YOUR PRACTICE NEEDS TO CALL ON EXPERT ADVICE
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Running a pharmacy or chemists shop means a long list of challenges. Keeping your business profitable can be easier if you can call on the help of an expert advisor
Your chemist shop is a high street business as well as a professional practice. Like all retail businesses, it faces major challenges, with competition from the large chains and online.
Meeting those challenges - and keeping your business profitable - may be easier if you can call on an expert advisor.
Knowing the latest retail marketing techniques is one key area where their expertise will help you. You will also be able to call on a wide range of business management knowledge, and being able to answer questions ranging from HR and asset management to financial forecasting and money management can all be crucial to your success.
And it’s not just dealing with problems. Advisors to the profession can work with you to develop your business and your plans for its future.
Finding the right advisors, with expertise and judgement that you can rely on, can help you drive your business forward, and your turnover and profits up.
The Rangewell Professional Pharmacy Support Services Directory can help find the experts you need.
The Rangewell Professional Pharmacy Support Services Directory
At Rangewell, as part of our commitment to supporting UK businesses, we have put together a directory to help you find the professionals you need - and made it free for you to use.
See our Professional Pharmacy Support Services Directory for details of the professionals who can help your business, including:
How a specialist advisor can help you
Running your business demands more than simply your professional pharmaceutical skills. You need to be an expert on marketing, staff management, finance, nursing, business planning, law, a growing list of regulations and much more besides.
Very few people can offer the full spectrum of expertise. Being able to call on an advisor who has the necessary knowledge could help you avoid costly mistakes and drive your business forward.
Even with a sound business, you can never rely on staying profitable without making changes. A new competitor, an online service or population changes can all mean that your business needs to move forward.
It may be something as simple as bringing in new product lines or something more fundamental, such as needing to take on a junior, or to set up a branch.
You may need advice on costing, marketing, staffing or more. An advisor will be able to provide the support you need to boost your turnover and your profits.
Marketing and Planning
Retail marketing has become a science - and your pharmacy can stand or fall on the performance of your chemist shop. A business advisor who understands the sector can show you how to increase your sales.
Of course, there will be much more to this than bringing in new displays. Your advisor can talk to you about health screening and becoming a wellness centre, and work with you to develop a business plan that is fully viable, and which can take into account their knowledge of the local market.
General Pharmaceutical Council Compliance
The General Pharmaceutical Council sets standards for the profession and will inspect your practice on a regular basis.
An advisor can help you ensure that your business will meet those standards and, if shortcomings are identified in the inspector's report, provide ways to resolve them. An advisor can either help you write an improvement plan or work with you to make rapid improvements in your standards and practices.
Training needs to be ongoing. Ensuring that you and your staff are fully aware of industry best practices can be a material contribution to delivering the service your customers deserve.
In addition to training, an advisor specialising in the sector should be able to help you with staff recruitment and retention - and on all aspects of HR. They may also be able to help with appraisals and disciplinary and grievance procedures, which combine legal obligations while safeguarding your business.
Automated dispensing systems are starting to become standard within the pharmacy profession, and even smaller pharmacies are starting to adopt them. Costs can start from as little as £50,000 but getting the right systems for the size and scope of your business is becoming essential. An advisor can help you decide on the system that is right for your practice.
Selling your business
The time will come when you are ready to pass your practice on and enjoy the rewards of your hard work.
Naturally, you will want to maximise the sale price.
An advisor with an understanding of the chemist shop sector will be vital. They can provide an accurate valuation, helping present your business in its best possible light, and help you find the potential buyers.
Finding the specialist advisor you need
At Rangewell, we work to find appropriate and affordable finance for pharmacists across the UK.
This means that we work closely with many advisors serving the sector. We are always happy to share our knowledge. Please call us on 0203 868 5730.
Joining the Rangewell Professional Pharmacy Support Services Directory
Are you an advisor serving the pharmaceutical profession? Please contact us to discuss being included in our database. There is no charge.
Call us now on our pharmaceutical support line: 0203 868 5730.
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Download Rangewell’s free and detailed guide to Finance for Pharmacists
What types of finance are there - which do you need?
Why not all providers are equal - finding the one that’s right for you
How we can provide an additional income stream
The downsides to finance - and how to avoid them
Do I need to use a lender who is authorised and regulated by the financial conduct authority?
What different finance packages are available for cash flow, a pharmacy purchase or partner buy-in/out?
How to arrange finance - what paperwork do you need?
Do lenders look at pharmacies' finances when making a lending decision?
Key terms explained
Find out your finance options for all your needs
Getting the right funding arrangement is essentialThere are many forms of business finance available. Getting the most appropriate type for the business needs of your pharmacy is essential to avoid excessive costs
Your key equipment could be at riskIf you are unable to keep up repayments on a hire purchase or lease agreement, the equipment your practice depends on could be could be at risk.
Long-term financial commitmentsYou may not be able to pull out of a finance arrangement once set up.
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