revision and final business plan
Running Head: STRATEGIC BUDGETING
STRATEGIC BUDGETING
Missing APA number on page one.
The Role of Strategic Initiative in Budgeting
Stefanie Williams
Professor Klense
Grand Canyon University
HCA-470
08/12/2020
The Role of Strategic Initiative in Budgeting
Formulating strategic priorities in an organization ensures that the proposed budget and operations are laid towards achieving the goals and short-term objectives which will lead to the success of the organization (Liu, Wang, Li & Ma 2018). The role of Human resources and staff training is important in decision-making when it comes to proper choices made while formulating the budget policy. Strategic financial management plays a key role in financing the operations in the formulated budget to maximize profits. Any profit-making organization has a responsibility to ensure that the financial strategy explored by the company fits into the business plan used by that company and changes should be made to adjust the absolute differences. Organizations have the responsibility to convert their visions and goals into relevant practical results. For instance, an organization has a goal to strive and become the top competitor in the industry. In this case, the organization’s big aim is to formulate a portfolio of strategic initiatives that oversee the organization’s outcomes in terms of SWOT analysis.
The strategic goal of the organization is to become one of the top competitors in the industry. This is a poor strategic plan in my opinion. It is so general. Please read the suggestions that I had on the study aide for week 4 that I posted. Basing on SWOT analysis, the outcomes in response to the company’s strengths include; the ability of the company to differentiate its competitors, adequacy of financial resources to finance the proposed strategic budget and the ability to innovate new programs and services that are aimed to improve product quality and therefore increase the company sales (Wolf & Floyd 2017). The outcomes that define the company weaknesses concerning this particular company goal include; the ability to lose key competent skills as the industry may be too competitive, the company may end up also incurring a decrease in the physical position with other competitors and the tendency of keeping a poor record of the implemented strategic plans. Priorities and opportunities are possible outcomes that the company expects from the formulated strategic initiatives. The expected opportunities include; market diversification, the expectation of weak competitors, venturing into new markets and segments, and also increasing the sales to reach more consumers (Ponomareva 2017). The threats related to this goal include; change in demography, influencing government policies, and the increasing pressure from competitors.
Simple budget for the strategic initiative
Profitmaking organizations aim at formulating a surplus budget that accommodates all the expenditures of the company using the available capital and relevant incomes. This will ensure that the company is working towards profit maximization.
I am not sure what this budget will be used to build?
|
Incomes/ Capital |
Amount($) |
Expenditures |
Amount($) |
|
Revenue from sales |
23,640M |
Operating expenses including; salaries, staffing, equipment |
9,843M |
|
|
|
Cost of sales |
12,709M |
|
Total Net Income |
1,088M |
|
|
Using the strategic budget above, we conclude that the company’s goal of becoming the top competitor is achieved because the company maximized its profits as compared to the previous years, 2017 and 2018 (CHENG 2019). An overview from the financial statements year ended December 31st, 2019 provides that the company registered revenue from sales worth, 23.640Billion Us Dollars. In return, the company incurred a wide range of expenditures that added up to $9.843billion (Silva 2019). We, therefore, conclude that the company has strategized its budgeting initiatives that have ensured the company sticks to the proposed surplus budget and led to profit maximization. I do not see that name of your selected health care organization.
References
CHENG, C. (2019). The Appraisal of Financial Performance of Adidas Group (Doctoral dissertation, Masarykova univerzita, Ekonomicko-správní fakulta).
Liu, J., Wang, P., Li, T., & Ma, G. (2018). Analysis of Budget and Cost Control of New Green Building Projects. Journal of Architectural Research and Development, 2(4).
Ponomareva, S. A. (2017). The coherence of strategic and budget planning: the experience of the Vologda region. Regionalʹnai︠a︡ Ėkonomika. I︠U︡g Rossi, (1 (15)).
Silva, E. F. F. D. (2019). Equity research-Adidas AG (Doctoral dissertation, Instituto Superior de Economia e Gestão).
Wolf, C., & Floyd, S. W. (2017). Strategic planning research: Toward a theory-driven agenda. Journal of Management, 43(6), 1754-1788.
You gave a fair explanation of your strategic plan and health care organization. You had some good information on your budget table and its expense accounts. You put together some good financial information from your selected health care organization.
Please review the graded rubric I have completed for your paper for more insight and feedback concerning my evaluation and your grade. It is really important that you review the rubric for this assignment because it has much more detail on the expectations and grading criteria that was used in evaluating your paper.
Perhaps more outside sources could have given you more information to get top scores on all aspects of the assignment. I recommend that you read and study all of the information and examples that I provided in the week 4 and 5 study aides which you can find in the Announcements section of our class.
Some good work. The Patient Protection and Affordable Care Act (PPACA) is a large change in our U.S. health care system. You covered the questions and have a good explanation of it in general terms. Some more quantitative data and analysis would have been helpful in analyzing this health care reform bill. It is really hard to point out the problems in the US health care system without more supporting numbers or statistics. Going forward, what is your opinion of it and any recommendations to improve it? Be sure to closely review the grading and feedback in the rubric for this assignment. Perhaps some more outside sources would have given you more to write about.
Not much analysis. & short.
You gave a fair explanation of your strategic plan and health care organization. You had some good information on your budget table and its expense accounts. You put together some good financial information from your selected health care organization.
Please review the graded rubric I have completed for your paper for more insight and feedback concerning my evaluation and your grade. It is really important that you review the rubric for this assignment because it has much more detail on the expectations and grading criteria that was used in evaluating your paper.
Perhaps more outside sources could have given you more information to get top scores on all aspects of the assignment. I recommend that you read and study all of the information and examples that I provided in the week 4 and 5 study aides which you can find in the Announcements section of our class. Please let me know if you have any questions or would like to discuss them on the phone.
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In a 250-500 words, address the following in the form of an executive summary:
Briefly describe the proposed strategic initiative including the proposed changes and expected outcomes based upon the results of the SWOT analysis.
Provide a simple budget for the strategic initiative. Include all relevant budget categories such as staffing (including salaries and benefits), space, equipment, training and education, and any other expenses related to the initiative. Create a table to efficiently present the key budget information.
Provide a financial data overview that summarizes what financial data you examined and a description of specific factors that informed each financial statement (net revenue, profit/loss, balance sheet, etc.).
Include at least one of the financial statements available from the selected organization (income statement, budgets, net revenue, profit/loss statements, etc.) as a figure or an appendix.
While APA style is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.
This assignment uses a rubric. Review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.
You are required to submit this assignment to LopesWrite. Refer to the LopesWrite Technical Support articles for assistance.
Rubric Grading Criteria:
Description of proposed strategic initiative, including proposed changes and expected outcomes based upon the results of the SWOT analysis, is exemplary.
Budget table, including all relevant budget categories such as staffing, space, equipment, training, education, and other initiative-related expenses, is thorough, accurate, and realistic.
Figure or appendix containing a financial statement from the selected organization is complete and correct.
Summary of financial data examined to create the budget, including description of specific factors relevant to each financial statement, is thorough and includes substantial explanation and supporting data.
Thesis is comprehensive and contains the essence of the paper. Thesis statement makes the purpose of the paper clear.
Clear and convincing argument presents a persuasive claim in a distinctive and compelling manner. All sources are authoritative.
Writer is clearly in command of standard, written, academic English.
All format elements are correct.
Sources are completely and correctly documented, as appropriate to assignment and style, and format is free of error.
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