Matthew Franks

In today’s rapidly evolving landscape, the need for BOLD innovation has never been more critical. As leaders, we must embrace change, challenge the status quo, and inspire our teams to think outside the box. But how do we ensure that innovation isn’t just a buzzword, but a fundamental part of our organizational DNA? Enter Boards and Leadership Councils!! These bodies are pivotal in shaping our strategic vision and can champion the bold ideas that propel us forward. By actively engaging them in discussions around innovation, we can: - Hold Leadership Accountable: It’s not just about ideas; it’s about execution. Are we ensuring our leaders are prioritizing innovation? Are they being measured on their ability to foster a culture of creativity? - Cultivate Diverse Perspectives: Innovation thrives in environments where diverse voices are heard. Boards and leadership councils can help bring a range of viewpoints, helping us to see challenges as opportunities. - Align Resources and Goals: Bold strategies require commitment. Engaging with leadership councils ensures that innovation initiatives are aligned with our overall mission and adequately resourced. I invite you to reflect on these questions: - How are you involving your Board or Leadership Council in innovation discussions? - What mechanisms do you have in place to hold leadership accountable for driving bold strategies? How can we collectively create an environment where innovation flourishes? Let’s start a conversation! Share your experiences and insights below on how you’re fostering innovation in your organization. #Innovation #Leadership #BoardEngagement #StrategicVision #Accountability #Collaboration

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Collective Buying Power - What is it? We've all heard the term, and it sounds great, but what is it? Let's do some math. Say you're ordering a particular item 10 times monthly with a vendor. If the item costs them $9.00 and their margin is 15%, you're paying $10.35 for the item and spending about $103.50 per month, and they're profiting about $13.50 from that. Collective buying power means you team up with other facilities to increase your order volume. So, say you're still ordering the same 10 items every month, but now you're grouped with 99 different facilities ordering the same number. Well, now that the vendor receives 1,000 orders for that item monthly. That group of 100 facilities has the power to negotiate the vendor's margin down to 8%, dropping the selling price per item to $9.72. Your facility is now buying the same amount but paying $97.20 for the month rather than $103.50, and the vendor is now profiting $720 per month rather than $13.50. It's a win for everyone. There are many ways to be smart about your spending, and grouping with others is one of them! #ChoiceSupplyCompany #costsavings #longtermcare #nursinghomes #collectivebuying #groupsavings #medicalsupplies

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Check out the latest #Leadership Reverie blog post “True Spirit”

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