Ascertain the importance of strategic planning for an organization.
Suggest one strategy to structure the strategic planning session for a midsize nonprofit health organization that is competing with several for-profit facilities in the area. Then determine your approach to communicate the mission, vision, and value statements for the strategic planning. Provide a rationale for your response.
Use Basic Search: Strayer University Online Library to research articles on business plan creation within health organizations. Next, based on your research and analysis, recommend three best practices of business plan creation, and support your response.
Be sure to respond to at least one of your classmates’ posts.
Also Respond to Classmate’s post below:
Terri Duncan:
Managers should engage in strategic planning because it is a critical function. Executives are guided by the goals they set regarding financial success. It is essential that each team member understands the organization’s target and direct their focus accordingly. In addition, an organization with objectives gains a competitive advantage in the market. Strategy facilitates innovation, empowering administrators to implement a proactive approach to issues (Vani & Babu, 2021). Finally, tactics help planners to minimize risk and increase a company’s efficiency and productivity. Nonprofit and for-profit healthcare facilities may have similar objectives of providing high-quality services. However, their strategies may differ because the former aim at serving communities while the latter focus on satisfying societal and investor needs. Therefore, a nonprofit healthcare organization should have long-term strategic plans because the focus is on improving community well-being. The mission, mission, and value statements will have to explain how the firm will increase access to medical services for residents. Everyone will be involved in designing the tactical method to be adopted in providing high-quality care because societies comprise all residents and institutions. Therefore, the strategic agenda will be outlined through board meetings and engagements with other stakeholders. Business plans for successful healthcare organizations should contain conventional components of a strategy. However, the main difference is that the service recipients may be community members and not necessarily clients. One of the best practices in creating a medical facility business plan is understanding principal stakeholders’ needs. It is also essential to know the firm’s strengths and competitive environment. Thirdly, the administrators should create a practical vision that will make the institution evolve to compete favorably in the market in the future. Vani, G., & Babu, M. G. (2021). Corporate business strategies – The present scenario. Archers & Elevators Publishing House.