Recent orders
A Good Business Plan
A Good Business Plan
Contents
TOC o “1-3” h z u HYPERLINK l “_Toc377208955” 1 a. Definition of a business plan PAGEREF _Toc377208955 h 1
HYPERLINK l “_Toc377208956” 1 b. Functions of a business plan PAGEREF _Toc377208956 h 1
HYPERLINK l “_Toc377208957” 1 c. The essential tests of a good business plan PAGEREF _Toc377208957 h 2
HYPERLINK l “_Toc377208958” 1 d. Components of the business plan PAGEREF _Toc377208958 h 2
HYPERLINK l “_Toc377208959” An entrepreneur’s “best three friends.” PAGEREF _Toc377208959 h 3
HYPERLINK l “_Toc377208960” 2 a. The income statement PAGEREF _Toc377208960 h 3
HYPERLINK l “_Toc377208961” 2 b. Cash-flow statement PAGEREF _Toc377208961 h 4
HYPERLINK l “_Toc377208962” 2 c. The balance sheet PAGEREF _Toc377208962 h 5
HYPERLINK l “_Toc377208963” Ethics in corporate environment. PAGEREF _Toc377208963 h 5
HYPERLINK l “_Toc377208964” 3 a. Deterioration of corporate ethics PAGEREF _Toc377208964 h 5
HYPERLINK l “_Toc377208965” 3 b. Causes of deterioration of corporate ethics PAGEREF _Toc377208965 h 6
HYPERLINK l “_Toc377208966” 3 c. How deterioration of ethics can be changed PAGEREF _Toc377208966 h 7
Business Plan
1 a. Definition of a business planA business plan can be defined as a summary of the major considerations of a start-up business venture. The major considerations in a business plan include the entrepreneur’s proposed business idea, details about operations and finance, about the available market opportunities, the strategies to be employed in exploiting these markets, and the required managerial skills and abilities. A business plan can also be regarded as an insurance against potential dangers of starting up a business that is will fail. It is also ensures that an on-going business is secure from mismanagement.
1 b. Functions of a business planA business plan can broadly be described as having three important functions. The first function is to guide the company in the way it is to be run and the course it is expected to take in future. This function is achieved by coming up with a strategy and following it to the letter from inception of the plan. The second function of the business plan is to attract investors and lenders. A well written business plan with clearly indicated details on every necessary aspect of the business can be used to seek for the required capital from lenders and investors. Thirdly a business plan serves the function of signifying that the entrepreneur is fully conversant with the requirements of the business and everything needed to make it a successful venture.
1 c. The essential tests of a good business planFor a business plan to be considered as workable and bound to create a successful business, it must be taken through three tests. The first is referred to as the reality test which seeks to prove two things. It must prove that there actually exists a market for the products and services provided by the company. Another aspect of the reality test is that the entrepreneur should prove that he or she can implement the plan using the cost estimates provided in the plan.
The second test is called the competitive test. It evaluates how the company is positioned in relation to its customers as well as how the entrepreneur can make the company more competitive against the existing completion. The third test a business plan has to undergo is the value test in which the entrepreneur seeks to prove that the company will offer its investors a good rate of return for their investment. All the three tests are important to the entrepreneur because they measure how different aspects of the business can be implemented practically and how attractive the business is to investors and lenders.
1 d. Components of the business plan
In order to come up with a business plan that is practical and able to attract investors and lender, the entrepreneur has to clearly address each of the components the plan. The first and most important part is the executive summary. The entrepreneur should realize that the executive summary determine whether the investors will develop an interest in the business or will be put off by the idea. It has to provoke an interest in investing in the idea being proposed. Basically the executive summary describes the objectives, mission, and key areas or considerations that will ensure the business succeeds. Another important component is the company summary that describes where the company will be located and the kind of facilities required. This area has to be well addressed as it gives the picture of how the business will look like and how it can be potentially successful. For example location of the business will determine how conveniently placed the venture will be in relation to its potential clients. The other important components of the plan will include the company ownership, the products and services and other revenue streams, the strategic analysis summary which will include a SWOT analysis, market segmentation strategies, competition and purchasing patterns, and hoe the business will be implemented and managed. Investors will also be keen on the financial plan of the company whereby the initial funding and break even analysis will be considered. Summaries on the expected profit or loss statements, cash flow, and the projected balance sheet will have to be provided in the plan in clear and concise financial statements.
An entrepreneur’s “best three friends.”The balance sheet, income statements, and cash flow have been described as an entrepreneur’s best friends because they can never be isolated from any business that is aimed for success. Every entrepreneur must always have a keen eye on the charts, tables, and spreadsheets that are the backbone of financial statements in order to stay focused on the pulse of the business. These three aspects are the main determinants of how the business is doing and what its odds are for its survival. It is therefore important to keep abreast with these three tools.
2 a. The income statementThe income statement is a report that describes the cash generating ability of the business. It is important to an entrepreneur as it acts as score card on which he or she determines when the sales are made and when expenses have been incurred. An income statement uses information from other financial models like “revenue, expenses, capital, and cost of goods” (Helfert, 2001, p.42). A good entrepreneur combines these various elements of the income statement to tell how the company performed during the year by finding the difference between the cost of goods and expenses from the revenue generated by the company to get the net results in the form of profit or loss. A good entrepreneur knows that it is important to generate income every month in the first year and after every three months (quarterly) in the second year. When the business has been in operation for three years, income statements can be generated annually. The major financial projections in the income statement an entrepreneur works with include “income, cost of goods, gross profit margin, operating expenses, total expenses, net profit, depreciation, net profit before interest, interest, net interest before taxes, taxes, and profit after taxes” (Bodie, Kane & Marcus, 2001, p. 455). In keeping abreast with the pulse of the business, the entrepreneur should add a note to the income statement giving an analysis of the statement.
2 b. Cash-flow statementA good entrepreneur knows what critical information tool cash-flow statements are in determining the amount of cash required to meet the demands of the business. Cash-flow statements analyze where cash is going to come from, when it will be needed, and how much is required. Using cash-flow statements the entrepreneur is able to control of money in the business. These statements can be used to attract investors, distributors, and clients when they show a good track record. The entrepreneur is also able to tell when profits or loses are being made by using cash-flow statements as indicators of the business’ performance. A good entrepreneur generates cash-flow statements using financial statements like the income statement to determine how much cash is at hand and revenue sources. This is usually followed by a list of expenses and capital requirements, usually logged as a negative. The final entry in cash-flow statement is the net cash-flow. In order to have a clear picture of the cash-flow statement, it is important to attach a short analysis statement showing the key points in the statement.
2 c. The balance sheetIn order to make a full analysis of the business and the way it has performed over a period of time, an entrepreneur relies on the balance sheet. This type of financial statement uses information from other financial models including the income statement and cash-flow statements to give a clear picture of the business in the last one year. The balance sheet gives a summary of the previous year’s financial statement in three areas namely assets, liabilities, and equity. A balance sheet is important to the entrepreneur as it can be used to get financing when one wants to either start a new business or expand an existing one. Most investors will ask for the company’s balance sheet for the previous year in order to determine if the company is worth investing in. Such a requirement is always accompanied with a personal balance sheet besides the one bout the business. Keeping accurate balance sheets helps the entrepreneur in maintaining a clear picture of the progress the business is making either positively or negatively. It provides a clear picture on the status of the company’s assets, long-term and short-term liabilities, and equity. It is also a major requirement when seeking for funding.
Ethics in corporate environment.3 a. Deterioration of corporate ethicsEthics in the corporate world just like elsewhere are about morals or specified rules that members of the society apply in distinguishing right from wrong. The concept of ethics is differentiated from law by the fact that unlike law which requires enforcement, ethics are voluntary matters of conscience. Corporate ethics have become a major consideration in the business environment and as such deterioration of their standards is bound to have a negative impact in the business world. For example corporate wrongdoings usually result in damage of a company’s public image and investor confidence, profit, decline in stock prices, and in severe cases resignation of top level management (Velasquez, 2002).
3 b. Causes of deterioration of corporate ethicsThere are many reasons why a company would engage in unethical conduct besides the obvious one of seeking to maximize profits and reduce cost of operations. In some cases unethical standards are applied as a way of dealing with competition. This usually involves looking for an easier option which despite the fact that it will lower the company’s ethical standards, it will significantly increase profits. However the company fails to consider the fact that by lowering ethical standards it creates a widening gap with the society. Unethical conduct may also be out of a company’s efforts to avoid potential embarrassment (Argyris, 1990).
Companies that have had serious issue of deteriorating ethical standards include Enron and Goldman Sachs. The Securities and Exchange Commission charged Goldman Sachs with corporate malpractice claiming that the investment bank acted unethically by selling investors a subprime-mortgage investment that they knew was bound to lose value. This showed a real breakdown in ethics. Another case of deteriorating standards involved Enron where its top level management concealed information on financial misconduct until an employee disclosed the malpractice to the media. In the end angry investors who had lost confidence in Enron management dumped their shares causing massive loses in the economy. This was a typical case of not being open about financial malpractices that went against corporate ethical standards.
In the current situation, the economy has really suffered under the hands of unethical financial institutions. The people at the top of some of the companies are running risk-free ventures for their own benefit. They are leaving the people at the lower levels to assume the all the risks and consequences. The government, which has had to shoulder the burden left behind by corporate malpractices, has now assumed control from financial institutions.
3 c. How deterioration of ethics can be changedUnethical corporate conduct can be prevented in four ways. The first one would be by improving transparency and disclosure of information that affects the public. The second way would be by creating an ethical environment for conducting business activities. Thirdly, it is quite imperative to conduct periodical internal audits that are thorough in nature as a way of reforming the corporate culture. Finally, compliance with corporate ethics should be made mandatory for all employees from the top to the bottom level. Middle managers should play a central role in leveraging openness in order to determine how wide the gap between the company and the society is in terms of ethics (Donaldson & Gini, 1996). The company can also engage in social corporate responsibility in order to get closer with the society and avoid situations that compromise ethical standards among its employees.
References
Helfert, Erich A. (2001). The Nature of Financial Statements: The Cash Flow Statement.Financial Analysis – Tools and Techniques – A Guide for Managers. New York:McGraw-Hill
Bodie, Z., Kane, A. & Marcus, J. (2004). Essentials of Investments, 5th ed. New York:McGraw-Hill Irwin.
Velasquez, M. G. (2002). Business ethics: Concepts and cases, Fifth edition. Upper SaddleRiver, NJ: Prentice Hall.
Argyris, C. (1990). Overcoming organizational defenses: Facilitating organizational learning.Upper Saddle River, NJ: Prentice Hall.
Donaldson, T. & Gini, A., (1996). Case studies in business ethics, Fourth edition. Upper SaddleRiver, NJ: Prentice Hall.
A goal is a particular focus on, a finished come about or something to be fancied
Achieving expansion plat for Rotana Company,
Question 1
A goal is a particular focus on, a finished come about or something to be fancied. It is a real venture in attaining the vision of the organization such as Rotana. In the key planning setting a goal is a spot where the organization such as Rotana needs to be, as such a goal. Case in point, and goal for a brandishing organization such as Rotana may be to have qualified and dynamic mentors. An organization such as Rotana may set a few goals that will plot a way to accomplishing the vision. For example: The goal of achieving expansion plat for Rotana will be a critical venture in accomplishing the vision of getting to be most dynamic, most regarded and best accomplished club in the region group.
Clearly, the goals you characterize as a component of your vital arrangement ought to portray what the organization in general need to attain to be effective over the life of the key arrangement. These goals ought to be important, apply to the whole organization such as Rotana, and the connections between the goals and organization achievement ought to be clear and self-evident. The goals ought to be measurable – particular enough so that it’s conceivable to figure out if you are advancing acceptably towards the accomplishment of the goals, and/or somewhere in the vicinity you can analyze whether they have been attained. Goals in your vital planning can be either come about arranged, or methodology situated, despite the fact that its most likely better to have results situated goals.
Question 2
This shows that the company is there to meet the changing demands of its growth around the world and to the leading company in the industry. This is evident in its mission and vision as well as the goals.
Question 3
Question 3
The lesson was the importance of planning in organizations
All organizations, huge and little, have constrained assets. The planning methodology gives the data top administration needs to settle on successful choices about how to allot the assets in a manner that will empower the organizations to achieve its destinations. Benefit is augmented and assets are not squandered on tasks with minimal shot of achievement.
Setting goals that test everybody in the organizations to strive for better execution is one of the key parts of the planning approach. Goals must be forceful, yet reasonable. Organizations s can’t permit themselves to end up excessively fulfilled by how they are as of now getting along -or they are liable to lose ground to contenders. The objective setting methodology can be a wake-up call for chiefs that have ended up self-satisfied. The other profit of objective setting comes when estimate results are contrasted with real comes about. Organizations break down noteworthy differences from estimate and make a move to cure circumstances where incomes were lower than arrangement or costs higher (Steiner, 2010).
Planning helps organizations get a practical perspective of their current qualities and shortcomings with respect to significant contenders. The management group sees regions where contenders may be helpless and after that artworks showcasing procedures to exploit these shortcomings. Watching competitors’ activities can likewise help organizations distinguish opportunities they may have neglected, for example, rising global markets or chances to market items to totally diverse client groups.
References
Steiner, G. A. (2010). Strategic planning. Simon and Schuster.
The restricted number of computers in the ICU, the chaotic physical setting, the hospital staff’s lack of communication
Case Study
Name
Course
Institution Affiliation
Date
The restricted number of computers in the ICU, the chaotic physical setting, the hospital staff’s lack of communication, and the Glucommander software that was paused during other operations without the nurse’s knowledge could all result in potential medical blunders.
While carrying out any task, nurses should always verify the program and its other features and offer glucommander assistance.
The nurse must examine the patient and glucommander for significant injuries, assess the patient’s blood glucose levels and administer insulin as needed before reporting the occurrence to the administrator and, if necessary, seeking a doctor’s advice.
First, since there is a lack of resources, nurses should check and monitor the software. Second, there should be clear instructions about how to avoid closing of software and how to check for it. Third, there should be a budget allocated for purchasing computers considering that gluccomander should be separated and not shared to all providers and a lot of hospital tasks need to be done with it.
A move toward value-based services in the healthcare industry has made technology a crucial part of the system today. In other words, technology illuminates the ways in which healthcare providers, patients, and organizations are responding to change or pursuing value. For example, players in the healthcare industry are utilizing cutting-edge technologies to boost efficiency and add value for both clients and enterprises.
Technology is important in modern healthcare because it is being used by all stakeholders to address the change to a value-based system. In the healthcare industry, for instance, technology is being used to innovate, adapt, and create new care-related mechanisms. Technology is also giving these firms the chance to implement the value-based transformation. Therefore, technology is a key tool that enables the healthcare industry to add value or adapt to the change toward adding value.
Utilizing technology could change the healthcare industry as healthcare practices strive to keep up with technological advancements. Since it affects the decisions that clinicians make for their patients, technology must be effectively integrated into clinical practice. By deftly fusing their clinical and management skills, clinicians incorporate technology into their work. Clinicians conduct a thorough analysis of their work, its present and future requirements, as well as an examination of the personnel and their competencies before implementing new technology. Because integrating technology into clinical practice involves a financial, time, and human resource investment, clinical practitioners must be meticulous in their planning.
Clinicians must first comprehend the little and significant changes that the technology brings before they can integrate it into clinical practice. Since they fundamentally alter clinical procedures, fundamental adjustments are typically the most difficult. Clinicians must do operations in a completely different manner as a result of these developments. The use of technology also makes it necessary for doctors to set clear, quantifiable goals for both their own professional development and the clinical practice. In other words, clinical practitioners need to take into account the technology’s economic viability before integrating it. As an illustration, clinicians must think about whether the new technology will generate revenue or replace outdated equipment.
As a result, knowing the specific justifications for integrating technology is necessary before incorporating it into clinical practice. Taking into account the human aspect of technology is another step in integrating it into therapeutic practice. In other words, before integrating technology, physicians must consider the potential effects it may have on patients, other healthcare professionals, and stakeholders.
Customers and employees must be included in the technology implementation process as part of a technology integration. In light of this, incorporating technology into a clinical setting entails creating a plan that can address important issues such the unique goals, modifications, and requirements of new technology.
A powerful force that has the ability to drastically change the modern healthcare sector is technology. Emerging technologies like artificial intelligence, augmented reality, and virtual reality, among others, affect the entire globe. Since technology revolutionizes the industry’s supply chains, pushes this sector to shift toward value or adapt to this transition, and poses significant hazards, it is highly relevant to the current healthcare system. In addition, a detailed evaluation of the work, current, and future needs of clinicians, as well as their talents, might enable the incorporation of technology into clinical practice. By recognizing the human element of technology, defining clear goals for themselves and the practice, and understanding changes resulting from technology, clinicians can also incorporate technology into their procedures.
Technology also has a wide range of therapeutic applications, including the detection, management, and treatment of diseases as well as the development of other interventions. In the end, funding for technology through healthcare is necessary, and this may be accomplished by pleading with lawmakers for their support in emails, phone calls, letters, and in-person visits.
Reference
Holms, N., Milligan, S., & Kydd, A. (2014). A study of the lived experiences of registered nurses who have provided end-of-life care within an intensive care unit. International Journal of Palliative Nursing, 20(11), 549-556.
Ruiz Morilla, M. D., Sans, M., Casasa, A., & Giménez, N. (2017). Implementing technology in healthcare: insights from physicians. BMC medical informatics and decision making, 17(1), 1-9.
DuBose, J. J., Nomoto, S., Higa, L., Paolim, R., Teixeira, P. G., Inaba, K., … & Belzberg, H. (2009). Nursing involvement improves compliance with tight blood glucose control in the trauma ICU: a prospective observational study. Intensive and Critical Care Nursing, 25(2), 101-107.