No doubt all pharmacists and pharmacy owners over the past few months have experienced a flooding rains and drought scenario as a result of the Covid-19 pandemic.

Of course, every pharmacy is different, and every location is different, but certainly from the data we are seeing many pharmacies experienced an extraordinary March with the impact of hoarding and panic buying particularly evident. April though is showing the opposite, with many pharmacies experiencing a significant downturn in turnover. Though like I said, every pharmacy is different.

So, if over the next year or so, you are looking at buying a pharmacy, your decision-making process, particularly around understanding the earnings of the business and valuations is going to be a little trickier. Basically, because you are trying to determine an earnings streams based on an unusual, unprecedented event.

It can be a little overwhelming when you are in business to know what exactly you should be focusing on. There are so many issues floating around every day to deal with that require your attention and energy. It is very easy to lose focus. I have no doubt every business owner at some stage gets lost in the forest of “stuff”. Plus, not every business owner has well documented strategies, goals and action points. Most of us are too busy on “stuff”.

I had this exact same moment not so long ago. There were lots of issues floating around, knee deep in “stuff” and losing sleep over it too. I was watching a webinar and a simple graphic reminded me of what I am doing and why. For me it helped refocus my thoughts.

We had a little celebration in the office when I returned from holiday recently. Anyone who knows me, understands I don’t like much fuss. I am not a big fan of my birthday, to me it’s just another day.  I knew my 10-year anniversary as Peak had ticked over, I was planning on not making a song and dance about it all.

My team had other plans. There were balloons, cake and they surprised me by inviting my family into the office.

Since we at Peak Strategies have reached out ten-year anniversary, I thought I would write a blog about the 10 things I have learned in my first 10 years as Director of Peak Strategies.