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The financial planning process will reveal the key cost and revenue drivers at the clinic. Externally, we must product financial statements in order to secure financing. These statements will need to be professionally prepared in accordance with the prevailing accounting principles. The bank will need to see that our financial estimates are grounded in good research and south assumptions. Having these statements reduces our risk as well, since we have a better understanding of our cost structures and contribution margins.
Though tangential to our main mission, sustainability elements can add value to our operation, depending on how they are utilized. In the health care industry, environmental concerns are generally minimal. There appears to be little opportunity to profitably incorporate such concerns into our operation, as the market in Dubai is not known to be responsive to such initiatives. That said, will be need to undertake at least cursory research in order to officially make such a determination.
Corporate social responsibility may come more in to play with respect to social and economic considerations. The clinic is expected to provide a social service, in particular because we plan to focus on early diagnosis and prevention programs. Thus, we will offer value not just to our patients but potentially to Dubai or even the UAE as a whole. We see that the government is trending towards a public/private model of health care provision. This means that there is room for us to provide a social service with the public framework, in addition to our high-margin private work. We will explore the opportunities to utilize the social function to enhance goodwill and public recognition of our clinic, and establish our credentials as the top cardiopulmonary experts in Dubai.
We feel that it is important for corporate social responsibility to be tied into everyday business practice in order for it to be adhered to rigidly. We understand that the best way to make this happen is to tie the CSR into a revenue-generating activity. Thus we will explore the means by which we may be able to do this.
The framework for the business plan is as follows. The first section will introduce the concept of the business. This section will also outline in brief the motivations and history of the concept. The principles will be introduced and their roles in the business will be outlined. A rough description of the model will be presented in the first section, to give the reader a sense of perspective when reading subsequent sections. This section will close by stating the objectives of the business plan.
The second section will be the research section. This section will cover a wide range of facts that the management team has uncovered. The major subsections will be market research, costing research and environmental research (government, technological and economic). The focus of this section will be on facts rather than analysis.
The third section will be the analysis section of the business plan. The facts presented in Section 2 will be synthesized with theory presented in the MBA studies. The emphasis of this section will be to apply the findings of Section 2 and MBA theory to the basic business model. As we move through the dual processes of analysis and synthesis, the result should be that the rough business model as described in Section 1 is refined. By the end of the third section, the reader should have a strong concept of the inputs of the business, its day-to-day operations and its competitive advantages/value propositions.
The final section of the business plan will be the financial analysis. This will include capital budgeting, managerial accounting and financial accounting considerations. The figures will derive from the findings in Section 2 and the analysis in Section 3. Within this section a number of different financial statements will be produced. These will include income statements, statements of cash flows, balance sheet and statements of owner's equity. Managerial accounting reports will be produced, including contribution margin analysis. Capital budgeting statements will illustrate the proposed capital investments and evaluate their payoff with respect to NPV and payback period. Along with the numbers presented, there will be notes on the financial statements to assist the financiers in their understanding of Hattan's expected financial situation. Finally, a sensitivity analysis will be presented in order to evaluate the robustness of the plans in the event that reality does not match the assumptions.
The Next Step
There are two steps that will be undertaken at this stage of the business plan process. First, this outline will be discussed with the advisor. This will give management and the advisor an opportunity to ensure that the direction of the business plan is amenable to both parties. The advisor is an important stakeholder whose views will be taken seriously, in particular with regards to the direction of the project. Input at this point can only help the project move forward so that is the next natural step. Simultaneously, the research will begin. There are some forms of research that will need to be conducted regardless of the outcome of the consultations with the advisor, such as the market research and the environment research. Therefore, this step can be initiated immediately, and altered later as need be in…[continue]
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(Cherrington, 1973) These types of rewards are referred to as contingent rewards. The theory is that employees are willing to put forth extra effort if they know they will be rewarded accordingly. Cherrington and his colleagues surmised that no inherent link between satisfaction and performance exists. Instead, satisfaction and performance are dependent upon performance-contingent awards. (Cherrington, 1971) Three types of rewards can be found in an organization. They are random,
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