BenchmarkingThe Pharmacy sector has seen many changes over the last few years resulting in falling turnover and margins.
While outside influences are beyond your control, you can control how prepared you are for them. It's critical to understand how your pharmacy is performing in comparison to the industry average. In order to do so, questions you should ask yourself include:
Are you aware of the level of Net Profit you have made month on month?
- What is your current Gross Profit % margin? (average 36% in the last survey)
- What percentage of sales are your wage costs? (average 15% in the last survey)
RBK complete an annual benchmarking survey on the financial performance of pharmacies and we use this to review our pharmacy client's results against the sectors best and advise where improvements can be made.