management general concepts

what are the 4 main parts of management?

strategy

human resources

finances

marketing

define strategy

the definition of long term goals and objectives of a company, the adoption of actions, and the allocation of resources necessary to achieve these objectives

what are the 3 main types of strategic goals?

Mission- who we are and what we do today

Vision- what we want to be and do in 5 years

Corporate values- ethical values to others

what is a motto/slogan?

a short phrase that summarizes the mission of a company

("We treat pets like family", "Quality, compassionate, and convenient veterinary care")

how do we analyze the general external environment of our business?

PESTLE analysis

Political, Economic, Social, Technological, Legal, Environmental

what is the PESTLE analysis?

political, economic, social, technological, legal, environmental

used to analyze the general external environment

how do we analyze the competitive environment of our business?

analyzing Porter's 5 forces:

1. barriers to entry

2. power to negotiate clients

3. power to negotiate suppliers

4. threat products and substitute services

5. competitors

how can we do an internal analysis of the current state of our business?

analyzing the value chain- resources, structure, and services

what are the 2 methods of doing a strategic diagnosis?

SWOT and CAME

CAME stands for...

Correct

Adapt

Maintain

Exploit

what 2 things must be done in order to implement strategies?

1. organization design

2. action plans

it is a good idea for a veterinary practice to try to get closer to the client and to their pet. what are ways we can do this?

-involve the client in the care

-mobile veterinary practice

-website/social media content

-mobile apps allowing clients to have access to their pet's veterinary record and info

-customer surveys

-pet care financing needs and insurance

-online booking of appointments

what trends exist in the growth of veterinary practices?

-franchising

-financial integration

-specilization

-extra services

ex: tailor make referrals, alternative care (acupuncture, physical therapy), nutritionists, etc

what is a trend in veterinary practices regarding financial growth?

offering vet care packages with standardized content

what is CPD?

Continuing Professional Development= a commitment to ongoing lifelong learning

as a business, we should offer free time for CPD, so that employees can continue learning and gaining knowledge in their career path

what can we use as guidelines for our range of services in the veterinary practice?

-follow what happens in the human care and food sectors

-look at attractions (puppies, kittens, seniors, obese animals)

- advise regular health checkups + send reminders to clients

what questions do we ask ourselves when planning our workforce for our business (staff)?

1. how many people will I need?

2. what kind of people will I need?

how do we search for people in the staff selection process?

-job offers (announcements)

-interviews

-selecting candidates

-hiring process

what are the different components of the staff recruitment and training process?

-presentations to the rest of the team

-inform of regulation and company policy

-give the procedure manual

-initial training and continuous training

-inform of goals

-inform of career plan

what are different methods to communicate within a company (internal communication)?

-intranet

-email

-whatsapp

-hallways

-meetings

it is important to have effective communication

what is the staff retention process?

the company's ability to keep its employees. we do this by asking the employees questions:

1. are you satisfied with your work?

2. are you motivated?

3. do you feel recognized and rewarded?

how do we complete the performance evaluation process?

supervise the work being done:

-competencies

-establish indicators

-give feed-back

-communicate and agree on an evaluation model

-periodic meetings

-discuss and establish payments

what are the different processes involved in human resources of management?

-staff selection process

-staff welcome and training process

-internal communications process

-staff retention process

-performance evaluation process

________ - _______= benefit

income - expenses

how do we calculate benefit?

income - expenses

how do we measure the cost effectiveness (profitability) of our company?

calculating our benefit.

benefit = income - expenses

what is liquidity?

the quality of an asset to be converted into cash without significant loss of value

the quality of an asses to be converted into cash without significant loss of value is called _____

liquidity

what does solvency mean?

it is the capacity of a company to generate funds to meet the debt commitments acquired (under the agreed conditions)

what are the 3 finance tools?

1. profitability

2. liquidity

3. solvency

define marketing

the set of activities designed to achieve, with benefit, the satisfaction of the consumer through a product or service.

having the right product, at the right time, adapted to demand, with the most fair price

what steps must we perform in order to have good marketing?

-define the target audience

-define the marketing objectives of the clinic

-design, communicate, and manage the portfolio of services and activities of the clinic

-customer segmentation

-basic and differential elements of the clinic

-evaluate customer satisfaction

to begin with a marketing plan, we must define the _________

target audience and marketing objectives of the clinic

what does SMART mean? what is it used for?

Specific

Measurable

Actionable

Relevant

Timely

this is used to help use define the marketing objectives of the clinic