As pharmacy owners face a difficult fiscal environment, three of the APP2016 Business Workshops will take an integrated approach and will provide owners and managers with the tools to plan and implement measures that will maximise performance, and ensure pharmacy viability.
Three industry leaders, Frank Sirianni, Managing Director of Medici Capital; Peter Saccasan, National Director, Pharmacy Services at RSM; and first time APP speaker, Jim Harriott, Director of Rx Management Group, will coordinate to bring APP2016 delegates a holistic approach to maximising business performance.
APP Chairman Kos Sclavos says he believes the Business Workshops are extremely useful for long-standing, new, and prospective owners and managers.
“As a business owner myself, I know how important it is to keep on top of what my business is doing,” Sclavos says.
“The Business Workshops on Saturday 19 March, provide a fantastic opportunity to utilise key metrics that can be easily implemented in-store,” he says.
In the first session, Frank Sirianni will share his insights into buying a pharmacy, assessing its value and managing the pharmacy as an investment.
“It is of concern that many pharmacists do not ‘work’ their business to maintain and increase the value of their pharmacy; for many pharmacy owners, their pharmacy is the largest asset they own,” Sirianni says.
The Medici Capital workshop will cover buying a pharmacy, assessing business value, pitfalls for buyers, and how to manage significant investment in owning a pharmacy in today’s market.
“It is about managing risk and improving net cash flow from your pharmacy,” Sirianni says.
Sclavos says this workshop is a ‘must attend’ session for pharmacy owners and prospective owners, and their managers.
Following on from this session, cash flow will be the focus for Peter Saccasan’s workshop, where he will provide an easy approach to understanding cash flow and finding ways to to improve it.
Saccasan considers that two fundamentals for any business are ‘monitoring cash flow’ and ‘improving overall business value by driving profit’.
“It is important to understand both the cash flow and the profit of your pharmacy, because profit alone won’t guarantee success — cash flow tells the real story about your pharmacy,” Saccasan says.
Sclavos says he knows that many pharmacists periodically monitor key business metrics, but aren’t aware that it is also essential to monitor cash flow, which requires a regular systematic approach.
“Peter’s workshop will help understand the fundamental link between cashflow and business improvement as well as streamline the processes pharmacies can undertake to monitor this key business indicator,” he says.
Lastly, the APP Committee will introduce Jim Harriott, a fellow pharmacist and respected successful businessman, as a first time speaker at the event.
Harriott’s workshop will focus on the framework required to develop a simple business plan, which will complement Mr Sirianni and Mr Saccasan’s insights.
“Business is simple, it is just people doing things to add value for customer,” Harriott says.
“There is nothing more important than understanding where we add value for customers.
“Customers have choices and we had better make sure we have a clear reason why they would come to us.
“By understanding what our value proposition is and creating a simple business plan, pharmacies are able to get a clear and focused approach to what they will execute in the business,” he says.
APP2016 will be held from 17-20 March 2016 at the Gold Coast Convention and Exhibition Centre. The conference will feature an exciting line-up of over 70 international and Australian speakers, covering topics from cutting edge industry issues and clinical updates to finance and business management.