Need a perfect paper? Place your first order and save 5% with this code:   SAVE5NOW

Implementation Plan for a New Economic Opportunity

The economic initiative proposed to Northwell Health is the establishment of a cafeteria with healthier and organic options to improve the health of patients, employees, and visitors through a partnership with Whole Foods Market. Whole Foods Market is a USDA Certified organic grocer that sells products free of hydrogenated fats and artificial colors, flavors, and preservatives. The majority of food consumed at work is heavy in calories, salt, solid fat, added sugars, and refined carbohydrates (CDC, 2020). By collaborating with Whole Foods Market to develop a better cafeteria and food alternatives, Northwell can transform this and assist their patients, staff, and visitors in leading healthier lives.

In the bid to evaluate whether opening the cafeteria was feasible, an economic and environmental study was conducted, and a business proposal was given to Northwell Health’s senior management. The management believes that this project has the capacity to be advantageous to the company both now and in the future. An implementation strategy for establishing the cafeteria has been created with this in mind. The implementation plan contains a timeframe for opening the cafeteria, a budget for it over a five-year period, a study of the potential effects it may have on the company, and guidance on how Northwell Health should respond to changing environmental factors.

Proposed Budget Plan

A budget has been created to indicate the estimated earnings and costs that the cafeteria anticipates accumulating over the course of its first five years of operation. The budget was made with the presumption that the cafeteria’s construction would be finished by the end of 2022. The budget plan, therefore, includes information on revenues and expenses for the first five years of operation, from 2023 to 2028. Based on the premise that the cafeteria would open for business in 2023, a profit prediction has been made.

The projected client volume and typical food prices have been multiplied to determine the revenue each year over a 5-year timeframe. Approximately 20,000 clients will dine at the cafeteria every week, and each will be charged $15. Therefore, it is anticipated that the first year’s income will amount to $14,400,000. Earnings from the cafeteria are anticipated to rise by 4% yearly. Staff wages, essential supplies, insurance, as well, as other operational expenditures like marketing and administration will all be included in the facility’s operating expenses.

The wages of eight full-time cooks ($648,000), fifteen hotel attendants ($1,188,000), a clerk ($248,400), and a receptionist ($64,800) are included in the first three years’ staff pay. Nevertheless, to handle the increased client load in years four and five, more personnel will be hired. Four full-time cooks and five hotel attendants will make up the new workforce, and their compensation will be determined using the 2.7% annual anticipated real growth rate of employee salaries (Economic Policy Institute, 2018). Basic utility spending is projected to rise by 5% annually. In the fourth and fifth years of operation, insurance costs are anticipated to rise as a result of the hiring of two new employees. According to patterns shown in Northwell’s financial statement, other operational expenditures are estimated to account for 10% of annual revenues.

The project’s projected capital expenditures total $800,000. Northwell will cover one-fourth of this expenditure out of its reserves, and the remaining three-fourths will be covered by a bank loan. Thus, in order to finance this economic project, Northwell will need to take out a $600,000 loan. The projected annual loan payback amount is $142,440 if the loan term is five years and the interest rate is 6%. The institution would generate a financial surplus for the first five years, according to the projections. Due to the hiring of workers over these years, the cash surplus created in the fourth and fifth of business may be less than in the third year. The expected total cash surplus during the first five years is $8,883,369.30.

Rolling out the Economic Initiative

Setting a launch date for the public opening of the healthy and organic café is the first stage in the execution plan. Both the project’s approval by Northwell’s top management and the loan’s approval by the bank are anticipated to take around a month. Given that the new cafeteria’s development would take approximately five months to finish, work is slated to start in December 2022 and be finished in April 2023. The new facility will be fully operational starting in June 2023, according to the plan discussed with Northwell’s senior executives.

Stakeholder involvement and constructive participation will guarantee improved customer service. Some important internal stakeholders of this project include the Northwell executive board, top management, cooks, hotel attendants, clerks, and other institution employees. It is essential to work together with all internal stakeholders to get their feedback throughout the first phases of implementation if the project is to be implemented successfully. Periodic meetings will be conducted to contemplate the new cafeteria’s development and come up with ideas for enhancing its services. Punctuality, safety, patient-centeredness, effectiveness, equality, and efficacy have always been priorities at Northwell Health. All internal stakeholders will be informed that the new cafeteria will also put an emphasis on these areas, moving Northwell one step closer to realizing its goal of serving the community. All employees working in the cafeteria will be encouraged to stick to the institution’s vision to make this project sustainable.

In the hotel industry, customers are the main external stakeholders. Clients will be motivated to return and recommend new consumers if they get outstanding services in a timely manner. Additionally, customers will be more devoted and likely to stick to a healthy diet if they are served with respect and in a way that is ethical and responsive to their culture. The cafeteria will develop into a lucrative and long-lasting business as a result of the rise in patronage and goodwill.

The organic cafeteria will adhere to the principles of comprehensive health planning for personal health services, which include not stereotyping against individuals based on gender, age, color, religious group, culture, impairment, or other attributes, to guarantee that the facility’s unveiling is executed in an ethical and culturally sensitive manner (Fleetwood, 2017). The program will employ a varied staff with the ability to recognize and relate to cultural differences, become familiar with food categories pertinent to each customer’s particular socioeconomic and cultural needs, and offer impartial services. Thus, Northwell Healthcare will improve patient experience and health results by providing morally sound and culturally considerate healthcare services.

The launch of the café will be an achievement and will aid the institution in maintaining itself within the healthcare industry if all players are involved in the process and committed to realizing Northwell’s goal. The implementation strategy does, though, have some unanswered questions. The prompt release of the funding necessary for the facility’s development is crucial for the cafe’s successful launch. The implementation will have to be scheduled for a revised date in case the process of processing the bank loan is delayed. This will subsequently delay the implementation plan. Additionally, it is unknown if the café will see the anticipated volume of customers in reality. This could be due to the patient’s lack of knowledge or inaccurate information about the health benefits associated with eating at the organic cafe. As a result, the facility will be responsible for covering operating costs brought on by poor customer turnout.

Additionally, Northwell Healthcare must be prepared to accommodate more clients than it may have envisioned. The negative effects can be lessened by growing Northwell over the following several years using the money made by the organic café. The building of more centers, the infusion of resources and people, and the inclusion of new facilities and equipment might all help to increase Northwell’s capacity and personnel.

Strategies to Deal with Dynamic Environmental Forces

The healthier and organic offerings provided at Northwell’s cafe might be impacted by a variety of environmental factors, including the existence of other cafes in the area and the potential for additional cafeterias to be built nearby. The organic cafe and the individual cafes share a few essential traits, such as convenient hours, low prices, and simple accessibility. Because of this, patients have choices between the two cafés. However, individuals who are focused on keeping a healthy diet and avoiding chronic diseases like heart disease, type-2 diabetes, and obesity will benefit most from the organic café. The organic café is a financially sound asset for Northwell as a result of the accessible, high-quality, and healthful organic food it offers.

Potential rivalry from new organic cafes at the nearby healthcare institutions is another aspect that may have an impact on the Northwell organic café. Once patients have total confidence in Nortwell’s organic café, they will prefer it to other local facilities. Regular patients will receive frequent health tips from Northwell’s medical staff to help them follow diets that are beneficial to their treatment regimens. The patients will benefit from avoiding eating in restaurants that do not provide organic and healthful selections. In order to improve patient results and experience, the staff will also review patients’ opinions on services and tailor meal categories.

Conclusion

The cost estimate for the organic café demonstrates that Northwell will be able to afford it. The team makes an effort to carry out the program effectively with the active commitment and collaboration of all the important stakeholders at Northwell and the methods prepared to deal with unpredictable environmental pressures. The café is anticipated to be a great resource that offers top-notch community healthy food services in addition to acting as a new source of revenue.

References

Fleetwood, J. (2017). Public health, ethics, and autonomous vehicles. American journal of public health107(4), 532-537.

 

Don't have time to write this essay on your own?
Use our essay writing service and save your time. We guarantee high quality, on-time delivery and 100% confidentiality. All our papers are written from scratch according to your instructions and are plagiarism free.
Place an order

Cite This Work

To export a reference to this article please select a referencing style below:

APA
MLA
Harvard
Vancouver
Chicago
ASA
IEEE
AMA
Copy to clipboard
Copy to clipboard
Copy to clipboard
Copy to clipboard
Copy to clipboard
Copy to clipboard
Copy to clipboard
Copy to clipboard
Need a plagiarism free essay written by an educator?
Order it today

Popular Essay Topics