Productivity Benchmarking – A Powerful Tool for Management Teams

Department productivity benchmarking is one of the most powerful and versatile tools available to progressive hospital management teams. Here are just a few of its uses.

  • As a Cost Management Tool: Labor costs remain the largest single component of any hospital’s expense budget. Managing labor costs is important for both financial and moral stewardship reasons. Department productivity benchmarking is an important first step in identifying and resolving excessive labor costs.
  • As an Overall Performance Screening Tool: Staffing variances are a marker for potential performance issues that go far beyond excessive labor costs. Departments frequently “staff up” to overcome operating problems caused by everything from organizational cultural issues and resource inadequacies to work process factors. Departments that consume an abnormal amount of labor resources because of these factors are more often than not also struggling with quality, physician and patient satisfaction, employee relations and community image issues. Done correctly, department productivity benchmarking will help identify those departments in the most need of management action.
  • As a Management Data Set Validation Method: More than sixty percent of U.S. hospitals are managing with inadequate or inaccurate management information. A systematic review of data, performed during the course of the benchmarking process, will identify errors in the management data set leading to better decisions.
  • As a Change Management Resource: Is your team in the process of building a new organizational culture to meet today’s challenges? Productivity benchmarking serves as an essential component of any serious management initiative to transform the classic hospital culture. Hospitals that routinely and systematically benchmark department productivity are communicating powerful performance expectations with action as well as words.

Modern technology has placed annual department productivity benchmarking within the easy reach of every hospital management team. Major changes take place in the hospital almost every day. How current are your department productivity benchmarks?

The Importance Of A Good Management Team When Investing In A Company

I am regularly asked by clients and investors of the importance of company management. When deciding to invest in a company, out of all the attributes and qualities that we review, we first focus on how important are the people in charge. Secondly how do we measure this?

Some of the attributes and qualities that we look at when reviewing a share investment include: are debt levels under control? And, what is the growth potential? However, these review factors quickly become meaningless if there is not a strong and trustworthy leadership in place.

People in managerial positions have a tremendous impact on the success, or failure, of a business. Their vision, leadership and abilities all combine to determine the future of the business.

One such person, who is often singled out as a strong leader in New Zealand, is Don Braid from Mainfreight. The company’s success is based around the unique culture among staff, which is demonstrated from the top, by management. Having a strong company vision and a focused strategy are both critical to business success.

So the answer is a resounding ‘yes’. Quality management is crucial and is top of the list when deciding which companies belong in our clients’ portfolios.

In answer to the second most popular question: how we measure this, is a lot harder to answer. Quantitative and financial review factors are easier to see and therefore measure – these can be put into spreadsheets with forecasts applied. Measuring intangible quality factors associated with management however, is much more difficult, yet arguably somewhat more important.

So what are some of the quality factors we look at in company leaders? These include:

– someone who is very focused on delivering shareholder returns
– someone who knows their businesses intimately
– someone who has a track record of success
– someone who can provide transparent and open communications with shareholders
– a disciplined, sensible approach to business growth

Many companies do not succeed because they take an overly aggressive approach to expanding, or by buying good assets but paying too much and getting the business into too much debt in the process. Large transformation decisions, such as strategic acquisitions are not bad, they just require some added scrutiny.

A lot of successful companies have management teams that have remained stable for a long period of time. While a new approach can often refresh a business, continuity is also critical. We look for managers who have been part of a company’s team in charge for a reasonable length of time. Having an equally competent team is another important factor and a good manager will surround themselves with such a team. This is also a factor we look for. The alarm bells start to ring when there have been a lot of different executives.

We also look for management that has a history of doing what they say they will do, supported by financial forecasts with. It is additionally a good sign when a CEO and managerial team have invested their own money into the business. This not only demonstrates that their interests are aligned with their shareholders, but ensures that management shares the successes and failures with shareholders.

Investing in a company equals investing in the team in charge of running it. It doesn’t matter how good the assets or prospects of a company are, it can fail to deliver if managed poorly.

5 Reasons Why You Need a Trade Show Management Team

One of the most effective ways of keeping your business competitive is to present at industry trade shows. For events like this, it’s all about putting your company’s best foot forward and staying apprised of changes in your industry. If you are a business owner or an executive, you know that shows are one important component of an overall marketing strategy. What you might not know is that a third-party vendor can help you by building and handling the logistics of your show booth.

Here are some of the compelling reasons to hire a third-party management team.

1. It Saves You Time

Time is hard to come by these days, and whenever you can delegate time-consuming and tedious work to someone else, that frees up time to focus on other things. The ability to have someone outside of your business developing and building your booth means you and your own team can spend less time worrying about the event preparation, and more time worrying about your bottom line.

2. You Get Second Opinions

These are management teams with valuable experience. No matter how much you try to foster discussion and independent thinking in your business, at some point, it is possible to get stuck on one idea and lose touch with other ways of doing things. Having experts with novel ideas on how to utilize your trade show booth can help you regain a sense of perspective.

3. You Get New Contacts

Networking is all about who you know. Trade show management experts know a lot of people, and what better way to position yourself as a preeminent leader in your industry than to network through experts? You get a number of benefits from simply talking to people who know other people.

4. It Makes Financial Sense

One big benefit to such events is the way it helps you market your company. Advertising can be a shot in the dark sometimes, but you know that anyone at the trade show inherently has some interest in the kind of product or service your company provides. The money you put towards building your trade show exhibit can pay dividends later when you get new clients and contacts.

5. They Know Trade Shows

Since the point of a trade show exhibit is about marketing your company, you should turn to the people who build exceptional exhibits for a living. You might know your company, and even your industry, but a management team know these type of events best. Let them help you with their expertise.

To learn more about how you can build or rent a custom booth for your business,and have it delivered to your next trade show, contact Acer Exhibits.