As a CEO, promoting optimal organizational culture to support financial strategies needed for expansion and reduction requires using adaptive strategies. Adaptive strategies are corporate-level decisions that specify the organization’s scope and focus on expanding, reducing, or maintaining operations (Wayland & McDonald, 2015). Strategizing cost to profit margins we can see the areas that are and are not producing volume and profitability. The geographical area and diversity of the community are underlining factors of what services and specialties are and aren’t needed. Cutting costs gives emphasize to priority programs by directing funds to these areas for expansion or investment in new ones. As departments or operations are being taken away, this is also decreasing staff because they are no longer needed. This in turn leads to a decrease in payroll. Adaptive strategies for expansion include diversification, vertical integration, market development, product development, and penetration. Adaptive strategies to reduce size and reach of operations include divestiture, liquidation, harvesting, retrenchment.
Expansion adaptive strategies require some activity to reach more consumers with the products and services by improvement which requires market entry analysis (Wayland & McDonald, 2015). Diversification is an expansion strategy that works by adding on to the business through services that are not already being provided such as home care or restaurants. Vertical integration consists of a broad range of services that combine such as hospitals obtaining physicians as opposed to contracting private physicians. Market development is used to expand within a service area currently in or new. An example of staying within the area would be to offer multiple services in current area or to go out of the area and construct a clinic. Product development can best be described as refinements or extension to already present services. Penetration is used to increase volume or market share by servicing patients with current services. Cavalier Hospital went with an expansion strategy by bringing all its cardiology into a new comprehensive care center. Financial strategies focused on revenue models that consisted of acquiring patient volume, expanding investments through integrated care, reimbursement structure, or moving to capitation-based payment (Wayland & McDonald, 2015).
Reduction of scope and market exit strategies are directed toward offering fewer products and services and markets and may require identifying buyers, closing facilities, reducing the product line, internal cost cutting issues, and managing declining demand (Wayland & McDonald, 2015). Divestiture is a reduction strategy that works by selling a current operating strategic service unit; radiology, physical therapy, or lab. Liquidation strategy is terminating an operation by selling all assets, for example liquidating air transportation care services. Harvesting strategies consist of seizing a service by gradually depleting funds towards a service that is not profiting. An example of this would be the depleting need for hospice care. A retrenchment strategy works by redefining the target market, cutting geographic coverage, reducing the segments served, or reducing the product/service line (Wayland & McDonald, 2015). An example would be the outsourcing operations, such as cleaning services or IT departments.
We can maintain a competitive advantage during periods of contraction. Downsizing isn’t necessarily a negative impact on an organization. If there is demand for a certain service in the area, to offer that service makes sense. In order to offer it there must be funds available to dispose into it and this isn’t always the case, so reduction is the next best thing. Financially, the cost of maintaining that operation has seized as well as the operational staff employed. Implementing the need for or high demand service isn’t enough to have the competitive advantage. There are two categories in competitive advantage, comparative and differential. Comparative advantage does not imply a better product or service, rather it only shows one can offer a product or service of the same value at a lower price (Twin, 2021). Differential advantage is an approach to provide the same service while maintaining differential factors that attract potential patients to choose one organization over the other. Some examples are: technology, patent-protected products or processes, superior personnel, and strong brand identity are all drivers of differential advantage (Twin, 2021).
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