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?
That is a life-long journey for me. But it led me to starting Pharmacy Mastermind. Pharmacy Mastermind was a key component in the evolution of myself and Peak. It brings together the people, the talent, the experience, and the skill sets needed to help pharmacies owners grow and prosper.
Now that Pharmacy Mastermind has been operating for a while, I wanted to share with you a couple of success stories and how we have helped pharmacies to grow.
All of these issues build up and result in a couple of problems. Unless the owner does something to address this, the store culture starts to suffer. That is a terrible thing for a pharmacy to experience. It is one thing in my experience that you can feel. If the culture is wrong, you can feel it. If the culture is good, you can also feel it. Address it and address it quickly.
