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Section 179 of the IRS Tax Code allows small businesses to write-off the purchase price of any qualifying piece of equipment or software purchased or financed and put into service in the tax year. For example, in 2021, the IRS allowed businesses to claim up to $1,050,000 if the business spent less than $2,620,000 on total equipment purchases. This year, the IRS increased the deduction limit to $1,080,00 and the spending cap to $2,700,000. Equipment/software must be purchased and placed in service by December 31, 2022. We strongly recommend you consult your tax advisor to discuss. Also read our September 8, 2021, Blog, Lower Your Pharmacy’s Equipment Costs with Tax Deduction and visit Section 179 for more information.
The U.S. Small Business Administration (SBA) sponsors many events to help small businesses promote their services and products. These events are a great way to showcase your pharmacy/services and your contributions in your community.
The event encourages people to purchase products and services from local small businesses. American Express , in partnership with SBA, offers tips and co-branded marketing materials to help you promote your pharmacy.
You, your staff or a member of your community can nominate your pharmacy for an NSBW award. Multiple award categories include Small Business Person of the Year Award (one from each of the 50 states and U.S. territories), Pheonix Awards for Disaster Recovery and District Office Awards (multiple awards). If interested, review the 2023 Award Nominations Guidelines , Nomination Forms and Submission Instructions. SBA requires all award nominees to complete a Background Form . Deadline for award submission is December 8, 2022. Awards are announced during National Small Business Week, April 30 – May 6, 2023.
You know personalized medicine requires personal attention. The holiday season is the perfect time to extend that personal attention by recognizing your patients and their prescribing physicians. Sending hand-written “season’s greeting” cards or thank you notes, delivering small baskets of holiday goodies, dropping off seasonal plants or holiday decor are impactful reminders of your pharmacy’s “personalized” services. Remember to include your pharmacy’s business card or contact information — it’s a great way to keep your pharmacy’s name in front of patients and prescribers who, in turn, will likely share your thoughtfulness with friends and family. “Word-of-mouth,” or person-to-person referrals are the most powerful marketing tool available. HubSpot, an online, customer relationship management (CRM) company, reported 90% of consumers trust referrals from friends and family versus 70% of consumers who trust online reviews. Word-of-mouth also creates “brand awareness” and helps establish “brand loyalty.” So by extending your personal appreciation, you can promote your pharmacy using a powerful marketing tool with minimal investment and a mighty return.
Contrary to New Year’s Resolutions — personal goals that typically fade — creating collaborative goals in 2023 can help you and your pharmacy team renew workplace enthusiasm. Team members who participate in goal development, planning and execution feel a stronger a sense of ownership, pride and loyalty. In addition, the weight of achieving your pharmacy’s goals will rest on the shoulders of many. For example, let’s say increasing revenue is the goal. Ask your team how they think “we” can achieve that goal. Be inclusive and open to any and all suggestions. Follow-up by asking your team to collectively narrow their suggestions to three or four, then prioritize (1, 2, 3, 4) the three/four goals. Ask for ways to achieve the first goal, get consensus, then categorize the ways as steps. These steps will help develop tasks/subtasks. Ask your team for volunteers to complete the task. Encourage communication, teamwork and acceptance.
After your team completes the first goal, remember to celebrate together! At your celebration, you can discuss challenges and solutions, then collectively prepare to achieve the remaining 2023 goals.