Business Leadership and Management Flashcards
Client Journey
6 points
- Initial contact
- Arrival
- Checking in
- Waiting room
- Consult room
- Paying bill
Operations Management:
Asset management
Human resource management
Cost management
Asset Management:
Tangible assets - physical
* Buildings
* Equipment
* Stock
* Shares/equities
* Cash
Intangible assets
* Practice location
* Reputation
* Client base
Asset Cycle:
* Procurement
* Operating and maintenance
* Disposal
Human Resource Management
» Relationship between organisation & employees
» Employing right people for the job
» Ratio of vets to other support staff
» Experienced team
» Improve individual’s productivity
» Policies and processes being followed?
Cost Management
Costs into procedure
* Consumables
* Staff resources?
* Equipment?
* Training for staff?
Using these in the most efficient way?
* Time management
* Bulk buying – better rates v too much stock?
* Audits
Leaders
- Establishes direction
- Aligns people
- Motivates and inspires
- Produces change and long-lasting results
Managers
- Plans and budgets
- Organises and staffs
- Controls and problem-solves
- Produces predictable short-term results through creating order
Situational Leadership - Hersey and Blanchard 1980s
4 Styles:
»Ready to adjust style to suit context.
» Willingness and ability of followers to carry out tasks allocated to them.
- Directing - both unwilling and unable
- Coaching - some competence but lack commitment
- Supporting - competent but unwilling/ insecure
- Delegating - competence and commitment high
Situational Leadership Model
- Directing - told step by step
- Coaching - proactive supervision - predict when theyll need help
- Supporting - reactive supervision - only offer help when asked
- Delegating - ask to do something whilst not watching
Trading Structures:
4 points
- Private Limited Company
- Public Limited Company
- Joint Venture Equity
- Private Equity Group
Private Limited Company
Company has separate legal identity
* Separate from its owners (shareholders) and
directors
* Company can be sued/contracted
independently of owner
* Limited liability to owners (only lose what
they’ve invested)
1 director, 1 shareholder
Private Limited Companies
Benefits vs Challenges
Benefits
* Less liability than traditional models
* Retain clinical freedom
Challenges
* Must register with Companies House and
HMRC
* Annual accounts submitted to HMRC,
differing taxes
Public Limited Companies
1999 Change in Veterinary Surgeons Act
Non-veterinarians can own veterinary practices
» Shares available on stock exchange for anyone to buy
Public Limited Companies
Benefits vs Challenges
Benefits
* More structure
* Larger support network
* Opportunities for career progression
Challenges
* Lots of paperwork with HMRC, taxes etc.
* Limited clinical freedom
* No opportunity for ownership apart from owning shares
Joint Venture Partnerships
» Shared ownership, returns, risks and governance
» Two or more parties sharing business finances and decisions
- Vets4Pets
Joint Venture Partnerships
Benefits vs Challenges
Benefits
* More support for starting practice ownership
* Less investment needed per party (time and money)
* More clinical and financial structure
Challenges
* Sharing returns as well as risks
* Equality of partnership varies
* Contractual obligations
Private Equity Group
» Investors (“silent partners”) pool their money to acquire businesses
» If business is successful, they make money on the returns
* Usually looking for longer term investment
Private Equity Group
Benefits vs Challenges
Benefits
* More financial security (long term investment)
* Usually own several practices which improves career progression options
* More business structure
Challenges
* No opportunity for practice ownership
* Less clinical freedom
* Complicated administrative processes in larger businesses
