What is the social change model?
Society/community values (community)
Individual values (self)
- Consciousness of self
Group values (team)
- Common purpose
- Controversy with civility
What are the goals of the social change model?
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
What are the three levels of leadership?
What are the THREE major roles in Belbin's 9 team roles?
- Action oriented roles - challenge the team to improve its performance, put the ideas into action, meet deadlines (shaper, implementer, completer finisher)
- People oriented roles - draw together people and ideas (coordinator, team worker, resource investigator)
- Thought oriented roles - analyse options or provide technical expertise (plant, monitor-evaluator, specialist)
What is Tuckman's model of group development? What are the stages?
- Forming --> orientation phase
- Storming --> conflict phase
- Norming --> growth and productivity phase
- Performing --> evaluation and learning phase
What are 5 conditions for great teamwork?
- Psychological safety
- Structure and clarity
What are the four personality types?
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
What are key-performance indicators (KPIs)? Who does it apply in?
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
True or false
All KPIs are metrics, but not all metrics are KPIs
What are the types of key performance indicators?
- revenue and profit margins
- include per-customer efficiency, customer satisfaction and customer retention
- measure and monitor oeprational performance
What are the four main dimensions of an organisation?
- Financial perspective
- Customer perspective
- Innovation and learning perspective
- Internal business perspective
What are the attributes of good KPIs?
- 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
Provide examples of the below KPIs
A) Sales KPIs
B) Customer KPIs
C) Financial KPIs
D) Operational KPIs
number of items per sale
average time per sale
net sales growth % or $
number of regular customers
proprotion of repeat customers
average support ticket resolution time
profit margin --> net or gross
order fulfillment time
employee satisfaction rating
employee churn rate
What are useless KPIs
- Win xxx customer service award
- Implement customer relationship management by June 2021
What are SMART goals?
Examples of SMART goals
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
How to identify staffing needs for a business?
Through human resource planning
What are the key principles for human resource planning?
- 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
What does a balance sheet do? What does it show?
- 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
What is an income statement (profit and loss statement)? What does it entail and what does it show?
SHOWS HOW PROFITABLE A BUSINESS IS
- Operating expenses
> staff wages
> rent etc etc
- Variable costs
> change in reponse to activity (direct material costs, comission)
- Fixed costs
> dont change in response to activity
> less controllable (insuranc)
- Operating costs (overheads)
> staff, rent and advertising
- Other costs
> taxes, interests
What is gross profit? What is the formula?
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 ($) * 100 / Total sales ($)
Causes of low gross profit?
- 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
What is net profit?
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.
What are factors affecting net profit?
> 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
- Control expenses
What is Markup percentage? What is the formula?
Percentage added to a unit cost to arrive at sale price
Markup (%) = (sale price - unit cost) * 100 / unit cost
Markup is different to GP
What are some factors influencing pricing?
- Cost of good (freight, handling charges, fees)
- Operating expenses (overheads, payroll, marketing, office supplies, IT )
Retail prices are recommendations only, no legal obligation to comply with the recommendation.
Benefits and disadvantages of discounts in pharmacy
> increase volume of sales
> Loss of GP
> Transaction costs the same yet GP decreases
> Need to contain costs; may reduce staffing and services
What is a cash flow statement? What are cash inflows and outflows?
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
Why do banks care about cash flow?
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)
Why increase in advertising expenses in 2019 and 2020. Discuss possible reasons and the effect of this.
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)