Pharmacy owners quickly realise that one of the key areas to success in business are making good decisions based on accurate data. Documented systems and procedures and how well they are implemented by the business are a focus when preparing financial data. If you think about it, most decisions that get made by business
Business ownership is a very emotive thing. We intuitively have a reasonable grasp of what is happening in our businesses from the day to day involvement, and from the conversations we have with our team. But as I have learnt, and other clients too, decisions based on emotion are rather dangerous. Sometimes what we think is happening is very different from what is actually happening. Politics, agendas, and biases come into play, often unintentional too. The best decisions are those back up by data and statistics. Data Analytics is a big part of modern-day business.
As a pharmacist, you are qualified and well trained to help the community with their health needs and I think you do a fantastic job at it! Being the most accessible healthcare professionals in Australia, you are taking care of the needs of patients’ day in and day out. So, when you become a business owner, how do you learn the business side of things?
I recently had the pleasure of running a breakaway session at the WA Pharmacy Forum called Managing Your Business Effectively – KPI and Trend Analysis. It was one of those sessions where I wasn’t sure what numbers would attend. However, the room was full, and we had some great feedback. So, for the benefit of our blog readers I have reproduced it in part below.
Firstly, a quick disclaimer. I have been doing some valuations lately where the quality of financial reports presented to me has been on the poor side and contain several clear errors. So, to slay these dragons (yes, I am a GOT fan) I thought its best to write about it so hopefully you don’t make the same mistakes.
