The Sixth Element

Planning + Performance ⇒ Profitability

SHIFTING SANDS

The only certainty in business is change. How business owners and managers weather that change is entirely due to preparation. Prudent business leaders stay ahead of the curve, ensuring that they pick trends early and take positive steps to move in advance of the looming change event.

The changes in both the macro and micro operating environments of Pharmacies are extreme, but not catastrophic. If understood early, positive decisions can be made to counter the negative effect that may ensue, margins can be maintained, and there may even be growth opportunities.

". . . ALL OTHERS BRING DATA"

By utilising the very best technologies and service providers in the market, Sixth Element can consolidate the various databases that underpin the pharmacy operations to enable the extraction of meaningful, timely and relevant reports. It then imbeds these reports into the day-to-day operations of the business, so that managers can make quality decisions that deliver valuable outcomes.

The question is, are you happy relying on anecdotal information, or would you like hard data to make your decision?

PROFIT ABILITY

The Sixth Element brings business back to its basic decision making source: Data. This program is built on the old adage that what you can't see, you can't measure and what you can't measure, you can't change. By drilling into the key business drivers to collect meaningful data, the Sixth Element will deliver stronger and more sustained profitability to the pharmacy.

ACTION SPEAKS LOUDER THAN WORDS

It is not enough to merely capture data and measure against KPIs. You must make positive decisions based on what your data is telling you to allow your business to grow. By using benchmarking, instilling best practice into the pharmacy and improving financial literacy, owners and managers are able to gain clarity on their business like never before.

The Sixth Element assists business owners to set the strategy that's right for them – be it sustained growth, short-term cash flow boosts, exit or entry points, or work/life balance.

RISK MANAGEMENT

Through rigorous process analysis, robust policy setting, training and ongoing monitoring, it is possible to build a risk management framework that protects margins, assets, employees and customers all at the same time.

By undertaking other components of My Catalyst's programs, particularly Perfect Storm, pharmacies will also comply with the requirements of the Australian Standard AS 85000:2011 "Quality Care Pharmacy Standard – quality management system for pharmacies in Australia", thereby further enhancing their risk management capability.

Sixth Element brings the other components of My Catalyst's programs together to allow business owners and managers to sleep easy at night knowing that their major exposure areas have risk mitigation strategies in place, and ongoing risk management to minimize the occurrence or impact of an adverse event.

TIP OF THE ICEBERG

Typically what you can see on the surface betrays the fact that what lies beneath is a mass of danger and peril. The Sixth Element acts as your sonar to help navigate a safe passage and get you to your destination on time and as planned.