Pharmacy Business Growth Tips

 A pharmacy is a fantastic business venture, and the growth potential is enormous. As with any type of business though, it’s important that you take the right steps for sustainable and profitable business growth. Whether you’re looking at buying a pharmacy, or you already own one and you are looking to grow, here are some tips to help you get started.

1. Build your business skills

If you’re a pharmacy owner, the chances are that you already have some pretty great business skills and that you understand your business implicitly. To grow your business you will need to take these skills to the next level. Invest in online courses, read books, and seek out as much information as you can about being an effective business owner. 

2. Expand your customer base

Most people think that the only way to serve more customers is to open a new location in a new area, but if you can think outside the box and be creative, there are several ways to expand your service area and your customer base without having to spend millions of dollars on new infrastructure. You can offer click-and-collect or delivery services to surrounding suburbs, which will bring in new business, and introduce more people to your pharmacy. 

3. Focus on increasing customer spend

Because pharmacists are medical professionals and not salespeople, it’s easy to overlook the influence they can have with customers. We are not suggesting that pharmacists push unnecessary products onto customers just for the sake of profit, but helpful recommendations can go a long way in increasing customer spend. For example, some medications cause side effects and nutrient deficiencies, so letting customers know this and recommending a solution can easily increase each customer’s spend significantly. 

4. Make customer service your top priority

Your customers are your number one resource, and there are several easy ways to turn anyone who walks through your doors into loyal customers. Training your staff in customer service and having a customer-first mindset when it comes to service, disputes, and any other type of interaction will go a long way. Implementing a loyalty program with great rewards is another great way to show your customers you value them, and keep them coming back time and time again. 

5. Make sure you have the very best team behind you

People like bankers, accountants, and business analysts who specialize in pharmacy are invaluable to have behind you when securing business loans or just for when you need advice on things like R&D grants or business valuation. Beyond that, your pharmacy business will have a far tougher time growing if your staff aren’t 100% behind you. Make sure that your team are all on the same page about your growth plans before you even get started.

If you are looking for a local Brisbane business accountant, who understands the pharmacy industry and can give expert advice and pharmacy accounting services, come and chat with our team at MSI Taylor. Our specialized team has extensive pharmacy knowledge and will provide the skills and tools required to successfully compete in an environment that requires increasing efficiency, productivity and innovation.

Original Source URL: https://msitaylor.com.au/pharmacy-business-growth-tips/

Growing a franchise business in Australia

Most of the businesses that are household names all across the world are franchises. McDonald’s, Subway, Coffee Club, and Battery World are all examples of massively profitable franchises. There is a huge opportunity for growth in the franchise business model, so if you’re thinking of growing franchise business in Australia, here are a few things to consider first. 

Is your business model rock solid?

Most entrepreneurs don’t start their business with the intention of creating a franchise. It is more often the natural next step of a business that is performing well. It’s also not as easy to sell your business to potential franchisees if you don’t have proof that your business model works.

Before putting all of your time and energy into growing your business, put the time and energy into ensuring your business model is solid, profitable, and scalable. That way when it comes time to bring on franchisees, you’ll have a lot to wow them with.

Research the business environment

The industry that you are operating in, and the demand that exists in that industry, will have a massive impact on how quickly you will be able to scale and franchise. The interesting thing about franchises is that you’ll often have to do that research over and over again as you move into new geographic locations.

Make sure you have a good understanding of competing businesses, similar franchise businesses, laws that are likely to impact your business, and the market demand for your product or service.

Make a plan to recruit well

If you aren’t extremely selective about the kinds of people you take on as franchisees, you may find that your brand is irreversibly damaged. Think about who your ideal franchisee is and how you can go about finding them.

Ideal franchisees are people who see and share your vision for the business, and who are committed to maintaining the same high standards that you do. You may choose to look to your network, or your existing employees to find those people who are a great fit.

Chat to people in the know

Growing a franchise business is complex, and there are many people whose expertise could help make the process a lot quicker, more efficient, and less costly. Speak to legal, accounting, and business professions to get expert advice on the best framework to run your business.

You will need a great team around you to ensure you have the best legal and accounting advice throughout your entire business journey, so make sure you’re investing in great people from day one.

If you are looking for the best accountants Brisbane to help you with franchising, look no further than MSI Taylor. We work alongside business owners to ensure their Franchise Strategy is robust. We provide a framework with which to find the information and resources required to drive success. We are also business advisors Brisbane and can provide the advice and expertise you need to grow your franchise business.

Original Source URL: https://msitaylor.com.au/growing-a-franchise-business-in-australia/

Can Your Accountant Value Your Business?

 Most business owners may have a rough idea about the value of their businesses but that figure would be far from accurate. You should know the exact worth of your business is you are trying to attract new investors, sell your business, or get deeper insights into your operations and management.

 

Business valuation accountants in Brisbane can help you figure out the value of your business. Many business owners worry that accountants may not be able to value their business. On the contrary, a good and experienced account will be able to do so. However, it is prudent to realise that valuing a business is complex and there are many different ways to find out its worth. So, you must choose your accountant with care as you do not want to get it wrong, especially if you are selling your business or you want to onboard a new investor.

Run a Google search to look for accountants near me. It is essential you select an accountant who has the necessary qualifications and experience to provide business advisory services besides business accounting. That will ensure that you get an accurate valuation of your business. 

 Factors that can Affect the Valuation of Your Business

When you ask yourself what is the value of my business, it is crucial to remember that several factors have an impact on it. Some of these factors are as follows:

Number of Owners

The more owners a business has, the less attractive it is for potential buyers and investors. That is because all owners will not have clearly defined roles and each one will want a say in everything. This can make it cumbersome to operate the business or go ahead with the sale process.

 

How Long the Business Owner Spends Running the Business

If the owner spends too much time running the business, it does not speak highly about the owner or the business. Potential investors and buyers look for businesses that can operate with the right talent, without the owner spending long hours running it. The key is to get the right staff so that whether you are there or not there, the business performs optimally.

Business Growth Over the Years

If a business has been growing steadily for the last few years, it will be more attractive and be highly valued. It makes potential buyers and investors confident that the growth will continue and that they are choosing the right business to invest in.

In Conclusion

Now, you can boldly ask a qualified accountant to value my business. But also keep in mind the aforementioned factors that can impact the valuation.