Pharmacists and other SMEs can expect some smoother sailing in the near future. The National Business Simplification Initiative is set to make it easier to run a business by reducing the complexity of dealing with government regulations, meaning less time filling out forms and more time doing what you enjoy.
According to the government’s release, the goal is to have a “no wrong door” policy, so no matter which department you are working with, business owners will get a seamless experience.
Pharmacy owners will be smiling with less complicated regulations.Less time, more money
“The National Business Simplification Initiative will help businesses save time and money, allowing them to focus on their businesses and families rather than on coping with overly complex government processes and regulations,” Minister for Industry, Innovation and Science Greg Hunt says.
He explains that motivation behind this initiative is to help existing businesses grow and remove some of the barriers in creating new businesses, with the purpose of encouraging innovation and the creation of new jobs.
Regulations still remain key challenges for pharmacies, according to a PwC report on the state of the industry. Specifically, a lack of communication between industry and government has been one of the major areas slowing down business. If you own a pharmacy, this initiative should come as a welcome change and ease some of the burden.
However, regulations aren’t the only thing hampering business, and many people get bogged down with the book-keeping side too. Why not reduce the complexity even further, by getting help smoothing out your finances?
Make your finances a breeze, too
Successful financial management is key to sustaining and growing your business.
On average, around 280,000 small businesses shut down a year according to the Australian Treasury. It can be a tough environment out there, regulations or no. For the five years, the Australian Securities and Investment Commission has cited the top two nominal causes of insolvency were poor strategic management and inadequate cash flow.
Successful management is key to sustaining and growing your business, so it’s important to keep on top of your finances. However, this does not have to require high levels of financial literacy. Professional services can help monitor cash flows, taxation and general accounting.
Thanks to the simplifications initiative, many of the headaches of running a medical startup will hopefully go away in the near future. The project is expected to start in NSW, with other states taking part as the initiative progresses, so pharmacies in Bankstown should see these benefits firsthand. If you’re looking to remove further hurdles that get in the way of the enjoyment of running a business, get in touch with the team at DBS Accountants today.