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High Performance Begins With Culture In the September issue we provided an overview of the five Key Performance Drivers. This article will focus on Performance Driver #1: Organizational Culture. Culture is the foundation on which all other performance drivers are built and from which they draw their energy and strength. The power of culture lies in its ability to engage and align people. Culture is a key source of the “E Factors” — engagement, energy, enthusiasm, effort, excitement, and excellence. A strong and effective culture is like having additional executives you don’t have to pay for! An ineffective culture discourages people and weakens the organization. An effective culture engages people and strengthens the organization. Culture supports and feeds everything your firm and its people do. Financial Benchmarking and Ratio Analysis in the Health Care Industry One of the most important factors in a health care organization’s success is management’s ability to react to change and make timely, informed decisions regarding the organization’s operational direction and financial performance. Among the most useful management tools available to achieve this objective is benchmarking, an essential process for internal managers and consultants seeking to adjust business methods to optimize performance. This article is presented in two parts. Part I, presented here, deals with sources of benchmarking data. Part II, presented in our November issue, will cover benchmarking a subject entity’s data against the industry. Identifying Intangible Assets: Peeling Back the Onion A friend recently purchased Microsoft common stock. He paid about $28.45 per share, representing a price-to-earnings ratio of almost 42 and, more important, a price-to-book value (or stockholders’ equity) of 4.33. Certainly, the accounting convention of book value had no bearing on what my friend paid, which reflected a substantial premium over reported stockholders’ equity.
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Charles R. McCann,
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Accountants
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