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Practice Management

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Maximise Productivity & Profitability : Attract & Retain - The Best Professionals

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Practice Management

  1. 1. Practice Management Maximise Productivity Attract & Retain - The Best Anand Subramaniam
  2. 2. “The first responsibility of a leader is to define reality. The last is to say thank you. In between, the leader is a servant.” - Max DePree 2
  3. 3. Highlights  Revenue / Profit Maximisation Strategies  Cost Minimisation Strategies  Improvement Initiatives  Finance & Operations  Human Capital Management  Service Delivery  Client Experience Management 3
  4. 4. Firm’s - Overview  Firm’s Annual Revenue  Total # of Employees by Category (Finance, HR, Practice)  Practice Revenue as a % age of Firm’s Annual Revenue  Total Firm’s Overhead Charges (IT, Facilities, HR)  Practice Overhead as a % age of Firm’s Annual Overhead 4
  5. 5. Practice Management - Overview  Annual Practice Revenue  Total # of Practice Employees  Year-over-year change in Practice Revenue  Year-over-year change in Practice Employee Headcount  Practice Employee Categories (Consultants, Project Managers) 5
  6. 6. Practice Management - Revenue  Average Billable Hourly Rate  Percent of Practice Employees Billable / Chargeable  % age of Practice Revenue delivered by Third-Parties (Sub-contractors) 6
  7. 7. Practice Management - Overhead  Spend / Overhead Categories  Practice Overhead (IT, Facilities, Admin) as a % of Annual Practice Revenue 7
  8. 8. Practice Management – (Non) Billable Hours  Administration  Education / Training Days  Public Holidays  Annual Billable Hours  Staff Annual Leave (Budget vs. Actual)  Research &  Annual Non Billable Hours (Budget vs. Development Actual) 8
  9. 9. Practice Management - Integrated Solutions  Business Intelligence Solution (BI)  Human Capital Management (HCM)  Professional Services Automation (PSA)  Enterprise Resource Management (ERP)  Customer Relationship Management (CRM)  Enterprise Performance Management (EPA) 9
  10. 10. Practice Management - Goals / Strategy  Vision, Mission, “SMART” Objectives  Priorities by Quarter  Minimise – Costs, Overheads  Team – Training, Knowledge Management  Performance Measurements – Budget vs. Actual, KPIs  Maximise – Service Revenue, Margins, Utilisation, Client / Staff Satisfaction 10
  11. 11. Practice Management - Initiatives  Staff Training  Knowledge Management  Staff Training / Certification  Quality Standards / Assurance  Investments (IT, Professional Books / Magazines)  Practice Delivery “Methodology / Frameworks / Tools” 11
  12. 12. Practice Management – Finance / Ops  Bid / Win Ratio  Average Annual Revenue per Billable Staff  Average Staff Burden Rate  Project Margin for Time & Materials  Projects Days Sales Outstanding (DSO)  Average Quarterly Non-Billable  Annual Net Contribution Margin Expense per Staff  % age Billable Work Written-off  % age Invoices Redone (Error, Client Rejections)  Project Margin for Fixed Price Projects  Quarterly Average Forecast Revenue  Average Gross & Net Margin on & Cost Variance Projects  % age Quarterly Revenue Target  Average Sub-contractor Margin Backlog (Increase / Decrease)  % age of Compensation (Fixed &  % age of Discounting (Rates, Revenue Variable) Leakage, FREE Consulting) 12
  13. 13. Authority – Pricing & Discounting  Sales  Finance  Service Head  Practice Staff – Senior  Practice Staff – Junior 13
  14. 14. Practice Management – Human Capital  Mentor / Mentee Program  Incentive Program (Referrals)  Annual Training Budget per  Succession / Career Planning Staff  Standard Job Descriptions for  # days from Advertising to all Staff Hire  Staff Competency / Capability  Periodic Staff Satisfaction Skill Profile Survey  Regular Performance Reviews  Practice Staff annual attrition linked to Industry Benchmarks rate  # of Guaranteed Annual  Practice Management to Staff Training Days per Staff Ratio 14
  15. 15. Practice Management – Service Delivery  % age Cancelled Projects  % age of Projects – Delivered on Time & Budget  % age on Time & Materials  Delivery Model / Methodology /  Framework utilised % age on Fixed Time / Fixed Fee  % age Project Revenue spent for  % age on Shared Risk / Performance Quality Assurance  % age Work done On-Site vs. Off-Site  Duration (Days) for an “average” Project Completion  % age Annual Staff Utlisation (Average)  Standardised Estimating Processes (Over / Under Budget)  % age Billed for Project Management Time  Frequency (Days) and % age of Project Overruns (Average)  # of Staff on Project Engagement (Average)  # of Projects Managed on an average by Project Manager at one time 15
  16. 16. Practice Management – Client Experience  % age Clients "Referenceable“  Incentive Program for Staff Leads & Referrals  % age Client Satisfied and Rating  # of Days - From Suspect to Signing  Contract % age Clients Surveyed Periodically  Solutions Collateral / Service  Service Sold by Sales or Practice Marketing Utilised Manager  Sales & Marketing Cost as a % age  Application utilized for Proposal Practice Revenue Generation   % age / $$ obtained from Cross / Up "Top Client" Premium Program & Selling Annually Incentives  % age variance - Deal Pipeline to  Pre-Sales Cost as a % age Practice Quarterly Bookings Forecast Revenue  # of Days Product Training given by Practice Staff to Sales Force 16
  17. 17. “Where there is no vision, the people perish.” - Proverbs 29: 18 17
  18. 18. Good Luck http://www.linkedin.com/in/anandsubramaniam 18

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