Pharmacy Daily | Weekly Comment 05 Dec 16: Driving business performance

This week's contributor is Trent Ruprecht, Business Services - Principal, PKF Sydney and Newcastle. Have you ever wondered why some pharmacy businesses succeed yet others don't? Some people might attribute this to simple luck however in my experience advising pharmacy owners, luck has nothing to do with it. Whether you are just starting out in a pharmacy business or have operated a pharmacy business for 20 years, it's never too late to start focusing on improving the performance of your pharmacy. At a minimum here is a checklist for all pharmacy businesses wanting to drive improved performance: * Have a clear and defined strategy that is aligned to your personal goals; * Implement an operating budget and consistently track actual performance against budgeted outcomes; * Understand the key drivers of your pharmacy business including how you can influence each of these to improve business performance and profitability; * Implement a structured and regular reporting framework aimed at measuring both financial and non-financial indicators. If you are not savvy with the numbers, help is certainly available. I encourage you to speak with an adviser and start working on a plan. Don't leave the future success of your pharmacy to chance; take action now and capitalise on the potential within your business.

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