As we near the end of 2021, we look back at what has been an interesting and challenging year for some in the pharmacy industry. Pharmacy owners have been faced with a wide variety of challenges over the course of 2021 and we have seen a lot of change take place in the industry. Now
A pharmacist looking to sell or buy a pharmacy business is commonly asked to sign a heads of agreement as a pre-cursor to signing a formal contract of sale of business. A heads of agreement document is an example of a "preliminary agreement", which may also be described by many other names including a "letter
Understanding how banks think and behave - and what they look at in a business - is essential for pharmacy owners, says Sigma Financial Services. Proper financing, and an understanding of how banks think and behave, is essential to the survival of your pharmacy business. It is during the good times that you build your
For most small retail businesses, wages represent a significant outgoing. In pharmacy, they represent the largest controllable cost. Good people come at a cost but they, along with the owner, represent the goodwill of the business on a daily basis. The ability to retain good staff is a key success factor in any business. (This
The Covid-19 pandemic will have a direct and lasting impact on businesses of all sizes. While the full effects of the pandemic are yet to be seen, the uncertainty of shifting restrictions and snap lockdowns, are resulting in an incredibly challenging time for small business owners, including pharmacy owners. Over the past few months, we
It is surprising how often I come across a situation where a pharmacy business has obviously grown over time and operates from 2 adjoining premises which have been linked by the pharmacist creating a large hole in (or indeed removing) the dividing wall. For a prospective pharmacy buyer looking at buying a pharmacy business operating
Our long experience tells us that there are five fundamentals that can go wrong in a pharmacy business. One of those is motivation and remuneration of staff - but there is another aspect of the staffing equation: productivity. Any form of retail is a 'people' business, and this is more so in pharmacy where purchasers
Preparing annual financial projections and monitoring for your pharmacy is imperative to fully understand and control your pharmacy business model. Cash flow projections provide pharmacy owners with first-hand insight into the impact of decisions through forecasts that detail their future impacts. These impacts can be positive or negative, allowing you to change your business strategy
In deciding to own and operate a pharmacy business, there is no doubt that the pharmacy owner will have a long-term goal of maximising the value of their business. While pharmacy business owners are typically more comfortable in developing and regularly reviewing short-term business operational and marketing plans to assist in the successful day-to-day operation
It's said in many a business course that it's not possible to manage what you're not measuring. When the team at Sigma Financial Services conducts comprehensive Finance Health Checks with our customers, there are specific sets of figures that we examine in order to diagnose underlying problems in a pharmacy. Tracking certain vital statistics of