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Writer's pictureOceeans

In the business world it is very important that you manage yourself well.  Those that do will have the opportunity to become the leaders of tomorrow. This is one way of creating a more meaningful work experience today for yourself and others.  Managing yourself means learning how to work with others in a productive and profitable way.  It also means being focused on making your practice more profitable, keeping your clients happy, and doing excellent work.  This takes constant self-monitoring and self-managing. Here are some tips to do this:

Be self-aware:- Self-awareness is essential to understanding what leadership style works for you. As you come to understand where your strengths are, what you enjoy doing, and where your passions are, you are better able to develop an authentic leadership style.  The first person you will lead is yourself!
Be accountable for yourself:- Install an advisory board or executive team to help you make good strategic decisions and give you feedback on your own performance.  Make a decision on what is important to do and then make sure you do it.  Ask board to review what you have done and provide more feedback.
Be trustworthy and extend trust to your employees:- (This means you must have good hiring practices!)  When you are trustworthy and trust your employees you earn their loyalty and strengthen your practice.
Take a time-out each day:- Put a “Power Hour” sign on your door and don’t let anyone disturb you.  Meet with your staff prior to doing this so they know what you are doing and how to address client and other calls. You need uninterrupted time to get your work done well and in a timely way.
Recognize when you’ve outrun your abilities:- When one lawyer I worked with saw that her skills were not adequate to manage the cash flow of her company, she hired an accountant and bookkeeper to create meaningful reports for her to review each week.

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Writer's pictureOceeans

“No man is an island” said John Donne. As people, we depend on one another and the same can be said in general practice, where we rely on the team effort to ensure the needs of our patients are met. With the pressures faced by general practices today, the need for managers to delegate effectively is essential.


In delegating, you’re empowering individuals, building trust and developing a culture of continual learning within your practice. But the one thing you can’t delegate is responsibility; as a manager, responsibility rests with you. The approach used by George S. Patton (United States Army General) would raise some eyebrows today: “Don’t tell people how to do things, tell them what to do and let them surprise you with their results”. This could be deemed a risky approach to delegation – but if you’ve developed your team already and need to delegate some of the work then it’s a feasible approach, isn’t it? Maybe on the battlefield, yes, but not in general practice. And there are some things you just can’t take a risk with, so it’s more likely you’ll need to take a more structured approach to delegation.

The overall aim of delegation is to achieve more in less time. In effect, you’re dividing some of your tasks among your team to ensure they’re completed in a timely manner. But be cautious; your team members already have their own tasks to do, so make certain they have the capacity to accept the delegated task(s), otherwise they may fail to achieve what you’re asking. Remember – you can’t delegate responsibility.


Knowing and respecting your team is key: “Delegation is an issue of respect and how much we respect those that are under us on our team” (Dr Hans Finzel). You have to be able to delegate appropriately and trust the person you’re delegating to, to get the job done. Hence the need for a structured approach.



Step 1 – Clarification. Clarity is the key to effective communication and the same applies to effective delegation! Be clear about what it is you’re delegating, what needs to be achieved and in what time frame. Take time to discuss the task(s) and ensure the individual understands what they need to do, how you’d like them to do it and when you want it completed. This is best described by Steven Sinofsky: “When you delegate work to the member of the team, your job is to clearly frame success and describe the objectives”.


Step 2 Assign the right individual. You know your team, you know their strengths. So match the task(s) to the individual(s). This is an opportunity to play to the strengths of your team. If you have an individual who’s a bit of an IT guru and another who’s completely the opposite, then when you want an individual to produce an Excel spreadsheet with built-in functions then you know who you need to delegate to. That said, if you have some time and know that the technophobe does in fact want to learn more and would benefit from doing so, then why not give them the task of designing the spreadsheet for you? But only if you have time!


Step 3 – Support. This step can prove costly if you’re not careful. Why? Because you need to know how to provide support if needed but not begin to micromanage the individual you’ve delegated the task to. You’ve delegated the authority to complete the task to them, so it’s important that you let them complete the task in a manner they see fit. Your role is to listen to any concerns they bring to you and give sound advice. Asking “How’s the Excel project going?” is fine. Asking how it’s going and then stating that they should have done x, y and z, before jumping in and retaking ownership of the task could prove costly as the individual may be reluctant to accept tasks in the future. Ronald Reagan best sums this step up: “Surround yourself with the best people you can find, delegate authority, and don’t interfere as long as the policy you’ve decided upon is being carried out”.


Step 4 – Acknowledge your staff. Once an individual has completed the delegated task(s), thank them for doing so, no matter what the size of the delegated task(s). This will enhance the working relationship and can help to increase motivation in the individual as they will feel empowered and will be willing to do more in the future.


Step 5 – Reflection. Take time to reflect on the task(s) you’ve delegated. Think about what went well and what you could potentially have done better. This will enhance self-awareness, enable you to review the whole experience and support you in further developing your delegation style.


Delegation is a skill, one that can take some time to master. You need to evaluate the risks of delegating, consider the outcomes if you don’t delegate, and what the risks are if you opt to delegate. Once mastered, you’ll notice how efficient delegating can be, whilst recognising how it can aid practice productivity and the development of your team. “Delegating doesn’t mean passing off work you don’t enjoy, but letting your employees stretch their skills and judgement” (Harvey Mackay). Can you afford not to delegate?

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Writer's pictureOceeans

Introduction

Financial analysis and planning are one of the fundamental activities and responsibility for the finance department. Financial analysis and planning help an organization in achieving strategic tasks and objective within available resources. The key responsibility of financial analysis and planning team is facilitate management in formulating short and long-term objectives, carrying out cost-benefit analysis and ensuring targets are met through periodic reviews. Another responsibility is to ensure that management’s actions create profitability for organization by providing relevant financial information. Financial analysis and planning are essential divided into four parts forecasting, budgeting, reporting and analysis.


Information technology and systems have made a big impact on financial analysis and planning. The advent of databases and modern analytics tool have smoothen the whole process.


Forecasting

The first major step in management planning is formulating future sales strategy and assessing the financial requirements to execute that plan. Organization needs to analyze the current and future internal business scenario as well as external developments, which impacting the business.

Forecasting tools such as Hyperion Planning Tool is apt in helping organization achieve this task. Forecasting module of the tool provides information happenings of previous financial years, broken down various cost elements. This provides organization with a trend with past results.


Budgeting

The second major step is budgeting for management objectives. After analyzing the past trends, organizations are able to asses’ trend of expense within various cost elements. The next step is to expense all the cost account on a monthly basis. This will bring about financial requirements of organization for given financial year.

For example, Hyperion Planning Tool’s budgeting module facilitates organizations to enter financial information on a monthly basis in all relevant cost accounts. It creates a scenario of financial requirement for the given year.


Reporting

The third major step is reporting financial information at every end of the month. Essentially reporting can be defined as providing financial information for decision making at a periodic interval of time. Financial reporting could be for internal stakeholders' as well external stakeholders. The internal stakeholders could be the business owners and the management team. The external stakeholders could be investors and financial institution.

For example, Financial Data Mart kind of system pulls in information from different payroll, accounting and payables/receivable modules to provide accurate monthly financial information.


Analysis

The fourth major step in financial analysis and planning is the analysis part. When there is over spend scenario, we need to analyze what is causing overspend, which factors are driving over spend. A further analysis needs to be done whether factors driving over spend can be controlled or not.

Financial analysis requires studying of liquidity, profitability and long-term sustainability. Financial ratios play an important role in financial analysis. Financial ratio analysis module helps in creating analysis about financial performance of company and compare with organization within the same industry. Module has templates for current ratio, production costs, cash conversion cycle, etc.

Financial analysis and planning function comes within the purview of the chief financial officer. Hence it is important to develop financial systems, which support executive decision also.

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