So, the 2020 financial year is about to come to an end, and boy, that one was a bit hectic. It was a little intense wasn’t it? But I have had enough of hearing about Covid-19.
Therefore, I have hoping to write something that is going to make you all stop for a little while have a bit of a stock take about where you are. Not literally of course. You didn’t think I would be writing about actual stock taking procedures, did you?
No doubt all pharmacists and pharmacy owners over the past few months have experienced a flooding rains and drought scenario as a result of the Covid-19 pandemic.
Of course, every pharmacy is different, and every location is different, but certainly from the data we are seeing many pharmacies experienced an extraordinary March with the impact of hoarding and panic buying particularly evident. April though is showing the opposite, with many pharmacies experiencing a significant downturn in turnover. Though like I said, every pharmacy is different.
So, if over the next year or so, you are looking at buying a pharmacy, your decision-making process, particularly around understanding the earnings of the business and valuations is going to be a little trickier. Basically, because you are trying to determine an earnings streams based on an unusual, unprecedented event.
COVID-19, what a crazy ride it’s been so far! More than ever the public are looking to pharmacies for guidance and support. Whether that be for hand sanitizer, their scripts or for general advice, every client I have recently spoken to have said that customer communication is higher than it’s ever been. Some of your team members might be spending their whole day on the phone or responding to emails from people seeking advice.
What has been the most difficult for both pharmacies and the public is the ever-changing information. Every couple of days there is something new being passed by the Government to protect the Australian community. This of course makes a lot of sense, but also extremely hard to navigate! So, today we are going to share some ways to communicate with your customers during a crisis to hopefully help you alleviate some stress for your team.
I am very much a firm believer than every negative has a positive, every positive has a negative. To me that is the balance of life. So, whilst we are going through a Corona virus life adjustment phase and listening to all the tales of doom and gloom, it’s good to stop and find the positives out of all of this. For me personally, I cling on to these positives during these times and they become my focus.
It can be a little overwhelming when you are in business to know what exactly you should be focusing on. There are so many issues floating around every day to deal with that require your attention and energy. It is very easy to lose focus. I have no doubt every business owner at some stage gets lost in the forest of “stuff”. Plus, not every business owner has well documented strategies, goals and action points. Most of us are too busy on “stuff”.
I had this exact same moment not so long ago. There were lots of issues floating around, knee deep in “stuff” and losing sleep over it too. I was watching a webinar and a simple graphic reminded me of what I am doing and why. For me it helped refocus my thoughts.
