Week 5- Business Leadership and Management Flashcards
What are the 4 main aspects of operational management?
- Productivity
- Asset Management- buildings, facilities, equipment
- Human resource management
- Cost management- cost of acquiring resources
What are tangible assets?
Buildings
* Equipment
* Stock
* Shares/equities
* Cash
What are intangible assets?
Practice location
* Reputation
* Client base
Why is it important to be a ‘good leader’?
- Enhances confidence in your decisions
- Improved teamwork and reduce workplace stress
- Better patient outcomes and client satisfaction
- Lifelong learning and career progression
What 4 things does a leader do?
Establishes direction
* Aligns people
* Motivates and inspires Leader
* Produces change and long-lasting results
What 4 things does a manager do?
Plans and budgets
* Organises and staffs
* Controls and problem-solves
* Produces predictable short-term results
through creating order
What is the order of Maslows Hierachy of Needs?
- Psychological ( basic survival)
- Safety (Job security and wellbeing)
- Social (Belonging and Teamwork)
- Self-Esteem (recognition and personal growth)
- Self-Actualisation (Fulfilment and Purpose)
What 4 leadership styles were identified by Hersey and Blanchard 1980s?
Directing when they are both unwilling and unable
* Coaching when there is some competence but a lack of commitment
* Supporting where they are competent but unwilling or insecure
* Delegating where competence and commitment are both high
What is Proactive supervison?
predicting when they will
need help with the blood
sample steps
What is Reactive supervision?
only offer help when
asked for
What is a private limited company?
Separates ownership of the business from the company itself
» Company has a legal identity of its own
* 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)
What are the benefits of a private Limited Company?
Less liability than traditional models (you’re unlikely to lose your house!)
* Retain clinical freedom
What are the challenges of a private limited company?
Needs to be registered with Companies House and HMRC
* Annual accounts submitted to HMRC, differing taxes
What is a public limited company?
Shares available on stock exchange for anyone to buy
What are the benefits of a public limited company?
More structure
* Larger support network
* Opportunities for career progression
What are the challenges of a Public Limited Company?
Lots of paperwork with HMRC, taxes etc.
* Limited clinical freedom
* No opportunity for ownership apart from owning shares
What is a joint venture partnership?
Shared ownership, returns, risks and governance
» Two or more parties sharing business finances and decisions
What are the benefits of a joint venture partnership?
More support for starting practice ownership
* Less investment needed per party (time and money)
* More clinical and financial structure
What are the challenges of a joint venture partnership?
Sharing returns as well as risks
* Equality of partnership varies
* Contractual obligations
What is a 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
What are the benefits of a private equity group?
More financial security (long term investment)
* Usually own several practices which improves career progression options
* More business structure
What are the challenges of a private equity group?
No opportunity for practice ownership
* Less clinical freedom
* Complicated administrative processes in larger businesses
