Discussion Post #1: Describe how you would apply the results of a SWOT analysis

Discussion Post #1: Describe how you would apply the results of a SWOT analysis to create a strategy to modify an organization’s underlying norms, policies, and objectives.
(150 words)
Discussion Post #2:Topic: Budgeting and Course Reflection
Why are planning and budgeting so important to an organization’s success? Reflect on the topics covered in the course. Describe which topics you found to be most important to health care financial management and why?
(150 Words)
Then 4(50-100) word responses to the following discussion posts
DP#1: good evening class,
To understand how an organization creates risks and opportunities, SWOT analyses examine an organization’s strengths, weaknesses, opportunities, and threats. Any organization would benefit from using a SWOT analysis to develop a strategy for modifying its underlying norms, policies, and objectives. My first objective would be to identify the strengths of our organization based on the results. My next step would be to look at our weaknesses and see if we can realign or fix our norms and policies by using our strengths. Next, examining our opportunities such as what our competitors do well that we aren’t, and are there policies or objectives we can change in order to benefit from a predicted or known change. As far ahead as possible, we must predict and negate our threats. Threats can be identified and prepared for, reduced, or eliminated by an organization by identifying them.
DP#2:Hello everyone,
A SWOT analysis is used by organizations as a decision-making tool to outline strengths, weaknesses, opportunities, and threats. It is typically used with the goal of improving certain policies or norms within an organization. There are multiple ways to apply the results from a SWOT analysis, but in general it should be applied to a strategic plan geared towards making a change in current team or business habits. By recognizing the strengths, an organization can understand what to build other policies from as a baseline for improvement. The weaknesses help visualize where the most work is needed and where more attention should be centralized. Opportunities outline where an organization could access more resources and use more capabilities to build stronger policies or improve team member collaboration. Threats will be used to determine how to respond to an undesirable change or outcome. Recognizing threats simply helps an organization plan for situations that could harm process or policy flow (Harrison, 2021).
I would apply this SWOT analysis to change underlying norms by emphasizing the strengths or weaknesses to team members and showing how these behaviors affect everyone involved and disrupt business flow. The SWOT analysis can be used to update policies by outlining the threats involved when change is not made. In addition, objectives can be changed through the evaluation of a SWOT analysis by making opportunities transparent to team members and showing how each opportunity will benefit a certain department (Harrison, 2021).
DP#3:I can’t believe this is our last discussion post already.
I agree planning and budgeting is very important in an organization success. It helps them concentrate on improving profit, reduce cost, focus on cash flow and help them to prepare for the future of the organization.
One topic that I found to be important to health care financial management was balance sheets. They provided a manager with a snapshot of the overall organization or clinical practice financial health. It helps healthcare practices relate the amount of debt to the amount of equity and assets. Cash flow statement was another one that I felt was important. Helping management to track the cash flow of the company and monitoring the incoming and out going of money.
Carlson, R. (2021, March 9). Why business budget planning is so important. The Balance Small Business. Retrieved from https://www.thebalancesmb.com/business-budget-planning-reasons-393029
Reiter, P. D. K. L., & Gapenski, P. D. L. C. (2015). Healthcare Finance: An introduction to accounting and Financial Management. Health Administration Press.
DP#4: Planning and budgeting are important to an organization’s success as they are the keys to effectively understanding and allocating your company’s finances and resources. Planning consists of creating a strategy in order to carry out the mission to reach the organization’s goals. Budgeting will be unsuccessful without a plan in place. Budgeting is important as it ensures resource availability, it can help set and report on internal goals, it helps prioritize projects, it can lead to financing opportunities, and it provides a pivotable plan (Cote, 2022). I felt the topic of financial analysis was very helpful thinking from a financial management standpoint because it showed the importance of understanding your organization’s financial status and from there using certain concepts to plan and budget for success.
Cote, C. (2022, July 6). Why Is Budgeting Important in Business? 5 Reasons. Business Insights Blog. Retrieved September 11, 2022, from https://online.hbs.edu/blog/post/importance-of-budgeting-in-business

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