NR 533 Week 7 Discussion Question 1 and 2 with Answers (Version 1).

NR 533 Week 7 Discussion Question 1 - Business Plan Discuss the purpose of a business plan. NR 533 Week 7 Discussion Question 2 - 2 Development of a Business Plan Discuss the influence of the mission of SLMC in the de ...

NR 533 Week 7 Discussion Question 1 - Business Plan Discuss the purpose of a business plan. NR 533 Week 7 Discussion Question 2 - 2 Development of a Business Plan Discuss the influence of the mission of SLMC in the development of the business plan that Debbie must develop. NR 533 Week 7 Discussion Question 1 - Business Plan 1. Discuss the purpose of a business plan. Dr. Welling & class: The purpose of a business plan is to show that your business has a purpose, mission, vision, & goals that it is continually striving to reach. According to our reading this week a business plan is a comprehensive plan that includes information that shows a business’s “financial feasibility” This study source was downloaded by 100000827141222 from CourseHero.com on 09-09-2021 17:12:02 GMT -05:00 https://www.coursehero.com/file/45838514/NR-533-Week-7-Discussion-Question-1-and-2-with-Answers-Version-1docx/ This study resource was shared via CourseHero.com (Finkler, Jones, & Kovner, 2013, p. 206). One article I read talked about how having a business plan set a business up for financial support & that business that had formal plans outperformed those that did not (Barraket, Furneaux, Barth, & Mason, 2016). Our reading this week also said that a business plan is often a tool used to “make the case” for someone to want to buy into a new project or venture the company wants to take on (Finkler et al., 2013, p. 206). A business plan will help show potential investors why they should invest. Having a formal business plan can also help keep a business on the “right track” (Kasewurm, 2017, p. 57). Having a business plan in place will help Debbie as she makes plans for the new clinic. In the business plan she will have to think about her budget for the year, what she wants the business to look like in a year, what needs she will have, & what potential investors will need to know about the clinic. Erin References Barraket, J., Furneaux, C., Barth, S., & Mason, C. (2016). Underst& ing legitimacy formation in multi-goal firms: An examination of business panning practices among social enterprises. Journal of Small Business Management, 54, 77-89. https://doi.org/10.1111/jsbm.12290 Finkler, S. A., Jones, C. B., & Kovner, C. T. (2013). Financial management for nurse managers & executives (4th ed.). Retrieved from https://chamberlain.instructure.com/courses/12007/modules/items/1288403 Kasewurm, G. A. (2017). Your business: A plan for 2017. Audiology Today, 29(2), 56-60. Retrieved from http://eds.b.ebscohost.com.chamberlainuniversity.idm.oclc.org/eds/pdfviewer/pdfviewer? vid=2&sid=72b5070f-a44f-475f-a1fc-1f92e6c60503%40sessionmgr120 Tina, I also learned that having a business plan set a business up for financial support & that businesses that had formal plans outperformed those that did not (Barraket, Furneaux, Barth, & Mason, 2016). I agree that a business plan helps set the direction for your business, like a road map, that should help to guide you in decisions that need to be made. I appreciate your use of the SWOT analysis. I agree that using this type of technique in your business plan will help you to identify things that could affect your business. The business plan includes many things that help to show the business is financially sound, & that investors should be interested because of the financial feasibility. I agree that it is very important to be honest in making a business plan & that details do not need to be left out even if they are not favorable. For the cardiac clinic example we are using I think it is important to align their business plan of SLMC, & show how the clinic will support the mission & vision of SLMC