Is your pharmacy adding value to your community?
Well what a silly question! I assume there might even be some eye rolls reading this. However I am actually asking just that.
Before working for Peak Strategies I had no experience with pharmacies other than being a customer. I would visit pharmacies to either fill a prescription or to buy something for my runny nose.
Retailer or Pharmacy?
I must say I am a little confused these days about what pharmacy is or what pharmacy is becoming. To be successful should you be a retailer or a pharmacist, are some pharmacies successful because the owners are very good retailers? Yes I guess that is the case in some instances. However, there are also pharmacies that are successful because they are good pharmacists.
The Government handed down the Federal Budget back on 9 May 2017 and here is a quick summary of what you need to know about what changes are in store for next year.
INCREASING THE MEDICARE LEVY LOW-INCOME THRESHOLDS
Date of Effect: 2016-17 income year.
Details: You will not be required to pay Medicare Levy (2%) if your taxable income is less than:
Thinking Forward 3 Years
In last week's blog, I mentioned thinking forward 3 years and the importance of having a well defined vision for your pharmacy. One of the most fundamental skills any business owner should have is a clear insight into what stage their business is at. Knowing clearly what you want to evolve into and the path you need to take.
With another financial year coming to an end, it is a good time to stop and reflect a little on what you have achieved this year.
Personally for me it is the most innovative time of the year. I take the time to reflect on what we achieved, our successes and our failures. Nothing is ever perfect in the world. But it allows me to identify what went wrong. Then what strategies we can employ to reverse our failures and what we can do to progress towards our goals. So with this in mind, I would strongly suggest you take the time to review and reflect.
