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Essay Available:
Pages:
4 pages/β‰ˆ1100 words
Sources:
5 Sources
Style:
APA
Subject:
Health, Medicine, Nursing
Type:
Coursework
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 23.33
Topic:

Negotiating Budgets and Communicating Financial Needs

Coursework Instructions:

Negotiating budgets and communicating financial needs to stakeholders are vital skills for nurse leaders. Given today's numerous constraints on funding and a highly competitive environment, the ability to win support for your budget proposals hinges on being able to present a compelling argument based on well-documented needs, accurate financial information, and a justifiable business case.

This assessment provides an opportunity for you to examine the mission and goals of a health care organization, in order to justify a budget proposal. A persuasive argument requires thoughtful justification and rationale for the expenses required to support your proposal. A proposal that supports the organization's mission and goals strengthens your argument and is much more likely to get you what you need.

In every health care organization, dollars are scarce and the budget process is carefully scrutinized at every level. Nurse leaders must be business-savvy. They must be able to make a compelling case for why every budget line item and every dollar on a budget supports the mission and goals of the unit and the organization. This means that nurse leaders must be able to think in terms of the business of health care and be able to present a business proposal or plan with thorough and thoughtful justification and rationale for expenses. The business plan should present accurate, factual data and costs, and should also be concise and clearly organized. 

Preparation

The financial department has reviewed your unit's operating budget and has asked you to submit an executive summary that provides support for your budget proposal. Your challenge is to position your unit favorably within an environment of competing demands for limited funding.

As you prepare to complete this assessment, you may want to think about other related issues to deepen your understanding or broaden your viewpoint. You are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of your professional community. Note that these questions are for your own development and exploration and do not need to be completed or submitted as part of your assessment.

Consider the operating budget you developed in Assessment 2.

  • How would you justify your budget to executive leaders?
  • How would you link your budget to the organization's goals and objectives?
  • How would you propose to meet productivity goals while staying within budget?

Guiding Questions

Budget Negotiations and Communication

This document is designed to give you questions to consider and additional guidance to help you successfully complete the Budget Negotiations and Communication assessment. You may find it useful to use this document as a pre-writing exercise, an outlining tool, or as a final check to ensure that you have sufficiently addressed all the grading criteria for this assessment. This document is a resource to help you complete the assessment. Do not turn in this document as your assessment submission.

Coursework Sample Content Preview:

Budget Negotiations and Communication Coursework
Student's Name
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Professor's Name
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This executive summary explores a compelling case for fund allocation to the healthcare unit's operating budget. In an increasingly competitive environment with dollar scarcity, creating a strategic plan that enhances fiscal success and profitability, justifies equipment and service expenditures, addresses staff productivity goals, and aligns with the unit's mission and goals is fundamental. This paper will provide an executive summary that supports the healthcare unit's operating budget by discussing the aforementioned key areas. The essay will also offer evidence and support the healthcare unit's budget proposal through extensive analysis of the regions, examining the effect and value it adds to the organization.
Strategic Plan for Fiscal Success and Profitability
Currently, the healthcare sector endures competition and limited funding. Thus, a healthcare organization must create a strategic plan that enhances its profitability and financial success and place it significantly among competing demands. This part highlights the healthcare unit's strategic plan and discusses the significant factors which will ensure fiscal success. By implementing this plan, the organization will undoubtedly seize opportunities, attain sustainable financial goals, and overcome challenges. The project will engage the reader to delve further into the operating budget considering its elaborate presentation. The operating budget presents urgency and relevance due to identifying dire needs for financial success and profitability of the healthcare unit in a competitive environment.
The strategic plan extends beyond a simple business and operational plan and incorporates a strategic approach. The plan takes a holistic view of the healthcare unit while considering internal capacities, external elements, and market dynamics. Critical analysis of customer preferences, industry benchmarks, and market trends facilitates the development of a comprehensive strategy that ensures the organization's goals align with the target market's changing needs. The strategic plan discusses significant factors and responsibilities paramount to the organization's success. The plan identifies market expansion as the most essential factor. It is possible to indulge in new revenue generations by diversifying the healthcare unit's consumer base and leveraging new markets. The operating budget sets money for research and development. It will be possible to conduct comprehensive market research to pinpoint and understand emerging opportunities and formulate the unit's services to address consumer needs. However, an organization's performance depends on standards like profitability, sustainability, and willingness to deal with the ever-changing business environment (Anwar & Abdullah, 2020).
Moreover, the strategic plan highlights operational efficiency. Maximizing resource allocation and refining internal processes is vital to optimizing fiscal success and profitability. The strategic plan identifies measures like cost control initiatives, automation, and lean practices to enhance operational efficiency. Also, differentiation and innovation en...
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