This project will be completed in partnership with other students (Groups will be assigned by third week of course). Please be aware that the grade earned will be applied to all members of the team.
A business plan is an essential roadmap for business success. A business plan is a formal statement of a set of business goals, the reasons they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals. When the business is to assume a major change or when planning a new venture, a 3 to 5 year business plan is required.
The Purpose of this Assignment is
• To integrate principles learned this semester and apply them to a reality-based proposal for decision-making:
o Sample Topics: Development of new service/program such as Wound Care Center, Lymphedema Program; addition of nursing unit to hospital; proposal to outsource an entire segment of the workforce such as nutritional services, pharmacy, etc.; proposal to modify/change staffing or care delivery model; proposal to obtain Magnet designation, etc.
• This assignment is both a paper and a power point presentation. Both the paper and the power point presentation should develop the strategy from inception and provide persuasive argument regarding the value of the project.
How to Complete this Assignment
You and the members of your team will chose a service that will add revenue for the facility you chose to write about. This facility can be real or imaginary. Examples of past business plans written for this course include adding robotic surgery , opening a cardiac rehab service, employee fitness and adding staff to the nursing units. You will write a business plan with a convincing argument to accept the plan and open the service.
The paper and presentation should contain the following elements:
• Overview of the problem or need definition. Include a description of your facility including mission statement and/or vision statement so you articulate the goals of your facility. This can be a real hospital or you can make up an imaginary acute, long term or outpatient facility. Include the corporate culture, goals, objectives and how this project will align with these goals.
• Analysis of your company’s strengths, weaknesses, opportunities, and threats (SWOT analysis) which will show that the plan is realistic and has considered opportunities and challenges.
• Description of your product or service including alternatives to project if the project is not approved.
• Description of how your product or service is different than any competitors in the area.
• Market analysis: discuss the market you’re trying to enter, competitors, where you fit, and what type of market share you believe you can secure.
• Marketing plan: How you plan to market the product or service.
• Outcomes measurement—-If your plan is accepted and implemented, how would you know if it is successful? What data would you collect? How would you quantitatively analyze the data (such as NPV, payback period analysis, IRR, profitability index or break even) and qualitative analysis?
• Financial Analysis–Develop a cash flow statement, including revenue projections versus costs, so you understand what your needs are now and will be in the future (a cash flow statement also can help you consider how cash flow could impact growth. Consider impact of insurance plans, healthcare reform, private pay, and non-insured clients on financial outcomes of facility.
• Timeline for project implementation using GANTT chart, critical path or PERT chart.
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