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What are the essential business skills?

Nurse Leader Weekly, January 25, 2008

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For a nurse manager to be successful in today's healthcare environment, mastery of basic business skills is essential. No longer are nurse managers expected to be clinical experts but, instead, must be equipped and skillful in "running their business." Each nursing unit is a component of a larger organization that depends on qualified nurses to manage the business and to understand the "big" picture. Nurse managers are the change agents and leaders in improving the work environment where nurses practice, so it is essential that they have the required skills.

As you think about business skills, the first thing that probably comes to mind is the budget or the finances, but business skills include so much more. Business skills frequently include human resources, strategic planning, and systems thinking, to name a few. The following three categories identify several of the business skills that are essential for nurse managers:

1. Financial management

• Become knowledgeable with basic financial terminology and definitions. Develop a plan to educate yourself and your direct reports.

2. Human resources

• Identify and develop recruitment and retention programs. Successful recruitment and retention strategies are vital to the long-term success of the organization, so nurse managers should take the lead in identifying successful strategies.

3. Strategic management

• Familiarize yourself with the components of a business plan. As a nurse manager, you should have the skills to write a simple business plan and be able to conduct a SWOT (strengths, weaknesses, opportunities, threats) analysis.

Editor's Note: This excerpt was adapted from the article,"Essential business skills for nurse managers" featured in the Reading Room on HCPro's new online resource center, www.StrategiesForNurseManagers.com!

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