April is National Financial Capability Month, and you can celebrate by working to improve your own financial knowledge.
This knowledge will come in handy more often than you might think. According to research from Intuit Inc., a financial and tax preparation software company, more than 40 percent of small business owners say they are financially illiterate, even though 81 percent handle their business’ finances themselves.
Sixty-six percent of small business owners wish they knew more about their finances. In honor of National Financial Capability Month, take time this month to do just that. We have a variety of archived financial articles—specifically for independent community pharmacies—to help you refresh your financial literacy and find ways to improve your business. Here are some good ones.
1. Metrics to Know: The Most Important Numbers for Pharmacies to Measure
In this article, Clark Balcom, Senior Vice President and Chief Operating Officer of PBA Health, reviews the metrics that pharmacy owners and managers need to know in order to successfully manage their businesses. Knowing what these numbers mean—and how to calculate them—will reveal the overall financial health of your pharmacy, and help you identify areas to improve. Read the article.
2. 5 Accounting Mistakes for Pharmacists to Avoid
Accounting is the language of business, and one you must learn to properly manage your business’ finances. Here, Phil Reck of SCORE, a partner of the U.S. Small Business Administration, goes over the common accounting mistakes business owners make, and what you can do to avoid these blunders. Read the article.
3. How to Build a Successful Loan Application
Chances are high your pharmacy will need a loan at some point, whether to finance your marketing plan or even to open a new location. Justin Squires, senior vice president and small business banking manager at Bank of America, explains why your relationship with your banker is essential to applying for loans, and gives other tips for navigating the application process. Read the article.
4. 3 Ways to Improve Your Pharmacy’s Cash Flow
Maintaining a healthy cash flow is necessary for the sustained success of your business, but that’s often easier said than done. This article identifies three areas in your pharmacy where you can improve cash flow, and provides two downloadable guides to give you a refresher on improving your cash flow. Read the article.
5. How to Optimize Tax Deductions for Your Pharmacy
Tax season can be a stressful time of year, but if you take advantage of all of the deductions you qualify for, your savings can be significant. In this article, Don Raby, tax expert and Chief Financial Officer at PBA Health, demonstrates how you can maximize your deductions and make the best financial decisions for your business. Read the article.
These articles will put you on the right track toward building—or refreshing—your financial literacy. Want more? Check out even more independent community pharmacy business tips.
Related articles:
10 Business Do’s and Don’ts for Your Pharmacy
Pricing, Promotion & Profitability: How They Work Together
Writing a Business Plan in 5 Easy Steps
