Getting your business back on track financially
While pharmacists are in the business of helping people, pharmacy owners get the added responsibility of having to act as an accountant and balance the books. Like any other business, independent pharmacies must review their financial statements to access the viability of their store. Being able to put together and understand financial statements like a profit and loss statement, balance sheet, and cash flow statement can help you identify what parts of your business are working and where you could be more efficient.
When you own a pharmacy, you need a team of trusted advisors you can rely on for their subject matter expertise. RxOwnership® provides you with the tools, resources, and expert advice you need to get your business back on track financially.
Understanding pharmacy financials
Like all other businesses, independent pharmacy ownership requires thorough financial planning and review. Financial planning not only helps you determine your short and long-term financial goals but creates a balanced plan to meet those goals. However, the financial landscape of pharmacy ownership can be overwhelming to navigate.
If you’d like more information on navigating pharmacy financials, be sure to request recordings of our previous webinars that provides an overview of financial basics.
We can help you
Through our financial review process, our team can:
- Interpret financial statements to identify your pharmacy’s strengths and weaknesses
- Compare your results to national benchmarks and determine areas of improvement
- Identify opportunities to increase your bottom line
- Set business goals and develop action plans to help you achieve better results
- Provide you with actionable plans to implement and track your progress
- Allows you to routinely evaluate your pharmacy’s performance and value
Pharmacy ownership is a business and an entrepreneurial approach is necessary to achieve success. Regardless of your wholesaler affiliation, connect with RxOwnership’s team of ownership experts for a no-fee financial review and consultation to determine how you can maximize and grow your pharmacy business.
Ready to focus on your pharmacy’s financial health?
Contact us today!