Firstly, a quick disclaimer. I have been doing some valuations lately where the quality of financial reports presented to me has been on the poor side and contain several clear errors. So, to slay these dragons (yes, I am a GOT fan) I thought its best to write about it so hopefully you don’t make the same mistakes.
Pharmacy owners quickly realise, one of the keys to success in business is well documented and thorough systems and procedures. Amongst those your internal financial systems must be the most important. If you think about it, most of decisions that get made by business owners will have a financial impact. A good owner will track and assess the financial impacts of these decisions regularly. Recording and tracking your financial position and trading performance accurately and readily is a key component in every pharmacy’s internal systems. What you can measure you can manage.
As business owners we should never pretend to know everything.
You need to know when to let go. Some pharmacy owners like to control everything, thinking the only way it will get done properly is to do it themselves. However, that mindset can lead to issues of no adaptation, systems becoming outdated, lack of compliance, inefficiencies and so forth.
