Strategies for Increasing Cash Flow at an Independent Pharmacy

Expanding the cash flow and profitability of an independent pharmacy is a common goal for most owners or managers. A recent article from Pharmacy Times offers some advice on doing just that.

The first recommendation is to establish a strong picture of your business. Gather all of the information you can and analyze it thoroughly; if necessary, make updates to your financial reporting system in order to improve your ongoing analysis.

Secondly, the article recommends that pharmacy owners and managers consult with their staff. Consider establishing a monthly staff meeting where you can ask for input on various ideas or initiatives.

Lastly, marketing is key. Your efforts should be focused, consistent, and measurable. Take into account a variety of factors, including online vs offline efforts and your goals for building your brand.

For more details, read the article in full at Pharmacy Times.

Be sure to contact a Blackman & Sloop pharmacy team advisor for guidance on your specific situation.