Pharmacy: Financial Analysis, Team Development, Leadership, Marketing, and Motivation

Pharmacy 1
PHARMACY
by [NAME]
Course
Professor’s Name
Institution
Location of Institution
Date

Pharmacy 2
Pharmacist-in-Charge
Accounting/Finance
The success of a business depends on how well its finances are managed. It is important to make
good financial decisions in any business and this is made possible by understanding data
financial analysis. Financial analysis is used to examine historical financial data of a business or
company to get a clear picture of the current situation of the business and its future financial
health
(Williams and Dobelman, 2017, p. 110). As a new pharmacist-in-charge, I must continuously
analyze the performance of the pharmacy. I must additionally compare this performance with the
pharmacy’s historical figures handed over to me by the previous pharmacist-in-charge.
The previous pharmacist-in-charge alludes that the pharmacy is performing tremendously well
and that they realized a profit of $100,000 with assets worth $1.5 million. According to my
analysis of these figures, I believe that the pharmacy is doing well. This is confirmed by
calculating the return on assets which is defined as the ratio of profitability that shows the
amount of profit that a company generates from its assets. Therefore, it measures the efficiency
of the management of a company in generating income from the available assets on the balance
sheet. It is a ratio between the net profit and average total assets according to the balance sheet
(Khadafi et al., 2015). The higher the percentage of the return on assets the more efficient the
company is being managed. A return on assets of more than 5% is normally considered a good
value (Jewell and Mankin, 2011, p. 84). According to the values presented to me by the previous
pharmacist-in-charge, the return on assets is calculated as 6.6667%. This is a good value
implying that the previous pharmacist-in-charge was right that the pharmacy is doing well.

Pharmacy 3
However, other factors may be required to properly assess the efficiency of the pharmacy in
terms of the profits it makes. I would need the accountant to provide me with the cash flow
statements. A cash flow statement is a very important financial statement that must never be
ignored. This is because it reveals the inflows and outflows of cash in the pharmacy monthly
(King, 2019). Cash flow projection is very important if we intend to make the pharmacy grow to
greater heights. Being serious with the cash flow statements and projections can help in avoiding
shortages in cash flow (King, 2019). Additionally, I would require an income statement that
discloses a summary of the pharmacy’s revenues for the previous year after all the expenses were
catered for. This income statement reveals the total revenues, the operating income, gross profit,
income tax expenses, earnings before income, interest income, and the net income to the
pharmacy (Bragg, 2012). Furthermore, I would require the pharmacy’s accountant to provide me
with the entire balance sheet for proper scrutiny. The balance sheet reveals short-term
investments, total assets, accountable receivables, capital leases, and long-term debts among
other financial values. These records are important in properly assessing the success of the
company.
Teams
Any successful organization must have a great team behind it that ensures everything is done
appropriately. A team environment helps in encouraging teamwork at the pharmacy to improve
efficiency, enhance communication, distribute the workload, improve the culture of the
pharmacy, and improve productivity (Fapohunda, 2013, p. 3). As the new pharmacist-in-charge,
I must find ways of developing a team environment that can propel the pharmacy to greater
heights. Everyone in the pharmacy from the pharmacy’s accountant to the other two pharmacists

Pharmacy 4
must work together to ensure that the pharmacy moves in the right direction. There are several
ways of developing a team environment.
The first way of developing a team environment is by engaging in in-person dialogues that are
meaningful (Fapohunda, 2013, p. 5). As the pharmacist-in-charge, I must make efforts to interact
with the members of my team individually. This is fundamental in establishing a position of
caring to ensure that my team members are motivated to perform excellently. For example, I can
have a personal dialogue with the accountant and create an environment of trust and
understanding that can motivate him to appropriately record the financial statements and ensure
that the books are balancing. It is also important to as the team members about their goals and
career objectives because this makes them focus on a target that they must achieve
(LiquidPlanner, 2019). This kind of in-person communication gives the members of the team the
feeling that they matter.
As the new pharmacist-in-charge, it is important that I show appreciation when a member of my
team performs their duties as required or even when they exceed expectations. Most employees
normally complain that they do not feel appreciated at their places of work and this lowers their
morale (LiquidPlanner, 2019). However, the moment they are appreciated for a job well done
then they feel like they matter and that they are part of something important. It is however
important that the appreciation given is meaningful to make the team members understand what
they are doing well and what they can improve on. For example, when clients are impressed by
how the pharmacists are handling their prescriptions and clarity of their explanations, then it is
only right that I appreciate them so that they can keep up with the good work.
Another way of developing a team environment in the pharmacy is by listening to the ideas of
every member of the team. As a leader, it is important to believe in the ideas that the members of