Create a 3- to 5-year financial plan to implement the goals and objectives created in Part 2 of your strategic plan.
Create a 3- to 5-year financial plan to implement the goals and objectives created in Part 2 of your strategic plan. The deliverables for the financial plan include a projected budget created in Microsoft® Excel® and a report in Microsoft® Word that clarifies and explains the financial plan.
Section One: Projected Budget
Create a projected budget.
- The projected budget should be a Microsoft® Excel® spreadsheet that contains a 3- to 5-year financial projection that includes detailed expenditures, income, contingency, gain or loss, capital outlay, and ROI (if applicable).
Include budget strategies to increase volume and budget assumptions.
Section Two: Financial Plan Explanation
Write a 1,050- to 1,400-word narrative discussing the fiscal details of the plan and the assumptions that were used in developing the projected budget.
- Include all the elements required in the projected budget.
- Include capital expenditure planning and contingency plans for unexpected events.
- Budget summary: When explaining your budget:
- Describe the organization’s current business model.
- Evaluate the impact of internal resources and financial capabilities on the business model implementation.
- Determine how the organization’s internal resources and financial capabilities affect your financial plan.
- Determine how they will affect implementation of the plan.
- Explain the details of the budget assumptions and the strategies to increase volume.
Cite at least 4 peer-reviewed, scholarly, or similar resources to support your information.
Format your paper according to APA guidelines.
Submit your assignment as Microsoft® Excel® and Microsoft® Word attachments.
Preopening Budget Example
| University of Phoenix Material | ||||||||||||
| Sample Strategic Planning Spreadsheet | ||||||||||||
| Diagnostic Imaging | ||||||||||||
| Purchase & | Hire & Train | Strategies to Increase Volume | ||||||||||
| Install | Staff | Purchase and install a new MRI. | ||||||||||
| MRI | Train or hire additional staff to operate new MRI. | |||||||||||
| Revenue | Year 1 | Year 2 | Year 3 | Increase marketing to physicians. | ||||||||
| CT | $2,000,000 | $2,200,000 | $2,420,000 | Assumptions | ||||||||
| MRIs | $8,000,000 | $8,800,000 | $9,680,000 | Increase in revenue/year | 10.00% | |||||||
| General diagnostic | $6,000,000 | $6,600,000 | $7,260,000 | Increase in salaries/year | 4.00% | |||||||
| Interventional | $12,000,000 | $13,200,000 | $14,520,000 | Increase in supply expense/year | 5.00% | |||||||
| Travel as a % of revenue | 0.50% | |||||||||||
| Total revenue | $28,000,000 | $30,800,000 | $33,880,000 | Maintenace as a % revenue | 1.00% | |||||||
| Contracts as a % of revenue | 2.00% | |||||||||||
| Expenses | Marketing as a % of revenue | 0.50% | ||||||||||
| Misc as a % of revenue | 1.00% | |||||||||||
| Salaries | $18,200,000 | $20,020,000 | $22,022,000 | Salaries as a % of revenue | 65.00% | |||||||
| Supplies | $4,200,000 | $4,410,000 | $4,630,500 | |||||||||
| Travel | $140,000 | $154,000 | $169,400 | |||||||||
| Maintenance | $280,000 | $308,000 | $338,800 | |||||||||
| Contracts | $560,000 | $616,000 | $677,600 | |||||||||
| Marketing | $140,000 | $154,000 | $169,400 | |||||||||
| Miscellaneous | $280,000 | $308,000 | $338,800 | |||||||||
| Total expenses | $23,800,000 | $25,970,000 | $28,346,500 | |||||||||
| Net profit | $4,200,000 | $4,830,000 | $5,533,500 | |||||||||
| Capital outlay | $2,500,000 | $0 | $0 |