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The pharmacy industry is relatively stable and, in the UK at least, is expected to have a CAGR of some 3.89% between now and 2032.

Yet, while the pharmacy industry’s growth potential is a good sign for businesses in this sector, that doesn’t mean that success will automatically come the way of players within the field. The UK’s pharmacy industry is famously highly competitive, which can make it difficult for pharmacies – especially small to mid-sized pharmacies – to get ahead.

In this post, we’re going to run through some handy strategies that pharmacies can adopt to boost revenue and increase profits, including expanding product range, working with pharmacy-specific accountants, and improving customer service.

Expand Your Range of Products

The primary pharmacy products, such as pain relief, cough and cold medication, and eye care items will form the bulk of the products you’ll sell at your pharmacy, but it’s also worthwhile exploring other, niche and trending products that can help boost your revenue. There’s been a huge surge in interest in trending health products such as in-vogue vitamins and supplements, emerging market products like CBD, and broader health and wellness products.

Stocking these items does more than offer a convenient way to enhance revenue, too. It also builds customer trust, since it shows that you’re paying attention to the latest trends. It gives consumers confidence that you’ll have what they need in stock. 

Work With An Accountant

Working with a financial expert can be a game-changer for pharmacies. Pharmacy accountants can provide a wide range of services that can positively impact your bottom line, including helping to identify cost-saving opportunities, improving inventory management, and utilising cash flow management practices that can help you make better financial decisions. They can also reduce your tax obligations, which can help to enhance your net profit. Plus, while it can sometimes be tempting to perform your own accounting duties, working with a professional won’t only help put more money in your pocket – it can also free up your time, allowing you to focus on other value-adding tasks that drive your pharmacy business forward.

Invest in Customer Service

The pharmacy industry is changing, but that doesn’t mean that all the old principles on how to retain customers have been thrown out of the window. Some, such as ensuring you provide quality customer service, are more relevant than ever. Comfort and familiarity are important in all industries, but it’s especially relevant in the pharmacy industry. By providing a welcoming atmosphere, in-depth knowledge, and working to really understand your repeat customers, you’ll be making your business an indispensable part of their health management.

Consider a Second Location

Finally, if you’ve already got a strong presence in your current area, then consider opening up a second (or third/fourth etc) location. Becoming a multi-location business is challenging, but the payoff can be extremely rewarding. In doing so, you’ll be boosting revenue opportunities, becoming a more reputable brand, and can also increase the overall value of your business, which can be critical when it finally comes time to sell.

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