Pharmacy Daily | Managing Your Business

With the present state of the economy it is now more important than ever to be keeping a close eye on the financial figures of your business. The good thing about a retail outlet is you can depend on some regularity of income, even if it is not as high as it once was. By having the regularity of the income, you can then plan to manage the outgoings more carefully. What are your set monthly expenses? What can be reduced? What do you need to set aside for bills at the end of the month? What is your monthly buying budget for stock? Have these amounts listed each month so you are in control and are not in for any nasty surprises. In my observation the business owner who places importance on monitoring the outgoings of their business are doing a better job of managing their business. By being aware of what is coming in and going out, you can steer the business and be in more control. By allowing expenses to happen that are more than your business can cope with, can ultimately prove too difficult to deal with putting you in a position of always catching up. There are many types of reports that can be done weekly and monthly to assist with the management of your business, some the regular ones like a profit and loss and some that can be tailored to suit your individual business. This week’s contributor is Joanne Lyons from Bookmarx Bookkeeping.

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The above article was sent to subscribers in Pharmacy Daily's issue from 27 Feb 12
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