Get in early and set you metric targets to ensure a successful year, says Natalie Sirianni
Happy New Year! I hope you had a great Christmas period with your family and also had some time to relax and rejuvenate for a successful and prosperous year ahead.
Now is a great time to reflect on the year that has passed and also set your goals for the 2018 calendar year. When planning for your pharmacy business, there are a huge array of measures and metrics that can be looked at to set targets for you and your team. These include everything from sales growth, customer numbers, gross margin, net profit to the more intricate details such as sales per square metre, gross profit dollars per customer and department gross margins.
While there are many different measures you can use to set your goals for the financial performance of your business, often I find the most important step is to (in the words of Nike) JUST DO IT! The measures are important, but it is more important that you set some targets so that you can focus your attention and achieve what you want in your business (without getting caught up in the day to day hustle of operating the business).
When setting targets and goals for your business, I often find that it is best to keep them simple and easily monitored and identifiable. That way you can easily track and measure your performance and do not get bogged in the detail.
One of my favourite models for looking at business growth is Jay Abraham’s 3 ways to grow a business. Jay is a business specialist that consults to businesses across all industries throughout the world. He takes the complex world of business and simplifies it to clear and concise ideas for growth. According to Jay, there are three ways to grow a business:
- Increase the number of clients
- Increase the average transaction
- Increase the frequency that the average client buys from you
If you can increase each of these measures by 10%, you will increase your total business income by 33.1%!
So for 2018, how will you increase each of these measures?
I wish you all the best for a very successful 2018 and hope that this will be your best year yet!
Kickstarting your pharmacy for the next year will be a key topic at the upcoming Medici Capital Women’s Pharmacy Conference Retreat which is being held in the Mornington Peninsula VIC in March 2018. The Conference provides a great balance of key pharmacy learnings and take aways for your pharmacy with fantastic networking opportunities with other female pharmacy owners and managers from throughout Australia. All of this while enjoying the beautiful surrounds of the 5 star Jackalope Hotel. We hope you can join us for what will be a fantastic event!
Natalie Sirianni, is from Attain Business Brokers. If you have any questions about the pharmacy market in your area, contact us today on 1300 ATTAIN (288 246).
If you are looking to buy and want to learn about the process and how you can achieve the successful pharmacy purchase of your dream pharmacy, Attain are sponsoring and I will be speaking at the upcoming Medici Capital Pharmacy Ownership Ready Conference in February 2018 on the Gold Coast. This is a must attend for all pharmacists looking to buy a pharmacy!
Click here for more information