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AC- Management & Leadership in Pharmacy > Workshop > Flashcards

Workshop Flashcards

1
Q

What is the social change model?

A

Society/community values (community)

  • Citizenship

Individual values (self)

  • Consciousness of self
  • Congruence
  • Commitment

Group values (team)

  • Collaboration
  • Common purpose
  • Controversy with civility
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2
Q

What are the goals of the social change model?

A

Enhance student learning and development in the areas of:

  • Self-knowledge: understanding one’s talents, values and interests, especially as they related to your individual capacity to provide effective leadership
  • Leadership competence: capacity to mobilise one-self and others to serve and work collaboratively
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3
Q

What are the three levels of leadership?

A
  • Self
  • Team
  • Community
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4
Q

What are the THREE major roles in Belbin’s 9 team roles?

A
  1. Action oriented roles - challenge the team to improve its performance, put the ideas into action, meet deadlines (shaper, implementer, completer finisher)
  2. People oriented roles - draw together people and ideas (coordinator, team worker, resource investigator)
  3. Thought oriented roles - analyse options or provide technical expertise (plant, monitor-evaluator, specialist)
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5
Q

What is Tuckman’s model of group development? What are the stages?

A
  • Forming –> orientation phase
  • Storming –> conflict phase
  • Norming –> growth and productivity phase
  • Performing –> evaluation and learning phase
  • Reforming
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6
Q

What are 5 conditions for great teamwork?

A
  • Psychological safety
  • Dependability
  • Structure and clarity
  • Meaning
  • Impact
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7
Q

What are the four personality types?

A

Dominant –> direct, demanding, decisive, determined, doer

Inspiring –> influencing, impressionable, interactive, impressive, involved

Cautious –> calculating, completent, conscientious, contemplative, careful

Supportive –> stable, steady, sweet, status-quo, shy

DISC

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8
Q

What are key-performance indicators (KPIs)? Who does it apply in?

A

Quantifiable measurement used to gauge overall long-term performance

  • May apply to whole business, divisions or individuals

> business KPIs are particularly useful in determining a company’s strategic, financial and operational achievements

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9
Q

True or false

All KPIs are metrics, but not all metrics are KPIs

A

True

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10
Q

What are the types of key performance indicators?

A

Financial

  • revenue and profit margins

Customer

  • include per-customer efficiency, customer satisfaction and customer retention

Process

  • measure and monitor oeprational performance
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11
Q

What are the four main dimensions of an organisation?

A
  • Financial perspective
  • Customer perspective
  • Innovation and learning perspective
  • Internal business perspective
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12
Q

What are the attributes of good KPIs?

A
  • Provide objective clear information of progress towards and end goal
  • Track and measure factors such as efficiency, quality, timeliness and performance
  • Provide a way to measure performance over time
  • Help make more informed decisions
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13
Q

Provide examples of the below KPIs

A) Sales KPIs

B) Customer KPIs

C) Financial KPIs

D) Operational KPIs

A

A)

number of items per sale

average time per sale

net sales growth % or $

B)

number of regular customers

proprotion of repeat customers

average support ticket resolution time

C)

revenue growth

profit margin –> net or gross

EBITDA

D)

order fulfillment time

employee satisfaction rating

employee churn rate

error rate

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14
Q

What are useless KPIs

A
  • Win xxx customer service award
  • Implement customer relationship management by June 2021
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15
Q

What are SMART goals?

A
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16
Q

Examples of SMART goals

A

By october 2021, develop and implement a process that results in 90% of medication review recipients undergoing at least one follow-up review.

By december 2021, have 100 loyalty club members making store purchases at least twice per month

17
Q

How to identify staffing needs for a business?

A

Through human resource planning

18
Q

What are the key principles for human resource planning?

A
  • Identigy future business directions and workforce needs
  • Analyse and understand the make-up of the current workforce (demographic staff profiling, SWOT analysis, environmental scanning)
  • Determine the necessary skills, capabilities and competencies reauired to ahcieve strategic and operational goals in the future
  • Develop policies and strategies that will assist in achieving these goals
19
Q

What does a balance sheet do? What does it show?

A
  • Financial statement that summarises a company’s assests, liabilities and shareholders equity at a specific point in time

> good picture on the health of the business

Enables a business to

  • review level of working capital, assets and well as debts
  • compare increase or decrease in value of business over time
  • see capabilities and financial strenghts relatively quickly
  • analyse ability to pay all short-term and long-term debts
  • see how much free money business has

SHOWS NET WORTH OF A COMPANY

Assets - liabilities = net worth or owner’s equity

20
Q

What is an income statement (profit and loss statement)? What does it entail and what does it show?

A

SHOWS HOW PROFITABLE A BUSINESS IS

  • Sales/income
  • Operating expenses

> electricity

> subscriptions

> staff wages

> rent etc etc

  • Variable costs

> change in reponse to activity (direct material costs, comission)

> controllable

  • Fixed costs

> dont change in response to activity

> less controllable (insuranc)

  • Operating costs (overheads)

> staff, rent and advertising

  • Other costs

> taxes, interests

21
Q

What is gross profit? What is the formula?

A

Comapny’s profit before operating expenses, interest payments and tax

> financial gain of a business

GP = Total Sales - COGS

COGS = opening stock + purchases - closing stock

Opening stock is the value of goods available for sale in the beginning of an accounting period.

Closing stock is the value of goods unsold at the end of the accounting period

GP (%) = GP ($) * 100 / Total sales ($)

22
Q

Causes of low gross profit?

A
  • Closing stock –> damage, incorrect order receipting (stock not received)

Closing stock is the value of goods unsold at the end of the accounting period.

  • Increased purchase cost = freight costs from multiple small orders, lack of discounts, not taking advantages of settlement discounts, no budgeting, incorrect order receipting (wrong price)
  • Decreased sales = poor pricing, poor product mix, poor merchanidising, uncontrolled discounts, poor staff training
23
Q

What is net profit?

A

Financial gain after expenses subtracted from gross profit –> true profitability

  • NP = GP - Expsneses
  • NP (%) = NP ($) * 100 / Turnover ($)

> net profit margin is the percentage profit the business makes for every dollar of revenue when making a profit after covering all of your costs.

24
Q

What are factors affecting net profit?

A
  • Sales/revenue

> increase revenue but decrease expenses

> or maintain revenue and decrease expenses

  • Manage COGS. Price that a product comes into store. Maximise discounts.
  • Look at product discounting, is it needed?
  • Improve systems
  • Theft/shirnkage
  • Control expenses
25
Q

What is Markup percentage? What is the formula?

A

Percentage added to a unit cost to arrive at sale price

Markup (%) = (sale price - unit cost) * 100 / unit cost

Markup is different to GP

26
Q

What are some factors influencing pricing?

A
  • Cost of good (freight, handling charges, fees)
  • Operating expenses (overheads, payroll, marketing, office supplies, IT )
  • Competition

Retail prices are recommendations only, no legal obligation to comply with the recommendation.

27
Q

Benefits and disadvantages of discounts in pharmacy

A

Benefits

> increase volume of sales

Disadvantages

> Loss of GP

> Transaction costs the same yet GP decreases

> Need to contain costs; may reduce staffing and services

28
Q

What is a cash flow statement? What are cash inflows and outflows?

A

Movement of all cash in and out of a business during a given timeframe

> focuses on the sources and uses of cash through operating activities

  • Result in receipt of cash are cash inflows
  • Result from spending of cash are cash outflows

> actual bank (cash) balance the business has at start of trading period

29
Q

Why do banks care about cash flow?

A

Determines ability of business to repay debt

> substantiates purchase price of business

> allows assessment of viability of business

> demonstrates what funds may be available to fund growth and renewal of assets (new computer, shop refit, expansion)

30
Q

Why increase in advertising expenses in 2019 and 2020. Discuss possible reasons and the effect of this.

A

Increased operating expenses which ultimately reduces net profit if there is not an increase in sales

> change in marketing plan

> additional promotions

.> different advertising modalities (website creation, social media etc)

31
Q

Why is there a change in bank interest?

A

Increased ratio or principle to interest as principle is paid down

Interest rates reducing with economic downturn. Refinanced loan, better interest rates.

32
Q

Comment on why, despite an increase in total sales in 2019, Net Profit (%) decreased when compared to other years.

A

COGS was markedly higher in 2019, which reduced GP $ and %. Employment expenses were also higher in 2019, which further decreased NP.

AC- Management & Leadership in Pharmacy (9 decks)

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