Financial considerations are critical to any successful strategic plan, and healthcare plans are no different. It...
Financial considerations are critical to any successful strategic plan, and healthcare plans are no different. It is recommended that all organizations include a financial analysis in their strategic plan. A number of financial tools are available to assist in this analysis. Select one and post a brief description of it. Include your analysis of why it would be helpful in conducting a financial analysis for a strategic plan.
Homework Answers
ANS- One financial tool to assist in the analysis is Comparative Balance sheet. A brief description is given below-
Comparative balance sheet- A comparative balance sheet is prepared to know the assets and liabilities of a firm on a specific date. Two additional columns are included in this balance sheet one shows the increase or decrease in the value of assets and liabilities while the other column shows the percentage increase or decrease in the value of assets and liabilities and by comparing the balance sheets of two different dates one can know the current financial position of the company, its profitability and the long term financial position.
Financial analysis helps to know the solvency of an organisation, the profitability. It determines the suitability of finance related transactions and helps to make decisions effectively and investors can choose the best investment opportunities with the help of financial analysis. A business can set long term plans with financial analysis and a strategic plan is incomplete with proper financial data because if the organization does not know whether they are making losses or profits then they cannot make any plan and therefore conducting a financial analysis is helpful for a strategic plan.
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