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eek 7: Components of Business Planning As program planning progresses, business planning becomes an increasingly important part of the process. Now that you have completed some research and analysis and determined elements of your program design, the focus turns to business planning and budgeting. As you will explore, giving attention to these areas can help to clarify whether the available resources will support the new program or identify adjustments that may need to be made. This week’s Discussion asks you to look at the relationship between business planning and strategic planning for a program. Also this week you begin working on Assignment 3, applying budgeting principles to your program. In addition, you submit a time log and a journal for your Practicum Experience. Learning Objectives Students will: Evaluate the impact of a business plan on the strategic planning of a program Develop a program budget with a break-even point Assess the practicum experience thus far Learning Resources Required Readings Hodges, B. C., & Videto, D. M. (2011). Assessment and planning in health programs (2nd ed.). Sudbury, MA: Jones & Bartlett Learning. Review Chapter 4, “Program Planning: The Big Picture” Review Chapter 5, “Social Marketing, Program Planning, and Implementation” As you review Chapter 4, focus on the budgeting information presented on pp. 113–115. Kettner, P. M., Moroney, R. M., & Martin, L. L. (2017). Designing and managing programs: An effectiveness-based approach (5th ed.). Thousand Oaks, CA: Sage. Chapter 12, “Budgeting for Financial Control, Management, and Planning” Chapter 13, “Developing Line-Item, Functional, and Program Budgeting Systems” Chapter 12 introduces budgeting as an important part of the planning process, noting that it also serves essential management and control functions for programs. Chapter 13 addresses three systems of budgeting—line item, functional, and program—each of which has a distinct focus. Gaskin, J., Rennie, C., & Coyle, D. (2015). Reducing periconceptional methylmercury exposure: Cost-utility analysis for a proposed screening program for women planning a pregnancy in Ontario, Canada. Environmental Health Perspectives, 123(12), 1337-1344 Palumbo, ., Sikorski, . & Liberty, . (2013). Exploring the cost-effectiveness of unit-based health promotion activities for nurses. Workplace Health & Safety, 61(12), 514-520. . Small Business Administration. (.). Writing a business plan. Retrieved December 12, 2011, from The “Writing a Business Plan” section of this website introduces elements of a good business plan, which is an essential document for any program. Investigate the information presented. In addition, see the “Preparing Your Finances” section for information on break-even analysis and other budgeting-related matters. Optional Resources Dirubbo, N. E. (2006). Break-even analysis: Can I afford to do this? Nurse Practitioner, 31(7), 11. This article briefly explains break-even analysis and its use in initiating new programs. McBryde-Foster, M. J. (2005). Break-even analysis in a nurse-managed center. Nursing Economic$, 23(1), 31–34. This article explains how break-even analysis can be used in a nursing environment and how to apply it for program proposals. *******ASSIGNMENT 3:*********** Assignment 3: Program Budgeting and Financial Analysis Budget Now that you have established some of the pivotal elements of your program plan through previous Assignments, it is important to evaluate the costs and value of your intended intervention. This week you focus specifically on applying budgeting concepts to an analysis of your program. A budget can be viewed as a financial plan for carrying out a program’s goals and objectives. It can also be a useful tool during planning for revealing potential adjustments that may need to be made immediately or in the future. As William Feather once humorously remarked, “A budget tells us what we can’t afford, but it doesn’t keep us from buying it.” As you begin working on Assignment 3, think about how the information convened for this assignment would guide your aims and strategies for implementation of your program. Click here for an overview of Assignment 3, which is due by Day 7 of Week 8. To prepare for this week’s section of Assignment 3: Review the budgeting-related concepts presented in the Learning Resources, particularly Chapter 11 of Designing and Managing Programs. Conduct research as needed regarding budgeting. For example, see the information presented on the . Small Business Administration website, which includes a section on preparing your finances. With this as a guide, develop a simple revenue and expense budget for 6 months from start-up of your program and develop a break-even analysis. Complete a justification for the revenue and expenses indicating where the funds are coming from to support the project and what resources the expenses are related to. Explain any variance from the budget that is not budget neutral. You do not need to submit anything this week.