HCA 620 Describe your thoughts about having an outside auditor, such as one from an accreditation authority, review your financial management of your department

HCA 620 Describe your thoughts about having an outside auditor, such as one from an accreditation authority, review your financial management of your department

HCA 620 Describe your thoughts about having an outside auditor, such as one from an accreditation authority, review your financial management of your department

Topic 4 DQ 2

A well written business plan is important when it comes to the provision of a competitive edge. The advent of new players in the health care sector means that competition is fierce and for a facility to survive, they need to have a competitive edge. In order to overcome competition in the general practice, properly researching, analyzing the environment and producing an apt business plan will make a facility beat its competition. One of the most important sections of a business plan that offers GIs a competitive advantage is the executive summary. Written in a concise and compact manner, an executive summary will present the reasons as to why the business or proposal is necessary, the costs involved in the implementation, and the attendant risks (Ingram & Spooner, 2004). Providing this information in a comprehensive manner makes a plan stand out as it already reveals the core basis of the business and how it plans to handle future risks, which gives confidence to the PCTs and prospective stakeholders. More importantly, the executive summary offers a guidelines regarding the implementation of the business proposal, which is important in helping the stakeholders to make a decision. As such, the manner in which the executive summary of a business plan is written provides a competitive edge to GIs.

Moreover, a well-written business plan provides factual information concerning various aspects such as costs, objectives, resources, and the risks involved. Written properly, these plans will not only present a proposal but also answer concerns that may arise from the PCTs and even internal stakeholders (Ingram & Spooner, 2004). Answering questions as to why the stakeholders should buy into a proposal and the reservations that they might have concerning the same ensures that a GI gains a competitive edge in the general practice arena as it will be more believable.

References

Ingram, M., & Spooner, K. (2004). A good business plan can put your practice in the driving seat. Pulse64(44), 40–41. Retrieved from https://search-ebscohost-com.lopes.idm.oclc.org/login.aspx?direct=true&db=a9h&AN=15098032&site=ehost-live&scope=site

Click here to ORDER an A++ paper from our Verified MASTERS and DOCTORATE WRITERS: HCA 620 Describe your thoughts about having an outside auditor, such as one from an accreditation authority, review your financial management of your department

Responses

Hi Rachel, thank you making a precise contribution to the discussion. I agree with you that the main aspect that

HCA 620 Describe your thoughts about having an outside auditor, such as one from an accreditation authority, review your financial management of your department
HCA 620 Describe your thoughts about having an outside auditor, such as one from an accreditation authority, review your financial management of your department

gives a business a competitive edge is its ability to eliminate the potential questions that may arise from potential investors and internal stakeholders (Ingram & Spooner, 2004). This particular characteristic of a business plan can be achieved through the creation of comprehensive components of the same. An organization should ensure that all the components are done satisfactorily by foreseeing questions that might arise. In addition, the executive summary of a business plan also plays an integral role in ensuring that this is the case. Ensuring that the above section has all the pertinent information concerning the business plan is a fundamental marketing strategy as it will not only raise the curiosity of stakeholders to read the document, but also satisfy them that the document captures all the pertinent areas of a proposed service or product.

References

Ingram, M., & Spooner, K. (2004). A good business plan can put your practice in the driving seat. Pulse64(44), 40–41. Retrieved from https://search-ebscohost-com.lopes.idm.oclc.org/login.aspx?direct=true&db=a9h&AN=15098032&site=ehost-live&scope=site