‘BUDGETING ESSENTIALS’ PAG’s new 60-DD budgeting strategy, released in time for EOFY

Hard on the heels of their National Member Roadshow and Navigating 60DD Industry Webinars, The Platform Alliance Group (PAG) has released its 2024 Budgeting Essentials tool to help pharmacy owners negotiate the bumpy road ahead.

The 4-week programs are designed to set businesses up for success, in light of the impending rollout of 60DD starting 1 September, and the next Budgeting Essentials program starts on 21 June.

Natalie Carroll, Head of Customer at PAG said: “Unfortunately University doesn’t always prepare pharmacy owners for the day-to-day running of a small business, and from a financial perspective these skills are now critical in the face of 60DD.

“Business Essentials is just one way we assist members to upskill in business operations, setting a base roster to sales trends and operational budgeting.

“This allows business owners to understand their starting position and where their business sits in relation to pharmacy industry benchmarks. This sets very clear action points to drive the business forward and limit the impact of 60DD.”

Ms Carroll continued: “Following on from our Navigating 60DD Industry Webinars and our clawback calculator, we have rolled an impact calculator into the budgeting template. A pharmacist-owner can use either the Nostra or Strongroom reporting and input different impact percentages to see what they would need to claw back, both in top-line income and gross profit margin.

“A business owner will clearly see month by month what the impact might be, and if the actions in place are enough to offset this impact. At PAG our goal is to make certain that our members have clear information, ensuring that they are making the best possible business decisions with 60DD just around the corner.

“Now more than ever, a budget is critically important for your business. Budgets aren’t fun or sexy, and you won’t be discussing it with at the BBQ on the weekend, however without a clear budget you won’t be able to determine the impact of 60DD on income, gross profit and operating profit.

“Without a budget, you won’t know if you are on track to achieve your goal, nor be able to measure if your actions are delivering the intended result.”

To find out more, click here.

Text by: PAG