Treasurer Josh Frydenberg recently delivered the 2022-23 Federal Budget. This was earlier than usual, as a federal election is due to be called within days of this blog being written. With this in mind, the focus of the budget was on short-term incentives for individuals and businesses and easing the increasing cost of living pressures.
I’m about to let you in on Peak’s worst kept secret! JT and I have been preaching on our soapboxes for some time now about the 4 Pharmacy KPI’s that you need to care about. We hosted a webinar last year about this very subject. However, I realised that we haven’t written a blog. So, today is your lucky day! I am going to give you some wonderful insight into these nifty KPI’s.
In previous years there have been significant challenges raised for pharmacy owners, relating to cashflow boost, Jobkeeper, rent abatements, very abnormal trading months and even individual store issues such as heavily reduced turnover and excessive turnover in some cases. Despite the issues being raised, the principals of pharmacy valuation methodology remain the same and must be consistently applied.
Just because your pharmacy is able to offer a particular health service, doesn’t necessarily mean it will work for your pharmacy. This is because every pharmacy has its own target audience and therefore, different needs and wants. For example, a pharmacy who has a focus on senior health, may not need a baby nurse. So, how do we select the right health service and make it a success?
