Once you understand how pharmacies are valued, here are four specific steps that can positively affect your pharmacy’s value.
1. Improve the curb appeal. Even small efforts, like new signage, fixtures and paint, can refresh a store’s appearance and can positively affect how a store is perceived. (Just as homeowners make small cosmetic improvements to enhance the perceived value of their home, pharmacy owners can do the same.)
2. Update the inventory. Old inventory on shelves or in storage can be a red flag. So, remove all obsolete inventory and make sure your shelves are stocked with new, contemporary products.
3. Make minor capital investments. To increase your store’s value, it may be appropriate to make investments to upgrade your technology and/or workflow.
4. Grow your sales and prescriptions. At times, pharmacy owners have grown comfortable with their current level of business. To boost your pharmacy’s value, look for simple yet creative and innovative ways to boost your prescriptions and sales, such as new types of marketing activities. Increases in volume will translate to increases in value. Sometimes after having not actively focused on growth for some period, there will be low-hanging fruit.