The focus of this discussion board is to facilitate you to think about what is needed for a new project when requesting approval in a business proposal format.
You are the leaders of today and tomorrow….the future is yours. What will your role be, how will you make financially sound decisions that will not impact your patients or associates in a negative fashion?
Discussion Board Items:
Questions 1-3 completed and attached, please use question 3’s response (massage for RN’s during shifts) to answer question 4 and design business proposal.
- Provide a sound structural basis for elements required in the business plan.
- All business plans require financial backing, what questions and answers must be considered when developing the business proposal.
- Determine a needed project. Walk through the necessary steps to develop a business proposal.
- Design what your proposal would look like to implement a new service in your nursing department. This needs to include all aspects for a business proposal.
Business plan
- Based on their intended needs, business plans have different contents, although they retain a basic format. First, the plan must have an executive summary where a summary of the business purpose is discussed. After the executive summary, the company description, followed by market analysis, should be included. The company description should outline the business goal(s) target market, how the business will maintain a competitive edge as well as how the company products will benefit the target market ((Kirsch, Goldfarb & Gera, 2009). The market analysis should be a discussion of the market projections-where it has been, the direction the market is expected to take, and how the company will fit into this direction. A competitive analysis discussing business competitors should also be included. Here one should show an understanding of the competitor’s weaknesses and strengths. Aftermarket and competitive analysis, the business plan should outline the organization and management pattern in the company. The skills and responsibilities of company managers should be summarized here. A breakdown of the products and services should also be included to make comprehension of the business secure. Marketing and advertising is a critical component of every business success. As such, it is essential to outline the marketing plan that the company will employ. A sales strategy should be included where the sales targets and how consumers will be reached are discussed. If the business needs funding, a section of the business plan can be dedicated to talking about the funds required and how they will be used. The plan should include financial projections at the end. The predictions should outline the company’s business goals as well as projected annual revenue.
- The first factor that should be considered when developing a business proposal is the actual business plan. The business plan is a method through which business owners can transfer their visions for the business to reality. A well-researched and developed business plan increases the likelihood of a company being approved for funding (Finkler, Kovner, & Jones, 2007). Before writing a business proposal, one should identify the weaknesses of the competition and how the proposed business will fill existing business needs. To capture the investor’s attention, the proposal should start with a strong hook. After introducing the company, the market gap identified should be stated and how the business will address the need discussed (Sant, 2012). A business schedule and funding needed for the company should also be included in the industry. A conclusion detailing confidence in the proposed venture should be discussed as a way of wrapping up the proposal.
- The determined needed project for a hospital institution is offering nursing staff 10-minute massages to ease stress and increased staff retention at the institution. Before developing a business proposal for this project, research needs to be conducted on whether massage will indeed help reduce work-related stress, thereby leading to increased employee turnover rates. After the research, I would include a detailed discussion of how the proposed project will result in improved workplace culture for the employees hence increased employee productivity. I will mention that increased productivity improves organizations’ profitability. I will also discuss how employee retention saves hospital funds. The proposal will state that many nurses suffer from work-related stress that impairs their profitability. Therefore, the massage will help it possible for the nurses to function with increased efficiency. Implementation of the project is not costly since nurses can offer the massages to each other, thereby eliminating the need for training costs. The fact that the massage does not take a lot of time means that the nurses will still be able to care for the patient. The proposal will offer a measurement strategy the determine whether or not the proposed solution has desired goals. A month following the implementation of proposed solutions, a survey will be conducted to assess employee satisfaction and analysis done to compare the situation to previously when there were no messages. The proposal will conclude by reiterating the benefits the project will have on the hospitals’ revenue and staff.
References
Finkler, S. A., Kovner, C. T., & Jones, C. B. (2007). Financial management for nurse managers and executives. Elsevier Health Sciences.
Kirsch, D., Goldfarb, B., & Gera, A. (2009). Form or substance: the role of business plans in venture capital decision making. Strategic Management Journal, 30(5), 487-515.
Sant, T. (2012). Persuasive business proposals: writing to win more customers, clients, and contracts. Amacom.
