As business owners we should never pretend to know everything.
You need to know when to let go. Some pharmacy owners like to control everything, thinking the only way it will get done properly is to do it themselves. However, that mindset can lead to issues of no adaptation, systems becoming outdated, lack of compliance, inefficiencies and so forth.
We need to accept that we don’t know everything.
There are always new and better ways of doing things. As a business owner you need to open your mind and be aware of these opportunities.
I always think in any business life cycle, particularly when you have got a good team, there comes a time when your staff will do it better than you. I remember conversations with one client when the pharmacists told him to get out of the dispensary as he was just stuffing things up. Some business owners really excel once they have made the transition from doing to managing and leading. Their business grows exponentially. They become a lot more focused on the activities that make the biggest difference.
When it comes to the finance function of your pharmacy, you need to be really honest with yourself and importantly your abilities. Should you be doing the monthly accounts yourself or outsourcing to someone else? In addition there is a big difference between handling the finance function for one pharmacy, than for two pharmacies. Again if you then branch out into 3 or more pharmacies, your finance function again becomes even more involved and complicated.
There will come a time when you need to seriously consider outsourcing your finance function to Peak Strategies.
We handle the bookkeeping, payments and reporting functions from single pharmacy owners to multiple pharmacy groups. For multiple pharmacy owners, outsourcing this function and having a proper data sharing and reporting functions are vitally important. Having a well functioning financial system that produces accurate and reliable financial data in a timely manner should always be the goal of any business owner. When you start to branch out from one to multiple stores this becomes even more critical.
In our experience, here are the top reasons why you should consider outsourcing your finance function.
Expertise on your side.
Instead of using and relying on your own (limited) experience and technical know-how, by outsourcing you get the benefit of an experienced team of people.
Access to top systems.
The systems and procedures used when you outsource evolve and become more efficient. We are constantly investing in new technology and improving our systems to make processes as smooth as possible. By working together with us we will put in place best practice systems and procedures specifically designed for pharmacy.
You are not having to worry about the finance function if you get sick, or take a holiday. The books continue to roll on every month when you outsource. Leaving you with peace of mind.
Ease of meeting bank reporting covenants, ATO deadlines, paying suppliers on time, with peace of mind you are 100% compliant.
Accurate and readily available financial reports to assist in management decisions.
Reducing the cost and time involved in the year ending tax return and compliance processes.
Opportunity for growth.
We can easily upscale our systems to cater for your first, second, third or more pharmacies. It is far easier for us to handle and cater for your growth than you dealing with this internally.
More Personal Time.
Your time is better spent growing your business, managing your team and having holidays and family time in peace then worrying about BAS’s, paying suppliers and processing bank transactions.
Effective problem solving.
Outsourcing generally leads to problems being identified earlier and resolved quicker.
Strong reporting systems.
Implementing full reporting protocols that clearly and accurately presents the financial position and performance of each of your stores is better handled with outsourcing.
Efficiency and cost effectiveness is very important in modern day pharmacy business processes.
Any business needs to be adaptive, know how to implement better systems and use technology wisely. Business owners need to know when to stop controlling every single aspect of business processes. Some aspects need to be outsourced to specialists. Trying to do everything yourself, thinking you will save money, sometimes only leads to more costs when others then have to spend more time fixing up your mistakes.
Peak Strategies can transform your business for the better.
You will be working with an experienced team that you can depend on, trust and turn to. As a business owner I understand the want to control everything in your business. However that is not a viable option, you can become tired, overwhelmed and it can affect your business (and personal life). Never stop learning, changing, adapting or having the drive for efficiency and effectiveness. Just let Peak Strategies assist you with the journey.