Strategic Plan Part III – Financial Plan

External issues that can impact a strategic plan

External issues are often crucial since they are out of management`s hands. This implies that a firm a strategic plan should be created as a form of adaptation to the external environment (Norwood, Maxey, Randolph, Gano & Kochhar, 2017). Factors such as market behavior, government regulations, and competitive culture play a pivotal role in impacting the direction of strategic plans.

Benefits of competitive analysis in strategic planning

According to, Kitapci, Akdogan and Dortyol (2014) a competitive analysis is a critical part of strategic planning as it enables the firm to identify opportunities and act on them accordingly. One of the advantages is the identification of market gaps. Market gaps represent the products or services that are not offered by other players in the industry. Identifying market gaps is an essential part of strategic planning that can only be done through a competitive analysis. Another merit of a competitive analysis is the ability to focus on product development. When a firm performs a competitive analysis, it becomes fairly easy to understand the most appropriate strategy to design products and services. Also, a firm is able to determine the relevant marketing strategies when it comes marketing products as a result of a competitive analysis.

The ability of Harbor UCLA to accomplish its missions, objectives, and goals

Based on the SWOT analysis conducted, it is possible to determine Harbor UCLA`s strengths and weaknesses. Relevant strategies should be implemented in a bid to capitalize on the organization`s strengths. As listed in the SWOT table some of the organization's strengths include a large client base, significant client base, availability of skilled labor, diversified services and a flexible organization structure. Therefore, by focusing on its strengths, the Harbor UCLA will be capable of maximizing on its outcomes. An example is the organization can rely on its skilled human resource to perform at a high level which consequently enhances its brand image. Further, the availability of financial resources means Harbor UCLA will be capable of achieving its long-term goals of diversified and enhanced services. Another strategic goal of the medical institution is to increase its performance and administration of services to the community; its ability to offer diversified services gives it an edge to accomplish its strategic mission.

Harbor UCLA`s ability to respond to internal and external changes.

The management strategy aims to increase efficiency and performance from an internal perspective. Its flexible organization structure allows for employee empowerment such that employees can make decisions and handle emerging issues without having to wait for approval from the board. This enhances the organization`s ability to respond and handle potential changes. Furthermore, the organization's research strategy enables it to be responsive to external changes. Changes and challenges in the external business environment can be costly in the long run which requires adequate preparation from the involved stakeholders. The SWOT analysis pointed towards some necessary organizational strengths that enable the firm to respond to external challenges. For instance, the availability of financial resources and diversity of products and services offered plays a vital role in enabling the organization to stay miles ahead of its competitors. Therefore, the Harbor UCLA appears well equipped to handle changes in the external environment by minimizing its weakness by maximizing on its organizational strengths.

Organizational goals based on the SWOT analysis

Year one

One of the goals for the first year is to enhance the quality of services by appointing qualified personnel to fill the newly created position of operational manager. The flexible organization structure has enabled Harbor UCLA to outperform its competitors due to the commitment of its employees. Committed and empowered employees are among the greatest assets an organization can have. Therefore, to minimize the weakness of keeping up with the ever-changing regulations, two senior operations manager will be appointed whose respective tasks will be to regulate activities in a bid to ensure all operations are in line with implemented operations.

The second year one goal is increasing research incentives to enhance market awareness. The Harbor UCLA senior management seeks to increase its market awareness such that it becomes aware of the various challenges and opportunities that may arise during operations. Therefore, one of the main goals is to increase both medical and market research in a bid to understanding prevailing market requirements and emerging trends. This will put the organization in a good position and consequently enable it to reach a potentially larger market.

The third year one goal is to increase the performance of its employees through six-months training sessions. All employees operating in sensitive and complex departments that require regular training will be enrolled in the program. The aim of the training incentives is to increase the performance of the employees in efforts to improve the quality of services offered. Therefore, this will make it possible for Harbor UCLA to stand out in regards to the quality of health services offered.

Year Two goals

The first year two goal is to increase marketing incentives through the use of online platforms, print, and television advertisement. This is in aimed to increase the institution`s reach and ensure people know about the services offered from medical to training service. Further, this will enhance the reputation of Harbor UCLA as a determined performer that is committed to expanding its horizons to the extended American market. What is more, the project will allow for people from all over to enroll in training programs and seek professional medical assistance for potentially critical illness that requires top-notch treatment.

The second goal is to increase social participation through community seminars and community service as well. Although the institution has a reputation of being committed to developing the society, it is necessary to increase community service incentives. This will help the Harbor UCLA gain a competitive edge over its competitors and enhance its brand appearance. Further, this will put the Harbor UCLA on the national map for community service thus increasing brand awareness.

Year Three Goals

The first year three goal is to acquire complex, high-end equipment to aid in the provision of complex conditions. The goal is to make Harbor UCLA the leading healthcare institution in America. One of the ways to achieve this is to ensure that all medical services are offered in the institution. To explain further, purchasing the capital incentive hospital equipment will enable the hospital to handle almost every medical condition. Also, the healthcare institution also intends to add experienced physicians to its team whether on a full or part-time basis. This will make it possible to provide quality healthcare and improve the provision of quality care.

The second year three goal is to expand the Harbor UCLA training facility. The training center is a major source of revenue and based on its recent performances; it would be necessary to expand the reach of the training center and target more students. However, this will be costly as it will require massive financial investment. The project is anticipated to last for three years meaning it is a long-term project that must be well planned and budgeted to achieve the desired outcomes. The strategy aims to transform the training center to one of America`s most elite medical training centers. Expanding the training institution will also provide a readily available pool of physicians who can be absorbed into the Harbor UCLA team. Consequently, this gives the organization the opportunity to groom its potential employees such that they develop the much-required work ethics while simultaneously understanding Harbor UCLA`s culture.

References

Green, E. P. (2014). Payment systems in the healthcare industry: an experimental study of physician incentives. Journal of economic behavior & organization, 106, 367-378.

Groves, P., Kayyali, B., Knott, D., & Kuiken, S. V. (2016). The'big data'revolution in healthcare: Accelerating value and innovation.

Kitapci, O., Akdogan, C., & Dortyol, I. T. (2014). The impact of service quality dimensions on patient satisfaction, repurchase intentions and word-of-mouth communication in the public healthcare industry. Procedia-Social and Behavioral Sciences, 148, 161-169.

Norwood, C. W., Maxey, H. L., Randolph, C., Gano, L., & Kochhar, K. (2017). Administrative challenges to the integration of oral health with primary care: a SWOT analysis of health care executives at federally qualified health centers. The Journal of ambulatory care management, 40(3), 204-213.