Dots 038: Return on Investment
Welcome to CONNECTOR DOTS - brief, candid insights on healthcare, pharmacy, and life for connectors and pharmovators.
What is an ROI - Return on Investment. It boils down to answering the WIIFM - What's In It For Me question. Today during Pharmovation Friday we will explore how to communicate an ROI so you can get what you want.
I am your host Kimber Boothe and I am a Strategic Pharmacy Coach and Consultant. I am a pharmacist, healthcare leader and entrepreneur. I help pharmacists strategically advocate for roles and resources to advance pharmacy practice and have joyful engaging careers.
This week I have the pleasure of being a judge for the Business Plan presentations for the Pharmacy Practice Advancement course at the University of Cincinnati. I am very impressed by the thoughtful identification of needs/problems and the innovative solutions. An important topic that deserves highlighted is how to share the ROI - or WIIFM in practical terms. Key Points - Any request / business plan should calculate the ROI for the decision maker who will invest in or approve your plan - ROI Definition: From an official financial perspective - ROI tries to directly measure the benefit of a particular investment relative to the cost of investment. ROI = the benefit (or return) of an investment / cost of the investment. Usually it is represented as a % but I often share the $ amount over a period of time. - Sources of ROI: Two main financial sources - more revenue or savings/expense reduction. But there are benefits that are intangible or may not come with a direct financial return. Such plans are hard to get approved since resources are not limitless.
Access the full CONNECTOR DOTS Video Library at https://www.kimberboothe.com/kb_oi_connector_dots (kimberboothe.com/dots)
Be Bold, Be a Connector, Advance Healthcare, and Pharmacy Practice
#pharmacist #pharmacy #pharmacists #pharmovator #mindset #connector #innovation #live #strategy #careerdevelopment
Want more impact and joy in your pharmacy career?
Get the 10 Ways to:
Advocate for Resources, Advance Pharmacy Practice, and Accelerate Your Career
We won't spam. Unsubscribe at any time.