Pharmacy owners quickly realise, one of the keys to success in business is well documented and thorough systems and procedures. Amongst those your internal financial systems must be the most important. If you think about it, most of decisions that get made by business owners will have a financial impact. A good owner will track and assess the financial impacts of these decisions regularly. Recording and tracking your financial position and trading performance accurately and readily is a key component in every pharmacy’s internal systems. What you can measure you can manage.
What Community Pharmacies can do that Big Box Discounters won't
In recent weeks I have noticed that my inbox is being filled with headlines that include the words CHEMIST WAREHOUSE and AMAZON. I can (once again) sense discomfort within the pharmacy industry. There are always conversations both negative and positive about the future of community pharmacy. At Peak Strategies we argue the later, the positive. Of course, we know there are some major hurdles to overcome, however we understand the need for community pharmacy.
New Year’s Resolutions for Your Financial Health
How to learn with Chemist Warehouse being in your local area
A couple of weeks ago there was commentary about Chemist Warehouse (CWH) on the popular marketing TV show Gruen. After reading about it on AJP and Pharmacy News I felt it was necessary to watch the segment.
The host Wil Anderson and other guest speakers discuss in detail about CWH’s strategic marketing. The chemist chain spends $100 million a year to look cheap and cleverly gives the impression that all their merchandise is a bargain. They describe CWH as a marketing machine and that it’s more a media empire than chemist.