Did anyone else feel like they blinked and now we’re nearly in April?
What a fast-paced, ever evolving three months it has been! At Peak Strategies we had an exceptional start to the year and have learnt a lot about how the pharmacy industry might perform for 2023. As always, we want to advise and teach our loyal readers on how to achieve exponential growth for their pharmacy (as a business.)
That’s why today you have a link to our blog where we share our 5 tips for pharmacies as you enter a new quarter. Don’t sleep on this blog! There are some pearls of wisdom shared.
Tip 1: Don’t lose momentum
At the beginning of most calendar years, we tend to see a renewed interest from pharmacies about customer growth strategies such as social media, in store events or networking. However, as we enter the next quarter, we tend to see this activity drop. From a marketing perspective, we see around 60% of pharmacies slow down with their marketing efforts three months into starting.
So, a key tip for the next quarter is to not lose momentum. Customer growth is derived from activity and consistency! Therefore, a procedure must be set in placed and followed consistently.
Tip 2: There is continual activity in the market
In January, we had the highest number of inquiries for partnership opportunities, valuations, and other consulting than we’ve had in previous years. This has carried into both February and March. So, if you’re considering partnership opportunities, it is the time to reach out to us for a chat as there is a lot of activity.
A quick side bar- we’re working on a secret project to help owners and prospective junior partners to understanding how a partnership works. To learn more, make sure you check your inboxes towards the end of April.
Tip 3: Prepare for this new norm of pharmacy
One of our most popular blogs was JT’s spiel on the new norm of pharmacy. He noted trading levels for 2022 were an anomaly and the market has since shifted dramatically. Therefore, you can no longer ride the wave of COVID, where Pharmacies were the answer to many of the public’s needs. Your community don’t have to go to you store now, and they don’t have as much to spend than previous years.
So, our tip is to start building an armory of how to tackle this new norm for pharmacy and work on a strategy to maintain customer loyalty. If you haven’t already, watch our short and sweet webinar on this topic, WATCH HERE
Tip 4: Business Succession Planning for Pharmacists
When asking Priya what her tip would be as we enter this quarter for pharmacists, she highlighted the need for succession planning. Regardless of whether you operate in a partnership, a trust, a company or a combination of these, the partners in the business need to have a business succession strategy documented either in a partnership agreement or a shareholder’s agreement. If you haven’t created such a document for your business, now is the time to do so!
Tip 5: As a pharmacy owner your favourite word should be why
As mentioned, JT has been working on a lot of valuations of late. Therefore, his number one tip for the next quarter is pharmacy owners truly understanding their financial reporting and always questioning if something doesn’t look or feel right. Read the blog via the button below where he explains why this is so vital for the livelihood of your business.
BONUS Tip outsource your bookkeeping to us!
This isn’t necessarily an isolated tip to this quarter, but we wouldn’t be Peak without mentioning it (again.) We also share it today in this blog because in the last week our team members have been having conversations with various owners who quite frankly, have too much on their plate.
Our team are pharmacy specialist accountants, they are exposed to the various POS systems, know how to chase up those tiny invoices from boutique suppliers and are willing to sit on the phone with MYOB (or Xero) to resolve an account error. Every time we onboard a new pharmacy, we’re met with feedback on how efficient and easier it is for the business.
We want to help you structure your pharmacy so you can achieve both growth and a rewarding lifestyle! We’re firm believers that you can do both.