The blog highlighted that the trading levels for 2022 were an anomaly and the market has since shifted dramatically. We can no longer ride the wave of COVID, where Pharmacies were the answer to many of the public’s needs. Your community don’t have to go to you store now, and they don’t have as much to spend than previous years.
For more than 5 years I have been preparing monthly management reports for pharmacy owners. Understanding the required information we need, to help you prepare your management reports will ensure efficient and accurate monthly reporting. Also most importantly, so you know how your business is tracking. It also ensures ATO BAS lodgements can be prepared in a timely manner and any refunds from the ATO can be received sooner!
Below are a few key tips to make your monthly reporting process a breeze:
What we have also noticed with the industry in general is that in 2022, newly established owners, young pharmacists and first-time buyers are competing with larger “corporate” pharmacy groups. In a time when the values are significant and as is typical of our industry, there are always more buyers than there are supply of pharmacies.
On the other hand, the pharmacies who continue with their plan and persist with the marketing for their pharmacy for the year, see great results. For example, our Pharmacy Mastermind clients (who are required to work with a marketing plan as part of the program) have an average of over 15% increase in customer numbers each month.
