Once again, APP has come and gone for another year. It was exciting to experience the optimism from most of the delegates, despite some corners of the market pushing the doom and gloom barrow.

Particularly exciting was business owners accepting change and finding constructive and innovative ways to adapt their businesses.

There is no doubt that industry reforms over the past year and a half are having an impact on cash flows. However, as interested business partners in the industry, we are excited to see owners weathering the storm through innovation, embracing the science of retail, and understanding the financial numbers of their business.

As owners, you’re in a very unique position of being an important link in the health chain; but also as a retailer charged with getting customers to spend more and trying to get them to come back. No longer are you just responsible for your customer’s health outcomes. Trying to work out what your customers want and giving them every reason not to go elsewhere is a challenge, but it is achieved every day by many businesses, pharmacy – and non pharmacy.

Having a good understanding of category management, and providing your customer with a good experience will help. Working with your trusted advisors, such as your accountant, wholesalers, and just as importantly your customers, could help identify the “1 percenters” in your business.

Equally important to giving your customers what they want, is understanding the numbers of your business. No two businesses are the same and each one has unique drivers, points of difference and should therefore have specific key performance metrics to follow and measure. Again, working with your trusted advisors will help in identifying and setting appropriate metrics.

Knowing and understanding the financial numbers of your business (accurately and timely) should be paramount in the management of your business. There’s little benefit in finding out there’s an issue six months after it’s too late. Technology and security have come a long way in helping you have this information at your fingertips. Being in charge of a business turning over millions of dollars should be enough incentive to drive you to surround yourself with up-to-date and timely data. Using it to your advantage by understanding the numbers is the next challenge. This is again, where your trusted partners can help you.

As a pharmacist, you are one of the most trusted members of the community. You have a distinct advantage over your non pharmacy competitors. Being the first person your customer sees when they enter the store, as well as having the products and services they want might be the reason they need to buy more and keep coming back.

APP provided lots of different tools; options and incentives to continually improve the way you do business. The biggest challenge for any business owner is accepting the need to change and implementing change to improve your business. Thinking outside the square and doing something different to develop strong defence mechanisms is the key to weathering the storm and remaining viable.

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The information contained in this report is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this report without first obtaining specific professional advice. To the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit licence 234945, its related bodies corporate, employees and contractors accepts no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this report.