The Importance of Planning for a Firm´s Five Year Plan

Successful organizations develop both, short and long term goals focus on operational and financial strategies. This process needs constant evaluation in order to identify opportunities for growth. The goal of every healthcare facility should be to become a leader in the industry, attract high-quality staff and health experts, and establish cutting-edge services for the community. By reviewing current operational realities while working a market research enables the organization to develop strategy solutions to address environmental concerns.

Formulate a process for undertaking strategic planning in your area of interest. What is the need for strategic planning at this time? Which actors should be involved? How do you apply the steps and procedures discussed in Berman Chapter 4 to your process? Which steps would you undertake to ensure that conditions for success are in place?

“The nature and extent of planning activities that are necessary depend on the size and complexity of the company, the auditor 's previous experience with the company, and changes in circumstances that occur during the audit. When developing the audit strategy and audit plan, the auditor should evaluate whether the following matters are important

Careful planning is required to guide all parts of the organization towards its strategic long-term and short-term objectives. Anthony & Govindarajan (2000) saw strategic planning as being focused on several years, contrasted to budgeting that focuses on a single year and so a budget is a one-year slice of the organization’s strategic plan. The budget prepared for planning purposes, as part of the strategic planning process, is the quantitative plan of management’s belief of what the business’s costs and revenues will be over a specific future period (Davies & Boczko, 2005). According to Atrill & McLaney (2002), a budget’s role is

In today’s highly competitive business environment, budget planning or forecast based planning methods are insufficient for business to survive. The firm must engage at strategic planning to clearly define objectives and built a strong internal structure in order to assess both the internal and external situation to formulate planning, implement the strategy, evaluate the progress, and make adjustment as necessary to stay on track. Strategic planning has a bad reputation. People think of it as a laborious process to produce a document that will just languish on a shelf. Many business managers consider strategic planning to be a waste of time. But these perceptions aren 't really accurate. A company needs a strategic plan for the same

* The first two assignments (Stages I and II of the project) are worth 100 points each.

Anthony, Robert N., and David F. Hawkins. "Strategic Planning and Budgeting." Accounting: Text and Cases. 13th ed. New York: McGraw-Hill/Irwin, 2011. Print.

MAGALHAES, R. (2005, MAY). THE BUSINESS CONTINUITY PLAN RECOVERY DOCUMENT. RETRIEVED ON FEBRUARY 23, 2007, FROM

The area of interest will be where I work now at MDHHS, specifically in the Provider Enrollment section, in regards to the Home Help program. The Home Help program allows providers to do nonmedical necessity tasks, like cleaning and cooking, for qualified Medicaid applicants.

The five year strategic plan for Trinity Community is to introduce three new service lines: Orthopedic, Cardiovascular, Cancer services. Based on the Community Health Needs Assessment (CHNA), the orthopedic service line has highest projected increase in cases. Projected orthopedic cases will increase by 46% to 17,338 from 11,800, while inpatient joint and spine procedures increase by 30% and outpatient joint and spine procedures increase by 350%. The Burden of Musculoskeletal Diseases in the United States (BMUS) states that “Musculoskeletal diseases affect more than one out of every two persons in the United States age 18 and over, and nearly three out of four ages 65 and over.” ("BMUS: The Burden of Musculoskeletal Diseases in the United

Usually the financial dilemma is trusted to the CEO who will turn it to the CFO of the organization for an involvement and budget planning. It is the duty as a job description for the NPO’s directors to oversee that this is getting done and getting done properly, taking in account the Sarbanes-Oxley’s law that is the gold standard as acceptance for this operation. Although the Sarbanes-Oxley’s law does not necessarily apply to nonprofit organizations alone but it emphasis mainly around the degree of responsibilities that a CEO should carry managing an NPO’s financial fate, in terms of having; to ensure all controls are on the spot, up to date, and policies are being followed accordingly. For example, if total expenses can exceed total income, or collected funds this could draw the NPO to be a subject for an operational and functional risks. The avoidance for such trend can be overcome by a trill and strategic financial strategies developed and overseen by all board members through meetings and monitoring their finances. Having a projection for a 6 month, or a year, ahead of schedule as an outlook for a progress for their programs is the duty of the directors, which is assisted by board members and their suggested

The company has to be able judge its spending performance. Does not matter what type of company it is, the ability to measure performance using budgets is an important process in any business organisation. Planning helps to understand where business is at present and where it is going to be in the future. Company’s planning process has to involve different developing objectives and prepare

Prior to developing a strategic plan, the organization must decide who needs to be involved in the planning process. Stakeholders play a vital role in the development of an organization’s strategic plan. “To empower stakeholders, the leaders of organizations should be genuinely committed to sharing power with and training stakeholders because effective involvement requires certain skills, understanding and knowledge” (Mgomezulu, 2001: 80). A team composed of a school administrator, school level staff, one district level leader, two students, three parents (one per grade level) and two community partners was were interviewed in regards to inform the development of the school’s strategic plan. Each team member was given a handout describing his or her role in the process. They were given the opportunity to ask questions about their role and the strategic planning process. Each team member was given a copy of the previous strategic plan and school level staff was given a copy of various pieces of data relating to discipline and student achievement to help guide the process.

Albion hotel faces a significant challenge of changing its current business strategy to adopt a different one as a way of seeking to improve the business operations. Despite there being significant challenges in adoption of a new business strategy, it remains a necessity in seeking to ensure the organisation has the capability to compete effectively within an ever-changing business environment. Changes must be initiated based on the necessity in order to ensure that the benefits of the change can be assessed and are achieved (Cawsey, Deszca, & Ingols, 2015). The process of implementing changes within an organisation could be extremely difficult and challenging but the adoption of the Lewin’s 3-step change model can enable the organisation to achieve the desired business position.

Strategic planning is a dynamic procedure of constantly taking a gander at your present circumstance and plotting your best course of action. This requires a strong comprehension of the association and in addition an understanding about the environment that the association works in. There is no correct approach to do a vital strategic plan. The best approach is to discover a procedure that fits with the association. Organization includes assembling a group or board of trustees, gathering data about current arranges, and illustrating how the Strategic Plan will be produced. For Example, particular strategic planning is required in finance department to recover from the financial crisis for