Ultra X-Imaging, Capstone Project Example

Financial considerations of the organization using concepts from the M.B.A. program.

Finances are the benchmark for any organization’s success which means that money is key in the success of any company. When the organizations earn more money, they are considered to be doing great. The management of its finances determines the success of the organization.

To ensure success for the Mobile X-Ray & Ultrasound Services, the financial managers should have different financial considerations for the organization. After studying these financial considerations, a viable step would be to come up with a list of possible goals and objectives to improve the organization’s performance. Considering the different factors that hinder or ensure financial prowess, the finance department should ensure good financial management (Kilani, 2021).

Some financial considerations for the Mobile X-Ray & Ultrasound Services would be transportation costs since the organization is mobile, the equipment’s maintenance costs, the marketing costs, and salaries. For any 21^st century company, it is worthwhile to ensure that communication costs are considered. They include internet and telephone charges. Loans and other liabilities are also worth considering.

The organization is considering diversity and adding decision-making teams to its system to exceed its financial targets. Diversity in a work environment enhances creativity in the business. In the long run, the organization experiences progress in the financial sector. This aspect, in conjunction with inclusion, would provide an evaluation of the current employees. This would lead to solutions to the improvement of the overall engagement (Wikes, 2021).

Financial goals

Goals form part of every organization’s aspect. They provide a sense of direction. An organization’s course is unclear if the goals are unclear and undefined. Goals can be categorized into different categories. When an organization refers to financial goals, it refers to the statements about finances for what the organization should do or is expected to do. Quantifying the statements helps the organization have a clear working target (Kilani, 2021).

Goals in an organization help in the management of the available resources. The organization can get the best out of the resources available when the goals are set. Administrative authorities in the organization must effectively manage resources and mitigate risks in order to meet the objectives while maintaining a solid financial position and adhering to applicable laws and regulations. Administrative authorities may assign responsibility, but they are still responsible. For instance, they must establish a SMART budget for each program in the organization. They also have to regularly compare the budget to actual results (Wikes, 2021). When actual financial results differ significantly from the budget, determining the reason of variations and taking corrective action is their responsibility as well.

Goals lead to the establishment of a good marketing strategy. To launch a successful marketing strategy, it is crucial first to lay down the business’s overarching goals. Overarching goals refer to the brief and general business goals. They are statements that describe what the business should do. The following are two overarching goals for the Ultra X-Imaging.

1. Increase profit from 5% to 8% by November 2022.
2. Reach more than 1000 patients every three months.

SMART financial/quantitative objectives.

From the above overarching goals for the Ultra X-Imaging, the following are the SMART objectives for each.

1. Increase profit from 5% to 8% by November 2022.

SMART objectives

1. The organization will increase the number of financial managers by February 2022 to enhance better financial management.
2. The organization will intensify online marketing in the next five months, including creating awareness through Twitter, Facebook, and Instagram.
3. Ultra X-Imaging will ensure that the prices for the services stay the same for the next six months but increase by two units (according to the financial managers) for every service afterward.
4. By November 2022, Ultra X will have reduced liabilities such as loans and increased business assets by building new healthcare facilities and employing more professionals.

Reach More than 1000 patients every three months

1. Ultra X will increase their awareness and marketing in social media and emphasize using their online platform to increase the number of people who visit the organization and eventually request services.
2. Every month there will be a database study to ensure more goals are set for the new reach for people in the consecutive months.
3. 20 units will increase the number of professionals in every area to increase the service personnel that will serve the increased number of patients.
4. Diversity during marketing shall be used to enhance creativity and increase the number of people reached.

References

Kilani, Y. M. (2021). SMART Business Role in Supporting Marketing Strategies among Telecommunication Organizations Injordan. Turkish Journal of Computer and Mathematics Education (Turcomat), 12(6), 4568-4582.

CFI (2017). SMART goals.

Wilkes A. (2021). Ingenuity Digital. Defining Your Digital Marketing Goals.