2023 financial year has got some head winds that may impact pharmacy trading performance going forward. Keep in mind here that 2022 bought many pharmacies additional revenue streams for Covid Vaccinations and RAT sales. Potentially many of those customers were new to your store and bought other things when they were there. Without as stronger need for RAT’s and Covid Vaccinations are customer numbers likely to drop off? This issue has been raised with me a few times with owners.
Whilst the day to day has been difficult, the growth pharmacies have seen has been significant. As we close out the financial year and we assist clients in estimating their tax position as a result of the growth they have experienced, one of the most common questions we get from clients is why doesn’t my cash position reflect these profits I now have to pay tax on?
Just because your pharmacy is able to offer a particular health service, doesn’t necessarily mean it will work for your pharmacy. This is because every pharmacy has its own target audience and therefore, different needs and wants. For example, a pharmacy who has a focus on senior health, may not need a baby nurse. So, how do we select the right health service and make it a success?
