Preparing annual financial projections and monitoring for your pharmacy is imperative to fully understand and control your pharmacy business model. Cash flow projections provide pharmacy owners with first-hand insight into the impact of decisions through forecasts that detail their future impacts. These impacts can be positive or negative, allowing you to change your business strategy
In deciding to own and operate a pharmacy business, there is no doubt that the pharmacy owner will have a long-term goal of maximising the value of their business. While pharmacy business owners are typically more comfortable in developing and regularly reviewing short-term business operational and marketing plans to assist in the successful day-to-day operation
It's said in many a business course that it's not possible to manage what you're not measuring. When the team at Sigma Financial Services conducts comprehensive Finance Health Checks with our customers, there are specific sets of figures that we examine in order to diagnose underlying problems in a pharmacy. Tracking certain vital statistics of
In today’s highly competitive environment, effectively using data has never been more crucial. Key Performance Indicator (KPI) reporting allows pharmacy owners to gain deeper insights into their business performance, and ultimately gain a competitive advantage. What is KPI Reporting? KPI reporting is a business performance tool that effectively summarises and visualises KPI’s. By having a
Peter Lane, Head of Brand Development explains why Sigma Healthcare offers such a wide range of pharmacy brands. Unlike other pharmacy groups, Sigma Healthcare has built up a stable of diverse pharmacy brands. They include long-standing Australian names, a variety of discount chains, trusted regional and niche brands - like the nationally expanding WholeLife, our
Let’s assume the following: Fred is 48 years old and as the owner of 3 profitable independently branded community pharmacy businesses scattered around the town of Bedrock, considers himself a successful and experienced businessman who is able to spot a “dodgy deal” a mile away. One day Fred is approached by local property mogul (and
The year 2020 will forever be chiselled into our memories for the arrival of Covid-19 and the devastating impact it has had on our everyday existence, and loss of life around the world. Australia, due to our remoteness from the rest of the world and quick response to the pandemic has been slightly insulated compared
Selling Your Pharmacy Often overlooked when preparing your Pharmacy for sale is ensuring your retail shop lease is also sale ready. Just as important as getting your books of account prepared, sharpening your roster and freshening up the look of your Pharmacy, your lease is fundamental to achieving the best sale price. Renewing or extending
Understanding the factors impacting the pharmacy sector, and how others are performing, can be a great gauge for how your pharmacy is tracking. As Australia starts to look at life in a new COVID-normal environment, understanding where your pharmacy sits compared to your competitors in the current climate is crucial to ensuring your pharmacy’s ongoing
With the proliferation of pharmacy "banner group" type franchises over the years, in deciding to adopt a specific franchise brand (e.g. the hypothetical "Kolesworth Super4Less Discount Warehouse Outlet Centre Pharmacy) pharmacist owner Gavan Sconn may be lulled into the misconception that there is no need to check the contents of the franchise agreement on the