Examine why it is essential for you to be able to present a solid business plan when meeting with stakeholders regarding your DNP project.
A solid business plan is a road map or a blueprint for success so much so that Welter et al. (2021) consider a business plan as the sole activity in business planning correlated with the business performance. A solid business plan, therefore, will serve as a smart guide to the stakeholders and me in the implementation of my DNP project. Presenting a solid business plan when meeting with my project stakeholders will provide the details of the project to the stakeholders, and explain why and how the project will benefit the patients, the stakeholders, and the practice. It will help the stakeholders to note the trends in the community & the nation, thereby helping the practice to evaluate its performance in comparison to the expected standard. It will also help the stakeholders and the DNP project manager (PM) to quantify the cost of the project as well as its benefits. An essential part of a business plan involves an articulation of risks and financing needs (McKenzie, 2017).
Furthermore, presenting a solid business plan to the stakeholders will help them to discuss the components of the business plan that are important to the stakeholders and to help them understand the details of the project such as the purpose, scope, and timeline of the project and how the project will be implemented. These will help the stakeholders understand their roles and when and how to play their roles in the project implementation. This will also give them the opportunity to ask questions, express their concerns about the project and get answers and clarifications from the DNP PM.
McKenzie, D. (2017). Identifying and spurring high-growth entrepreneurship: Experimental evidence from a business plan competition. American Economic Review, 107(8), 2278–2307. https://doi.org/10.1257/aer.20151404 (Links to an external site.)
Welter, C., Scrimpshire, A., Tolonen, D., & Obrimah, E. (2021). The road to entrepreneurial success: Business plans, lean startup, or both? New England Journal of Entrepreneurship, 24(1), 21–42. https://doi.org/10.1108/neje-08-2020-0031
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