Describe whether your mentor is, or has been, involved in implementing a business plan for his or her unit or scope of responsibility.

Describe whether your mentor is, or has been, involved in implementing a business plan for his or her unit or scope of responsibility.

What was the scope of the business plan and target population? If your mentor has not been involved in implementing a business plan, describe other financial projects that he or she has been involved in implementing. What aspects of a business plan were followed to achieve approval of the financial project?

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One of the many responsibilities of a nurse executive is to assess the financial feasibility of staffing, resource utilization, a specific financial project, or implementation of a new service. A business plan is the key to securing financing, maintaining focus, and communicating the plan to senior administrators. The plan helps you identify customers, target the market, and competition. Also, a business plan can demonstrate the impact of staff cuts, program downsizing, or the financial risk or unprofitability of a proposed program or business. It is also important to consider the size and scope of the program proposed by the business plan. The scope may be as small as requesting additional equipment for the unit or as large as building an additional wing for the medical center.
Course Outcomes
3
Integrate effective communication techniques and relationship management in the role of the nurse leader. (PO 3)
Weekly Objectives
• Examine techniques that foster professional and financial interactions and relationship building.
8
Delineate effective resource management and fiscal responsibilities of the nurse executive. (PO 8)
Weekly Objectives
• Determine the impact of implementing business strategies for request of services and personnel.
• Assess efficiency in resource utilization.
Business Plan
Introduction
A business plan is a detailed plan for a proposed program, project, or service. The scope of a business plan may be small as requesting additional equipment for a nursing unit or substantial as building an additional wing for an acute-care hospital. A business plan can demonstrate the impact of staff and program downsizing, the financial risk or unprofitability of a proposed program or business. The depth and complexity of the business plan will vary by the scope of the proposed project. For projects with large capital investments, a thorough business plan is crucial. The business plan should clearly state the objectives of the proposed project and demonstrate how the plan’s objectives will lead to accomplishment of the organization’s goals. A major component of any business plan is for the nurse executive to understand the financial feasibility of the project being proposed. Developing a business plan requires an understanding of the business industry, the competition in the market, the projected revenues and expense, and the time frame for achieving a break-even position. Many times, new programs fail because of inadequate financial planning, or the program does not serve the needs of the population (Marquis & Huston, 2009).
Reflection

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