In previous blogs I have written, I have from time to time mentioned something called Fringe Benefits. Some of you who have attended Curtin University in Perth might know Fringe Benefits as the hair salon on campus, however in the accounting world, I am referring to Fringe Benefits Tax (FBT). With the current market of finding good employees and providing benefits for them to stay or benefits made to business owners under a Company or Trust, the topic of FBT isn’t considered more frequently than it should and sometimes business owners are caught paying additional taxes before they realise it. As the FBT year has now finished for the year, I wanted to give a general overview and explore if you may have a tax obligation with the ATO that needs to be actioned now and/or what you can do to plan for the next FBT year.

There are the necessities of bank funding and compliance, using the equity in your pharmacy to remove debt securities from your family home, determining a value for selling, partnership equity changes, sometimes for tax reasons, and sometimes unfortunately for Family Court reasons. Now some pharmacy owners will take a valuation report, go straight to the $value and ignore everything in between. Some will aggressively try to persuade me to change my opinion. Others think they know valuation theory more than me (some do by the way). Some will go through the valuation with a fine-tooth comb and focus on each word and sentence but are so respectful and balanced with it (yes, you know who you are).

When it comes to pharmacists and marketing, I often come across this common assumption that it's all a bit wishy-washy and tough to keep tabs on. Sure I get it – from the outside it might seem like all we do in marketing is whip up snappy captions for videos and scroll through social media. But you know what? What I get excited about in marketing is the data. Call me biased, but surrounded by accountants as I am, I believe that good data is the key to making solid decisions. So, today, I'm excited to dive into some analytics through different avenues that I think are crucial to track in a pharmacy setting from a marketing perspective. Let's get into it!

Over six months have passed since the implementation of sixty-day dispensing (60 DD). In a recent LinkedIn video, John noted that he now has over six months of post-policy data for pharmacy valuations. He mentioned that the impact hasn't been as significant as initially anticipated, emphasising that it's still early days and the pharmacy landscape is ever evolving.

It's been a while since community pharmacies in sunny WA started offering UTI prescribing. As a strong advocate for the full scope of practice, I welcomed this stride in providing accessible healthcare for our community. However, recently, I've observed a lack of awareness among the public regarding pharmacists and UTIs. Many are still unaware that this service is available at their local pharmacy. I've had more than three conversations with family members and friends who were surprised to learn about this offering.

At Peak, we're not just about staying ahead in the pharmacy industry; we're all about immersing ourselves in the heart of it. So, when Patricia, (Bookkeeping Manager), and Priya, Director, jetted off to the Australian Pharmacy Conference (APP) 2024, it was more than just a conference—it was an adventure. Let's dive into their three-day whirlwind, filled with insights and connections.

Changing or choosing a brand for your pharmacy is no doubt a massive decision, and certainly nothing to be undertaken lightly. Akin to you all of a sudden changing your own personality and how you present yourself, your store will also take part in the next stage of its evolution in changing its personality and how it presents itself. It is a big decision that can have big implications to the future success of your pharmacy.

The countdown for Australia’s biggest pharmacy conference, APP, is just around the corner. I have been honoured to attend in past years’ and have always enjoyed meeting others who are passionate about all thing’s pharmacy. Plus, there is the learning and updating myself with the pharmacy landscape so I can come back home and share this knowledge. Seminars, conferences, workshops and training for employees and owners are important to career development. It allows you to learn and upskill yourselves to do a better job, provide a better service and open doors to opportunities.

At Peak Strategies we get to see a lot of pharmacy financial data, whether from our own compliance or bookkeeping clients, or from the valuations we do. One of the most important aspects of managing your pharmacy’s finances is cashflow. Cashflow is king. It is the lifeblood of your pharmacy and therefore needs to be given priority. What often comes up though is the slow creep of cashflow tightening.

I might not own a business, but I do oversee a department here at Peak. The start to this year has been a bit off for me – kind of wonky. But you know what? Out of all this wonkiness, I've dug deep and discovered quite a bit about myself. It's also made me reflect on my job and how to run the show smoothly. I've also learnt a solid lesson along the way, something I believe any pharmacy owner or business head could relate to. So, in classic Peak style, I've written a blog sharing my newfound wisdom…

We've noticed a gap in our marketing content: while we strive to provide comprehensive marketing insights, we haven't delved much into the practical "how-to" aspect of implementing these strategies. Specifically, we haven't tackled the use of design and branding software to elevate your pharmacy's content.

It has only just occurred to me, but 7 Feb 2024 will mark my time of 30 years since I got my first job in accounting. I knew I wanted to be in public accounting, and I knew I wanted to be a Chartered Accountant. It was just a question of where I was going to get my opportunity. I was super excited. But it wasn’t what I dreamt it would be.

During our meetings, we delve into crucial topics such as effective structures, borrowing capacity, cash flow, tax position, and equity position. While financial statements hold the answers to these questions, the real challenge for our clients is often, "do you understand your financial statements?"

It is often said that partnerships are like marriages. When they click, they're a beautiful thing; when they don't, it can be quite a disaster. Regarding pharmacies, we've witnessed some remarkably successful partnerships that have led to significant accomplishments. On the flip side, there have been bitter and ugly "divorces." Partnerships aren't a one-size-fits-all solution. While some owners thrive working independently, others find their groove within a partnership. It's a unique dynamic that doesn't suit everyone, and it is up to each person to go through that journey to discover if they work better alone or together.

I'm sure, just like many, you've been taking a bird's-eye view of your pharmacy as a business and setting some goals to kick off the next 12 months. Reflecting on last year as an industry, it's safe to assume that one of these goals might revolve around revenue growth and a solid marketing plan, right?

It is that time, when I do another year end wrap up blog, after another amazing, interesting, challenging and perhaps pivoting year. This will one of those years that will be forever highlighted as significant shifting moment for the pharmacy industry, with several major critical issues thrust upon everyone unwillingly through the impact of 60 DD, post 60 DD, expanding scope of service and many, many other issues.

Throughout August to November, I've had the privilege of connecting with pharmacy owners all over Australia. It has been immensely rewarding and I have met so many inspiring pharmacy owners. Obviously, 60 Day Dispensing continues to dominate conversations, and particularly what owners need to be doing now and the impact on valuations. Not only are the conversations on valuation impacts, but also on the strategies that owners must be employing to reduce the impact of the hit.

I recently had a catch up with a client, to deep dive into the analytics of their local marketing. We recently threw email marketing into the pharmacy mix and Wwe were discussing the hits and misses since our last session., especially since we recently threw email marketing into the pharmacy mix.

Pharmacy ownership marks a HUGE milestone in a pharmacist's professional journey. And it often begins with acquiring a stake in the pharmacy where they currently work. It's a logical progression, especially for those who have climbed up to managerial positions. Nevertheless, this transition is not without its unique challenges, particularly for those with limited exposure to business matters. If we had a dollar for every time, we've heard pharmacists say, "I didn't learn this in university," we'd be millionaires! In this blog, we will explore the essential considerations that every aspiring pharmacy business owner should grasp before embarking on this thrilling venture.

Can you believe it? We're fast approaching the end of another calendar year, and you know what that means - Christmas is just around the corner! For those who know me, it's no secret that Christmas is one of my favourite holidays of the year. With the holiday season knocking on our doors and our office and other businesses gearing up for our Christmas festivities, my mind wanders to the realm of entertainment expenses. The assumption often prevails that if you're spending money in the name of business, it should be tax-deductible, right? Well, let's delve into the nuances of making your entertainment expenses work in your business's favour.

In this era of pharmacy, the challenges are evident. You’ve all felt the impact of THE recent industry event, which have ushered in an era of penny-pinching and cost-cutting. Pharmacies across Australia are tightening their wallets and exploring ways to manage their expenditures. Reduced working hours, optimisation of staffing, and various other cost-saving measures has become the order of the day. What we're seeing, though, is a common theme: the overflowing bucket of responsibilities that pharmacy owners already carry.