We’ve seen a lot of sport on TV recently, from the Olympics to the various football finals. It reminded me that to be successful in any profession (including business and sport) requires commitment, dedication, hard work and hopefully some luck. There are no accidental success stories, and you need to put yourself in a position to take your opportunities along the way. YouTube the Australian ice skater Steven Bradbury back in 2002 Winter Olympics! A classic example!

A pharmacy owner’s needs change many times throughout their career. Initially the responsibilities of running a business can be overwhelming. As well as the clinical, patient care side of the profession, an owner needs to manage resources such as staff, stock, cashflow etc. In those early days, you might rely heavily on the advice of your accountant, your peers, close family and friends. But over time, your experience, systems and procedures help you navigate the usual demands of business.

However, avoid becoming complacent. Especially if you have owned your pharmacy for a decade or more. Sometimes a problem can develop gradually without you being aware (for example poor inventory management, product pricing, rostering etc). A mature business might not suffer much ill effect initially. However eventually (when the business needs to be valued by the bank, or when an owner decides to sell their business) the impact might be significant on long term viability or ultimately the sale price upon retirement. Accordingly I recommend that even the most experienced pharmacist regularly talks to their “coach” (often their specialist accountant) to review current performance, benchmark against competitors and identify areas for improvement. It doesn’t matter who you are or what you do, having someone you trust and respect in your corner can make a great difference. Whether it is in sport, business or your personal life, an experienced coach or mentor can be the missing ingredient that allows you to do the best you possibly can.

Sure, it is the individual that actually has to do the hard work along the way, but the coach helps devise a game plan at the outset, then work alongside you to keep things focussed and on track.

  Does Roger Federer still have a coach after all these years? Absolutely!

You might have the appropriate attitude, energy and resilience to be an excellent community pharmacist. But keep in mind that financial data is a major part of a pharmacy’s early warning system. Reliable, timely monthly financial statements can be a most an effective management tool.

Owners can sign up for cloud based accounting software to help them run their business. There are a number of inexpensive yet powerful applications which have the ability to produce management profit reports, BAS, organise accounts receivables and payables, and maintain payroll records. As the software appears simple and easy to use, it is understandable why they are so popular. 

However, just because you bought an aeroplane, it doesn’t make you a pilot.

Anyone can buy the software licence and start processing data. But to do so without some form of specialised training, and expecting accurate reporting is illogical. It takes three years full time at university to obtain an accounting degree, to learn the fundamentals as well as the deeper management and tax knowledge. Processing your own data without some professional direction can be dangerous, especially if you are relying upon inaccurate reports.