 3. Clearly articulate how the addition of a cardiac-wellness center would align with the mission and vision of the organization, SLMC. 4. Clearly identify two strengths and two weaknesses of this proposed project. 5. Clearly identify at least two throughput considerations or concerns you have for this project. 6. Clearly identify two marketing strategies for this proposed project. 7. Provide concluding statements that should summarize your overall assignment content. 8. The paper length will be four pages maximum, excluding title and reference page(s). Note: If you go over the paper length, the information will not be graded by the instructor. 9. Title and reference page(s) must be in APA format (6th edition). 10. Use 12-point Times New Roman font and one-inch margins on all sides of the paper. 11. Note: After submitting your assignment to the Week 7 Dropbox, please also upload your completed assignment to the Week 8 designated threaded discussion to share with your peers. Category Points % Description Introduction 30 13% Introduction clearly introduces your business plan assignment and purpose of the assignment. Steps to develop a business plan 30 13% Steps to develop a business plan are clearly articulated. Alignment with organizational mission and vision 30 13% How the addition of a cardiac-wellness center would align with the mission and vision of the organization is clearly articulated. Strengths and weaknesses 30 13% Two strengths and two weaknesses of this proposed project are clearly articulated. Throughput considerations or concerns 30 13% Two throughput considerations or concerns for this project are clearly articulated. Marketing strategies 20 9% Clearly identify two marketing strategies for this proposed project. Conclusion 30 13% Concluding statements summarizing content are present. Text, title page, and references are consistent with APA format 10 4% Text, title page, and references are consistent with APA format. Ideas and information from other sources are cited correctly 10 4% Ideas and information from other sources are cited correctly. Rules of grammar, word usage, and punctuation are followed 5 2% Rules of grammar, word usage, and punctuation are followed. Total 225 100 A quality assignment will meet or exceed all of the above requirements. Development of a Business Plan As we begin this week’s 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 week’s 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. Often, the nurse leader who would oversee this new venture will be involved in all steps of the process, including meeting with the benefactor to hear the benefactor’s vision and rationale for the project, development meetings, and supporting various marketing and promotion opportunities for the final project. However, a complete and honest business plan should still be completed, outlining any opportunities and risks to the project. Even though there is specified funding for the project, some aspects of the project may need to be adjusted to ensure that the project will be successful and viable within the organization and community, long term. Steps The overall elements of your completed business-plan proposal typically include a cover letter, an executive summary of the proposed project, a detailed abstract, a fully detailed analysis, and appendices as needed (Finkler, Jones, and Kovner, 2013). Your textbook describes each of these elements in further detail. Generally, if the executive summary engages the reviewer, they will proceed to review the additional information provided. When reviewing the specific steps to develop a business plan, one must consider the internal and external influences during the process and must clearly communicate the ability to sustain the project long term. This document should attempt to answer questions that decision makers may ask before they would approve the project and invest the needed resources. Below are some questions to consider in the development of a business plan. Reflection Business 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 financial resources to undertake the project? • If the financial resources are not available to undertake the project, where can those resources be obtained? • How will the new product or service be marketed? • What competitors exist, and how can the proposed product or service be distinguished from them? • What alternative approaches to this business plan have been considered? • Why is the proposed business-plan approach considered better than the alternatives considered? (Finkler, Jones, Kovner, 2013) Often, individuals involved in the decision making and approval of a project may not be familiar with the project. To assist these people to have a better understanding of the project and be able to make an informed decision, it can be helpful to group the business plan in three sections: the executive summary, the detailed abstract, and the fully detailed analysis. Your textbook outlines the steps in developing a business plan. Image Description Including these steps in your business plan will provide a comprehensive plan for the decision makers to review and make an informed response in the approval or denial of a project. Summary This week, we reviewed the overall elements and specific steps when developing a business plan for a proposed project. We also reflected on the role of the nurse leader in this process. Next week, we will introduce cost-benefit analysis and reflect on the overall course.