Being a pharmacy owner can sometimes feel tiring and overwhelming. Some owners have said it can be a lonely existence at times too. There is so much stress and issues to deal with. In one day, you can take on various roles- pharmacists, IT, marketing, merchandising, leadership, finance experts etc. There is a lot you need to deal with, a lot of decisions need to be made, which is all part of your busy day.
The good thing about life is it has funny ways of reminding you why you do things.
As we go through business we can get very wrapped up in the stresses and pressures that we face. There are always problems we must deal with.
Many pharmacy owners have huge rent pressures, declining earnings from their dispensary and front of shop, business values are dropping, staffing issues etc. It is not easy out there at all, there are a lot of problems.
Over the last few months the volume of valuations we have been doing has been very high. The common question we receive is why? Well for all sorts of reasons. Mainly for bank compliance reasons. However there are still partnership equity changes going on all the time as well as buys and sells.
This week I thought I would let you know the top five issues a valuer must face.
I know that at Peak Strategies we constantly preach about creating a strong social media presence for your pharmacy. However we understand that it can also be overwhelming and confusing to know what to post and share.
That is why this week we created weekly social media checklists for you to download and implement in your pharmacy.
A lot of pharmacies rely too heavily on their franchise for marketing. They assume because they are associated with a particular brand that they don’t have to create localised marketing strategies. They become too reliant on others for their success and in turn lose their creativity and innovative talents.
