It’s always interesting watching the dust settle on a Federal Budget – seeing what captures the attention of the media, the analysts and, of course, the public.

Sticky inflation is the term we keep hearing and there have been mixed views as to whether this budget will be stimulatory, especially with the Stage Three Tax Cuts and other spending announcements- this remains to be seen.

There wasn’t a lot in this budget for small business, in fact there wasn’t much announced that we hadn’t heard about previously. Further, what was announced lacked impact for a lot of Australia. The overarching view was that there wasn’t a huge amount of policy change or direction in the budget, and certainly no tax reform.

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In Australia, one of the most common pharmacy ownership structures is a partnership. Theoretically, it is a simple arrangement between pharmacists to own a pharmacy, contribute to running it, and share the risks and profits. But in practice, it is not always that straight forward.

As we all know (especially as pharmacists), prevention is better than a cure. So, let’s discuss some considerations for your pharmacy partnership agreement.

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If you are passing by or coming in to meet with us, you will notice that building works have begun at Holman Hodge! Our new office space is under way, and we are excited to share what’s Next for us in 2024.

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As we address the potential impact of 60 day dispensing and a tight retail environment on pharmacy profitability, in our last blog, we looked at workforce planning. We partnered with boutique human resources (HR) consultancy firm, Bespoke HR, who shared insights into what workforce planning is, key areas to consider and requirements under the Pharmacy Modern Award 2020.

As with any element of organisational change, leadership is key. In this blog, our Holman Hodge pharmacy accounting team sought insights from Paulette Kolarz, Managing Director of Bespoke HR. She discusses the evolution of the new leadership landscape and driving performance, as well as workforce opportunities to consider in workforce planning.

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As we are all aware, the introduction of 60 day dispensing and a tight retail environment presents a series of challenges for pharmacies, one of which is finding innovative ways to offset any negative consequences to profitability. As pharmacy accounting specialists and business advisors, we have been working with our pharmacy clients on ways to address revenues and profitability. It is important to consider what role workforce planning can play to ensure pharmacies are flexible and can adapt to possible shifts in potential operating models. This may include considering whether there is a need to change your structure, change work hours, and, in some regrettable cases, possibly consider redundancies.

We have partnered with boutique human resources (HR) consultancy firm, Bespoke HR, to highlight key considerations in navigating workforce planning in this new environment, as 60 day dispensing and environmental factors change the pharmacy landscape.

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