Development of a Business Plan

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I NEED MY PAPER IN APA FORMAT WITH PROPER CITATION, REFERENCES, DOI NUMBER, PLEASE USE THE REFERENCES THAT I GIVEN
Chamberlain College of Nursing: NR-533- Financial Management in HC Org
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 organization’s 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 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.

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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.

Reference
Finkler, S., Jones, C., & Kovner, C. (2013). Financial 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). Business plan basics for the nurse. Oklahoma Nurse, 58(2), 9.
Hatchett, R., & Coady, E. (2013). Writing a business plan to support a cardiac service. British Journal of Cardiac Nursing, 8(4), 190–192.

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