As an advisor I need to understand your strategic plan - why you are in business and your long term goals to ensure you have a structure that gives you the best opportunity for asset protection, risk limitation or for tax purposes – noting here that we have put tax last as whilst an important consideration, it shouldn’t be the primary reason a particular pharmacy structure or transaction is entered into.
Last week, Treasurer Jim Chalmers handed down Labor’s October 2022-2023 Federal Budget.
This budget was an update from the previous liberal federal budget and there were no real tax changes that affect small businesses.
The bad news is interest rates and labour costs are rising and with high inflation levels, many businesses will receive very little assistance from the government.
A few key points that we think are relevant to you and your pharmacy:
The way you present your pharmacy has impact and that’s why it’s vital to have a well-considered marketing strategy. Please do not advertise anything your team isn’t well versed on. Furthermore, your pharmacy may be chugging along well without a clear strategy but imagine the evolution your pharmacy could have if you did! Can you say no to increased customer numbers and foot traffic? I most certainly don’t think so.
It is more than just putting up a sign, or printing a catalogue and putting it in your customers bag or on the counter. We need to think beyond the four walls of your pharmacy and reach your customers where they are making their buying decisions, and for most of us that is at home. You need to be utilising your digital marketing channels to their full capacity during Christmas time. And you need to start now.
You can have the best advisors (accountants, lawyers, financiers etc) within your A team and they will be extremely supportive. However, more times than not, it is your support network (significant other and family) that will be there in the good times but also the dark times. Don’t forget they are usually the reason you are considering this journey and they should be involved in this journey of pharmacy partnership at every stage.
