At Peak Strategies we get to see a lot of pharmacy financial data, whether from our own compliance or bookkeeping clients, or from the valuations we do. One of the most important aspects of managing your pharmacy’s finances is cashflow. Cashflow is king. It is the lifeblood of your pharmacy and therefore needs to be given priority. What often comes up though is the slow creep of cashflow tightening.
I might not own a business, but I do oversee a department here at Peak. The start to this year has been a bit off for me – kind of wonky. But you know what? Out of all this wonkiness, I've dug deep and discovered quite a bit about myself. It's also made me reflect on my job and how to run the show smoothly. I've also learnt a solid lesson along the way, something I believe any pharmacy owner or business head could relate to. So, in classic Peak style, I've written a blog sharing my newfound wisdom…
We've noticed a gap in our marketing content: while we strive to provide comprehensive marketing insights, we haven't delved much into the practical "how-to" aspect of implementing these strategies. Specifically, we haven't tackled the use of design and branding software to elevate your pharmacy's content.
It has only just occurred to me, but 7 Feb 2024 will mark my time of 30 years since I got my first job in accounting. I knew I wanted to be in public accounting, and I knew I wanted to be a Chartered Accountant. It was just a question of where I was going to get my opportunity. I was super excited. But it wasn’t what I dreamt it would be.
During our meetings, we delve into crucial topics such as effective structures, borrowing capacity, cash flow, tax position, and equity position. While financial statements hold the answers to these questions, the real challenge for our clients is often, "do you understand your financial statements?"
