Business and Commercial Awareness

What is commercial awareness? What are the features of the ‘commercially

aware’ person? How does this relate to health? The professional worker Making commercial and professional

choices Debate!

Session outline

‘A lack of commercial awareness is the single most common failing in graduates applying for employment’ (CIHE What do employers want, 2008)

67% of employers surveyed said that there was a shortage of grads with commercial awareness – more than any other skill

Money makes the world go around..

Why bother?

“Six other NHS trusts face joining South London Healthcare in "administration" as they have taken on projects viewed by ministers as "unsustainable", it has emerged. Despite efforts to improve its financial performance, it is still thought to be on track to lose between £30 and £75 million a year for the next five years – June 2012

Watch the News...

The spectre of hospitals going bankrupt is raised today in a damning report by MPs which suggests that one in five NHS trusts is in serious financial trouble and “there is a real concern that some will fail”.

The scale of the challenge facing the NHS is revealed in figures showing that 34 trusts ran up combined debts of £356m in 2011-12 and another 42 relied on handouts from local health authorities or the Department of Health to keep them going – almost 19 per cent of the 411 NHS organisations in total, MPs say. Oct 2012

Watching the news.....

"the knowledge of how businesses make money, what customers want, and what problems there are in a particular area of business.“

i.e. Understanding the bottom line

Commercial awareness...

What does the commercially aware person know or do?

Come up with at least 10 items

Look at each of the features.. Do they apply in health?

If so why, give an example of where or how you would need this.

What does the ‘professional worker’ look like?

How act, look, behave?

Draw me a picture...

Has specialist knowledge - acquires it and develops it

Is reliable - prepared, keeps promises, meets deadlines, manages expectations

Acts with high standards of honesty and integrity

Does not compromise their own values, those of their professional body or organisation

Takes personal responsibility for their own actions

Shows their commitment

Mr/s Professional Staff Member

Self manages – keeps cool, avoids emotive conflicts

Presents an image which gives confidence Is respectful of authority, polite, says thx Is prepared and has the tools for the job, learns

the jargon and the systems Focuses on the job in hand Has a strong work ethic, goes when the job is

done Stays relevant on the job Takes initiative Shares knowledge and expertise but keeps

appropriate confidences

What does the commercially aware professional do in these circumstances?