Research has highlighted that the combination of the SWOT analysis and balanced scorecard provides comprehensive and detailed information regarding the organization’s current status, helping the organization strategically utilize the internal and external information to plan to enhance its strengths and opportunities while managing its threats and weaknesses (Quezada et al., 2019). However, alternative approaches that can be utilized for gaining profitability include using cross-functional teams to explore unique ideas and working on strategies that help in increasing revenue, such as becoming environment-friendly care set-ups, enhancing care pricing, using standardized hygiene protocols, using degradable supplies, or utilizing integrated electronic health record systems.
Nursing Leader’s Approach to Budget Management
A nursing leader’s approach to budget management is essential for ensuring the efficient allocation of resources. The role of the nursing leader is to plan a budget that aligns with the organization’s goals and requirements. A qualified nurse can show proficiency in patient-centered care and fiscal responsibility, which are essential to the organization’s continued success (Mlambo et al., 2021). Therefore, the nurse leader’s budget should be aligned with regulatory requirements and demonstrate accuracy in revenue and expense management. Similarly, a transformative leadership style involving all stakeholders, access control measures, and strategically allocating resources can help nursing leaders demonstrate practical budget management skills.
Research has highlighted that well-structured training and education on budget management through a multidisciplinary approach can help the nurse leader gain skills (Paarima et al., 2021). The effectiveness of a budget can be evaluated against measurable goals and against the balanced scorecard (Fuertes et al., 2020), the roadblocks to decision-making can be identified through budgeting, and the budgeting process can be easily defined.
Conclusion
In conclusion, the interview session with Ms. Liu, a nursing manager at Florida Community Care, provided in-depth information regarding the difference between operational and capital budgeting, which provides information on need-based resource allocation and varying levels of flexibility in the budget for labor, equipment, and services. Further, strategic planning and effective strategies can help the nursing leader become more confident in their budget management planning and evaluation. At the same time, risk assessment is crucial in strategically evaluating organizational goal alignment.
References
Bouzari, P., Gyenge, B., Ebrahimi, P., & Fekete-Farkas, M. (2023). Problem solving and budget allocation of SMES: Application of NCA approach. Computation, 11(3), 48. https://doi.org/10.3390/computation11030048
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