Pharmacy U news

Learning, inspiration, conversation and networking were the themes of the day at our recent conference. The waitlist is now open for Pharmacy U Toronto!

Many pharmacy owners have the means and the desire to loan money to their children for a variety of good reasons. This post considers some of the pitfalls you may wish to consider. We encourage you, as pharmacy owners, to speak with your accountant and estate lawyer before loaning money to your children. You’ll be glad you did!

In my career I’ve been able to witness value creation firsthand. A powerful example of it came when we, in the pharmacy where I was working, were scaling our immunization program and discovered a significant gap in our training. Reports indicated that our CPR training—a vital skill for pharmacists—was highly inconsistent.

I strongly believe that when we make the decision to hire someone, that person becomes part of the family and needs our support and resources until exiting. The first priority of a leader is to take care of staff, then staff can take care of customers and customers can take care of business.

One of the earliest lessons I learned in pharmacy school was that pharmacy is always changing. My experience over my own career has certainly proven this to be true. However, while we were told to expect change, what I wasn't prepared for was how to embrace it, let alone lead others through it.

A new boss is an opportunity. People on are good behaviour and their minds are sharp. They are energized and observant. They try to make good impressions and become free to give opinions they would not have before. The new boss organically lights up the reset button, now available for the staff to press.

Every investor likely has specific circumstances and situations that may limit utilization of some of these year-end tax tips. It’s best to check with your accountant first before making any tax-related changes. You have plenty of time before the year end to take action, so get cracking…unless you actually enjoy paying taxes!

Ever find yourself working harder than you need to in the process of buying something for your pharmacy? When choosing a vendor, I have learned that I prefer to do business with those I can communicate with, which is a nice way of saying that I do not have to babysit them.