Strategic Plan Part III – Financial Plan, health and medicine homework help

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Resource: Preopening Budget Example

Create a 3- to 5-year financial plan to implement the goals and objectives created in Part II of your strategic plan. The deliverables for the financial plan include a projected budget created in Microsoft® Excel® and a report in Microsoft® Word® that clarifies and explains the financial plan.

Section One: Projected Budget

Create a projected budget.

  • The projected budget should be a Microsoft® Excel® spreadsheet that contains a 3- to 5-year financial projection that includes detailed expenditures, income, contingency, gain or loss, capital outlay, and ROI (if applicable).

Include budget strategies to increase volume and budget assumptions.

Section Two: Financial Plan Explanation

Write a 1,050- to 1,400-word narrative discussing the fiscal details of the plan and the assumptions that were used in developing the projected budget.

  • Include all the elements required in the projected budget.
  • Include capital expenditure planning and contingency plans for unexpected events.
  • Budget summary: When explaining your budget:
    • Describe the organization's current business model.
    • Evaluate the impact of internal resources and financial capabilities on the business model implementation.
      • Determine how the organization's internal resources and financial capabilities affect your financial plan.
      • Determine how they will affect implementation of the plan.
    • Explain the details of the budget assumptions and the strategies to increase volume.

Cite at least 4 peer-reviewed, scholarly, or similar resources to support your information.

Format your paper according to APA guidelines.

Submit your assignment as Microsoft® Excel® and Microsoft® Word® attachments.

Click the Assignment Files tab to submit your assignment.

Unformatted Attachment Preview

University of Phoenix Material Sample Strategic Planning Spreadsheet Diagnostic Imaging Purchase & Install MRI Revenue Year 1 Hire & Train Staff Year 2 Year 3 CT MRIs General diagnostic Interventional $2.000.000 $8.000.000 $6.000.000 $12.000.000 $2.200.000 $8.800.000 $6.600.000 $13.200.000 $2.420.000 $9.680.000 $7.260.000 $14.520.000 Total revenue $28.000.000 $30.800.000 $33.880.000 Salaries Supplies Travel Maintenance Contracts Marketing Miscellaneous $18.200.000 $4.200.000 $140.000 $280.000 $560.000 $140.000 $280.000 $20.020.000 $4.410.000 $154.000 $308.000 $616.000 $154.000 $308.000 $22.022.000 $4.630.500 $169.400 $338.800 $677.600 $169.400 $338.800 Total expenses $23.800.000 $25.970.000 $28.346.500 Net profit $4.200.000 $4.830.000 $5.533.500 Capital outlay $2.500.000 $0 $0 Expenses Strategies to Increase Volume Purchase and install a new MRI. Train or hire additional staff to operate new MRI. Increase marketing to physicians. Assumptions Increase in revenue/year Increase in salaries/year Increase in supply expense/year Travel as a % of revenue Maintenace as a % revenue Contracts as a % of revenue Marketing as a % of revenue Misc as a % of revenue Salaries as a % of revenue 10,00% 4,00% 5,00% 0,50% 1,00% 2,00% 0,50% 1,00% 65,00%
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Explanation & Answer

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Running Head: FINANCIAL PLANNING

1

Strategic Plan Part III – Financial Plan
Name
Student Number
Instructor
Due Date

FINANCIAL PLANNING

2
Financial Planning

Financial planning and budgeting refers to the forecasting of business operations before
they take place. After the operations have been completed during the given period, there is a
comparison between the planned operations and the actual happenings to find any variations and
their effect on the business (Shukla, Gupta, & Grewal, 2016). Coming up with an annual budget
process that examines the organizations priorities is a major challenge that financial planners must
face every other year. They must use the identified process to produce an accurate, balanced budget
in order to effectively keep in control of the organization’s finances and consequently all other
activities. This is because management strives to achieve the goals stated in the budget (Shukla,
Gupta, & Grewal, 2016).
How well a business performs in the implementation of the fiscal budget for a particular
year determines how the budgets for the following years are developed. The writers, Shukla,
Gupta, & Grewal, (2016) insist that it is important that the budget be representative of the
company’s strategic plan, vision and goals. The budget also promotes proper use of resources.
JPS Hospital Financial Plan Explanation
When coming up with a budget, it is important to consider how much money the business
will need to get from external sources in the future, the changes in operations within the company
and their overall affect, as well as employee compensation plans. The JPS Projected budget 20162018 was developed with these essential elements in mind. Direct costs are critical in the
preparation of a budget. This includes
1. Salaries: This element was calculated based on the current...


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