CRISIS MANAGEMENT: HOW CAN YOUR PHARMACY BEST SERVE THE COMMUNITY?

CRISIS MANAGEMENT: HOW CAN YOUR PHARMACY BEST SERVE THE COMMUNITY?

Within your patient base there would be trends on why people are visiting your pharmacy. Common health issues, services and conversations would be had daily. As Swarup suggests, explore these topics, and expand your scope of service accordingly. As we did with covid, look at what is required for that said crisis and build your pharmacy’s service offering from there. At Peak Strategies, we believe that is a great course of action regarding both patient experience and marketing, because you’re filling the demand of what your patients are needing.

Bookkeeping | One of the most critical business functions for your pharmacy

Bookkeeping | One of the most critical business functions for your pharmacy

Unfortunately over the course of my career when I have seen businesses go under, (which is not something any of us want!) poor financial records are a common issue. This is because the business owner doesn’t have clarity over how the pharmacy is actually performing.

Generally, you need someone to undertake this function, who are professionally trained, and subject to the highest of quality practice standards. My view is that all pharmacy owners should be outsourcing their bookkeeping function.

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IS THE CURRENT PHARMACY MARKET SUSTAINABLE?

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IS THE CURRENT PHARMACY MARKET SUSTAINABLE?

There is also the issue of inflation and interest rates. As these go up, the average family has less money to spend. Consumer spending therefore has a real risk of declining. What does that mean for pharmacy? Perhaps 2023 is a very different world in pharmacy land than 2021 and 2022.

S100A – WHERE ARE WE? PARTNERSHIP OR COMPANY – SHOULD I BE RESTRUCTURING?

S100A – WHERE ARE WE? PARTNERSHIP OR COMPANY – SHOULD I BE RESTRUCTURING?

As an advisor I need to understand your strategic plan - why you are in business and your long term goals to ensure you have a structure that gives you the best opportunity for asset protection, risk limitation or for tax purposes – noting here that we have put tax last as whilst an important consideration, it shouldn’t be the primary reason a particular pharmacy structure or transaction is entered into.

What Does The 2022-23 Budget Mean For You?

What Does The 2022-23 Budget Mean For You?

Last week, Treasurer Jim Chalmers handed down Labor’s October 2022-2023 Federal Budget.

This budget was an update from the previous liberal federal budget and there were no real tax changes that affect small businesses.

The bad news is interest rates and labour costs are rising and with high inflation levels, many businesses will receive very little assistance from the government.

A few key points that we think are relevant to you and your pharmacy:

Acknowledgement of Country

Peak Strategies acknowledges the traditional custodians throughout Western Australia and their continuing connection to the land, waters and community. We pay our respects to all members of the Aboriginal communities and their cultures; and to Elders both past and present.

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