Director of Good Price Pharmacy Anthony Yap has been a longstanding client of BDO's, and it's a relationship that's yielded many benefits to the way the company operates. The business has been growing significantly during this time, and BDO's ability to offer specialist accounting advice regarding Mr Yap's property assets and franchising concerns has been an important part of the journey.
Good Price Pharmacy Warehouse has been and will continue to be one of the fastest growing pharmacy brands in Australia. The brand is constantly evolving to find better ways of delivering health, beauty and medicinal products and services to all our valued customers. Good Price Pharmacy Warehouse has more than 40 stores all across Australia.
Recently, Mr Yap detailed what made this longstanding business relationship with BDO so successful, and why he still relies on the firm after all these years.
The path to BDO
Originally, Good Price Pharmacy was partnered with PKF, and John Keating was the accountant Mr Yap began to build a relationship with all the way back in 2001. PKF was acquired by BDO, a process that in some cases could challenge what Mr Keating and Mr Yap had developed.
That wasn't the case however, and the transition from PKF to BDO was so seamless that the pair are currently still working together to grow the Good Price Pharmacy business. As Mr Yap notes, he was very particular about the strategy he wanted the business to pursue, so it was important that any firm he partnered with could meet these needs.
"When we began in business we had an aggressive expansion strategy which required good relationships with our financiers," he explained. "As we grew and started franchising we needed to ensure our legal structures were correct and tax effective."
What makes BDO different?
Good Price Pharmacy needed an extensive range of services to ensure they could put their business plans into practice and continue to grow with their aggressive strategy. Over the past 15 years, BDO has proven to be a valuable partner that's fostered this growth with its support and advice.
"There are many facets to our business including pharmacies, property and franchising which all require specialist advice which BDO has been able to provide," said Mr Yap.
Mr Yap also notes the influence of John Keating on Good Price Pharmacy's success, as it's a relationship that's endured to the benefit of both Good Price Pharmacy and BDO.
"John Keating has been with us throughout our journey and he has provided us with very valuable advice during both the highs and lows of my career," he says.
How will BDO help you manage upcoming challenges?
Like all companies throughout Australia, Good Price Pharmacy is facing its fair share of unique challenges. In these cases, it's important to have access to advice that can help a business through these challenging times. Mr Yap describes increasing competition and the overall weakness of the retail sector as the two main challenges that will force Good Price Pharmacy to respond.
"As a brand we realise the importance of continually improving and evolving the model to meet the changing needs of our patients, while at the same time seeking out initiatives that drive productivity to ensure we operate as efficiently as possible," he explained.
Good Price Pharmacy realises how important it is to evolve in accordance with the rest of the market, and Mr Yap believes BDO is the best option to ensure the business is able to develop and grow.
"I have always found that John Keating and his team at BDO have been able to tailor their services to meet our needs. He is always accessible with a team of experts in any area that we have required accounting advice," Mr Yap attested.
"I would recommend BDO Australia to any up and coming business, I think they really get alongside small business and help them along the journey and I think creating those partnerships are really important to creating a successful business."
Longstanding relationships such as these are essential to the success of both BDO and its clients. Get in contact today to find out what our team can do for your business.