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Benchmarks

A benchmark is a point of reference for a measurement. The term originates from the chiselled horizontal marks that surveyors made into which an angle-iron could be placed to bracket (bench) a levelling rod, thus ensuring that the levelling rod can be repositioned in the exact same place in the future.

Use this category as a resource to better understand what benchmarking is and how it can be used in your analysis to improve your businesses performance.

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Pharmacy Gross Margins 2011

Benchmarks
10th Jun, 2011

Hi Medici, I am a 4th year pharmacy student, currently participating in a business plan competition. I just wanted to know the current industry average for Gross Profit for a community pharmacy. The information provided on your website (updated 2009) indicates an average of 32-33%. Is this value still current? Any help would be greatly appreciated. Monnette Samo

Statistics for Pharmacy Types

Benchmarks
31st Jan, 2010

Are there Benchmark statistics and/or ratios for types/styles of pharmacies (eg shopping centre, metro strip, rural town, medical centre, etc)?

What's your plan for the new financial year? Happy new financial year!

Benchmarks
6th Jul, 2009

January 1 may be the normal date to review your personal plans and set New Year's resolution, but in business the key date is usually July 1.

Synopsis

Planning and business review must be a regularly part of your business management cycle. We all need to take time out to consider alternatives, review priorities, and kick-start your business year.

This is not rocket science... but needs the review of where you are at, where you are going, and how you will get there? This means understanding and determining where you want to be!