As community pharmacies across Australia begin to transition from purely dispensary-based businesses to a more serviced-based orientation, many owners are asking the same question: how?
While conditions for SMEs in New South Wales have been very positive this year, transforming a business doesn’t happen overnight, and it doesn’t happen on effort alone. Sometimes, it takes a little outside help to take your business to the next level.
Don’t go it alone
This was the scenario facing Mark Douglas, proprietor of NSW Harden Pharmacy. Despite the desire and drive to transform his business and provide more specialised services to his community, the steps required to get there were greater than first thought. Speaking to the Pharmacy Guild of Australia, Mr Douglas warns of the perils of transforming a business solo:
“We tried a few times to implement a new business model and failed. We failed not because of lack of commitment or will but because we didn’t have the information and skills behind us to do it properly,” he said.
In this instance, Mr Douglas employed the aid of the Guild’s Health Advice Plus program, which gave him the freedom to focus on doing what he does best (running a pharmacy), whilst moving towards meeting the needs of his community.
Growing your business
Harden Pharmacy will hardly be the sole pharmacy transforming their business to provide better services to the community. Conditions in the Australian SME sector have been consistently upbeat this quarter, according to a recent NAB SME business survey. Yet again, the health sector features in the top three industries reporting positive business conditions.
SMEs in NSW have been performing better this year than the Australian average.
On top of this, SMEs in NSW have been performing better this year than the Australian average, pointing towards a positive environment for pharmacies in Bankstown looking to capitalise on future business opportunities.
While the Health Advice Plus program is sure to be an instrumental tool and resource for this transition, don’t lose sight that as small business owners, there are plenty of other things you can do to take the hassle of managing a business out of your hands, leaving you time and energy to work on the future developments of your business.
At DBS Accountants, we aim to provide you with the business services you need, so you can better provide health services to your community. Our expert financial advice and planning is tailored to your needs, so get in touch with our team today.