NR 533 Week 8 Touchpoint Reflection: Finance, Budgets, and Business Plans – ‘Oh My!’

NR 533 Week 8 Touchpoint Reflection: Finance, Budgets, and Business Plans – ‘Oh My!’ NR 533 Week 8 Touchpoint Reflection: Finance, Budgets, and Business Plans-“Oh my!” EXPERIENCE Prior to this course, I had minimal knowledge and skills in light of financial management and budgeting in implementation of organizational change and business plan. Today, I can confidently say that I have gained extensive knowledge in key areas of finance and budget management. I have registered a number of strengths and weakness regarding business plan and financial management and budgeting that I hope to improve in order to deliver an excellent project proposal that will not only improve healthcare delivery but equally save the organization more money. REFLECTION: The Strengths and Weaknesses to the Business Plan for Final Proposal The strengths acquired include the ability to establish and match the business plan to the organizational philosophy, mission, vision and strategic plans. In addition, I have expertise in strengths, weaknesses, opportunities, threats (SWOT) analysis which is very crucial in developing, building and maintaining business plan. In addition, I have extensive knowledge and skills in cost-benefit analysis (CBA). According to Alviniussen and Jankensgard (2015), CBA is very essential in projecting the profitability of a change project. A further strength is organization of finances available for the project development. My noted weakness in business plan is revenue projections for plan. I will improve on my weakness by working tirelessly on advance my expertise in revenue projections through intensive research and consultations. REFLECTION: Areas of Strength and Weakness Related to Financial and Budgeting Principles Among the areas of strength is team work and consultation. I have excellent skills in splitting and allocating various tasks involved in project proposal development. I doing this, I recognize the individual’s propensity to perceive and understand what expenditure is and what kind of income is expected from implementation of the project. Barasa, Cleary, Molyneux, and English (2017) mention that even though involvement of many individuals in budgeting might slow the process, it delivers more accurate and reliable results. My weakness is that I am having challenges in analysis of operational and financial model for determination of the risks involved. However, with time, I will improve as I plan to learn more on risk identification and risk management. IMPLICATIONS FOR THE FUTURE In order to improve on my business plan, I plan on refining my weakness on revenue projection and operational and financial analysis and subsequently develop them into strengths. I equally need to study more on the concepts related to both my strengths and weaknesses in order to enhance my knowledge of finance and budgets in healthcare organizations. References Alviniussen, A., & Jankensgard, H. (2015). Enterprise risk budgeting: bringing risk management into the financial planning process. DOI 10.1002/jcaf.20382 Barasa, E. W., Cleary, S., Molyneux, S., & English, M. (2017). Setting healthcare priorities: a description and evaluation of the budgeting and planning process in county hospitals in Kenya. Health policy and planning, 32(3), 329-337. doi: 10.1093/heapol/czw132. Show Less