Expanding your business

Contents

  • Welcome
  • Introduction
  • Analyse your business
  • PEST analysis related to pharmacy
  • The service/price trade-off
  • Develop a clear business plan
  • Hidden assets
  • Develop business efficiency
  • Pursue opportunities
  • Finger on the pulse
  • Do not forget the essentials
  • Business ratios
  • Action & Evaluation
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Welcome

This CPD module is about expanding your community pharmacy business. It will consider how to analyse your existing business and maximise efficiency in order to identify expansion opportunities.

Your staff are your greatest asset in growing your business

Goal:

  • To examine the opportunities and barriers to expanding a community pharmacy business.

Objectives:

  • Determine a strategy for expanding your business, using a range of business management methods
  • Learn techniques to analyse your business
  • Examine ways of developing business efficiency
  • Recognise the need to proactively pursue new opportunities.

Contributing author:

Kirit Patel MBE, MBA, FRPharmS, CEO and owner, Day Lewis Pharmacy Group.

About this module

Pharmacy needs strong managers, effective leaders and people with the right skills to drive the profession forward. With this in mind, P3 Business CPD modules are written as practical learning tools for use by anyone in the pharmacy team.

Continuing professional development (CPD) is a statutory requirement for pharmacists. Completion of the module will contribute to the nine pieces of CPD that must be recorded in a year, as stipulated by the GPhC.

Record your learning and how you applied it in your practice using the action and evaluation record at the end of this module, which will then be stored in your personal learning log. You must be registered on the website to do this.

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