Describe the market the organization will serve • Explain your role as the financial manager and identify how the finance department fits into the organizational structure • Identify any challenges (trends, laws, regulations, industry standards,

Types of organization 1.In this course, you will play the role of a financial manager in the health care industry. Because the main functions of a financial manager are planning, organizing, directing and decision making, you will create a financial plan for your chosen healthcare business. As you develop your assignments throughout the course, you will be constructing your financial plan. Each assignment represents a stage in the development of the plan. The final project will be a compilation of the course assignments with some additional analysis. In this assignment, you’ll take the first steps towards developing the financial plan. Research and select a health care business in which you will play the role of a financial manager. You can choose an existing business or identify a new business start-up. Choose a business that you will be interested in researching since you will use it throughout the course. In this assignment, write three to four well-developed paragraphs describing the organization: • Identify the type of organization it is or will be (sole proprietorship, partnership, or corporation) and why this structure is appropriate for your business • Determine if it is a for-profit or not-for-profit business • Discuss the mission of the business, i.e., the purpose the business serves • Describe the market the organization will serve • Explain your role as the financial manager and identify how the finance department fits into the organizational structure • Identify any challenges (trends, laws, regulations, industry standards, etc.) facing your business today that may impact its financial viability Use your textbook as a reference when writing your assignment. 2. It is very important to understand various terms associated with the calculation of break-even. Let’s practice understanding this terminology by assuming that you own a dog grooming business. Use the dog grooming service as a basis when answering the following questions: 1. Research the concept of break-even point. Why is it important for you to know how many dogs must be groomed each week in order for you to reach your break-even point? What would be the effect if you did not know this number? (4 points) 2. Research the concept of fixed costs. Give two examples of fixed costs for your dog grooming service. (4 points) 3. Research the concept of variable costs. Give two examples of variable costs for your dog grooming service. (4 points) 4. How are the fixed costs and the variable costs in your business affected by changes in productivity levels? What might you do to reduce both the fixed and variable costs as the owner of the dog grooming service? (6 points) 3. Your business is beginning to take shape. You’ve chosen products or services to offer, come up with a business model, and looked at your fixed and variable costs. Now you have to decide how to set your prices. For this assignment, determine your prices and when you will make a profit. 1. In your own words, discuss both the full-cost pricing strategy and the marginal-cost pricing strategy and explain how each would apply to your business. How would target costing affect your business? 2. Based on your analysis, which pricing method would be the best for you to use in your business and why? 3. Use the break-even analysis tool and increase the sales or service units by 1,000. Write a summary of how this affected your business. What departments did you have to make changes in? What did this do to your fixed or variable costs? Be specific.

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