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 However, that mindset can lead to issues of no adaptation, systems becoming outdated, lack of compliance, inefficiencies and so forth.
End of Year Compliance
Another financial year over and one thing is certain, you will need to get your tax information together and go see your accountant. Here at Peak Strategies, we enjoy preparing our clients’ compliance work however we do come across some common errors that the business owner or their bookkeepers have made.
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:
