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
Add value to your Pharmacy by getting the lease ready for sale. When considering selling your pharmacy, one area that is constantly overlooked or certainly misunderstood is your lease. Top Three Pre-Sale Leasing Mistakes Telling the Landlord (Agent) you are thinking of selling Planning to sell thinking you will let the Purchaser to negotiate on
Whether you are purchasing your first or fifth pharmacy, it is a significant investment, especially given the high value of pharmacies in Australia. Your priority is to ensure that you are making the right decision, whilst reducing risk and not overpaying for the pharmacy asset. What is Due Diligence? A due diligence is an investigation