Download Strategic Plan Part III Financial Planning
Strategic Plan Part III: Financial Planning
Strategic Plan Part III: Financial Planning
Financial planning according to business dictionary is the “Long-term profit planning aimed at generating greater return on assets, growth in market share, and at solving foreseeable problems” (Businessdictionary.com, 2015, p. 1). Organizations that are in the process of preparing strategies for the firm must prepare a financial plan detailing the budget necessary to achieve the strategies. In addition, in the financial plan the firm needs to include any personnel, the training if necessary, and any equipment that needs to be purchased. Banner Churchill Community Hospital (BCCH) is working on a strategy to improve the services provided to the patients within the emergency room and one of the proposals is an expansion of the department. As part of the strategy development process, a financial plan needs to be developed to allocate budget and resources to achieve the strategy.
Elements for expansion of the emergency room
Banner Churchill Community Hospital expansion strategy team needs to consider the elements that will affect or influence decision-making processes while preparing a financial plan. Some of the elements to consider are the needs in the community, demographics, whether or not the hospital has the capital required for the costs involved in the expansion among many others. A feasibility study will be a good tool for leaders to use when preparing a budget for the project. A feasibility study will explain the use of the new expansion, business justification, business plan, economic analysis, facility requirement, and project objectives to address the needs of the community.
Capital expenditure plan and contingency plan
BCCH strategic manager and leaders have prepared a capital expenditure plan to explain where the money is invested through each stage of the three-year project. The original outlay for the project is set at $5.5 million; this budget is
Strategic Plan Part III: Financial Planning
Financial planning according to business dictionary is the “Long-term profit planning aimed at generating greater return on assets, growth in market share, and at solving foreseeable problems” (Businessdictionary.com, 2015, p. 1). Organizations that are in the process of preparing strategies for the firm must prepare a financial plan detailing the budget necessary to achieve the strategies. In addition, in the financial plan the firm needs to include any personnel, the training if necessary, and any equipment that needs to be purchased. Banner Churchill Community Hospital (BCCH) is working on a strategy to improve the services provided to the patients within the emergency room and one of the proposals is an expansion of the department. As part of the strategy development process, a financial plan needs to be developed to allocate budget and resources to achieve the strategy.
Elements for expansion of the emergency room
Banner Churchill Community Hospital expansion strategy team needs to consider the elements that will affect or influence decision-making processes while preparing a financial plan. Some of the elements to consider are the needs in the community, demographics, whether or not the hospital has the capital required for the costs involved in the expansion among many others. A feasibility study will be a good tool for leaders to use when preparing a budget for the project. A feasibility study will explain the use of the new expansion, business justification, business plan, economic analysis, facility requirement, and project objectives to address the needs of the community.
Capital expenditure plan and contingency plan
BCCH strategic manager and leaders have prepared a capital expenditure plan to explain where the money is invested through each stage of the three-year project. The original outlay for the project is set at $5.5 million; this budget is
References: Businessdictionary.com. (2015). Financial Planning. Retrieved from http://www.businessdictionary.com/definition/financial-planning.html Hunger, J. D., & Wheelen, T. L. (2011). Essentials of strategic management (5th ed.). Upper Saddle River, NJ: Pearson Education. King, R. (2009). PRACTICE TRENDS: The business value of financial planning. Journal of Financial Planning, 22(6), R14-R15