3 Knowledge empowers you

Topic

3 Knowledge empowers you

The following diagram sets out the key elements needed to achieve empowered, efficient budget management.

You must know your budget inside and out.  This means understanding the assumptions that underpin it (i.e revenue was calculated determining the number of WIES achieved in the previous year multiplied by the new year WIES rate or medical supplies was calculated using the previous year total figure and adding 3% CPI increase).

It means understanding how activity and staff management  impacts on your budget and how you can influence this.

It’s knowing where to look when you exceed your budget and what to do about it.

As managers we can only do this if we have access to good reporting and data.  Data is key.  This enables you to monitor your budget closely and ensure that you are a good steward of the resources entrusted to you.

Finally all this information enables you to improve your management of resources.  It is only possible to achieve success through collaboration – with other units, the supply department, the finance department – this is not something you can do on your own – it’s a team effort.

Activity:

  • Which of these elements do you feel you are already strong in?
  • Which do you need more work on?

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