Success doesn’t just happen; it is something that you must work towards daily. PDS has been serving independent pharmacy industry for 20 years this May. In this time, we have consistently recognized four business principles adopted by the most successful pharmacy owners. These principles have also helped to define PDS' success over two decades of business. Whether you're celebrating 20 years in business or opening your first pharmacy here are the four essential pieces of the puzzle you should keep in mind on your journey.
Commitment to Adapt
Running a successful pharmacy business means making (and keeping) commitments to not only yourself but the employees, patients, and customers that rely on you. Saying "I want to improve" is easy. Keeping the commitment to learn and adapt is tough. Don't just download the eBooks or attend training; invest time every day to put new knowledge into practice.
Pharmacy Development Services has been working with independent pharmacy owners for 20 years. One of our most impactful revelations is when we identified our brand promise.
1. Earn your investment back as quickly as possible.
2. Multiply that return as often as possible.
3. Make your life easier.
4. Make your business better and more valuable.
This isn’t just a motto; it became our driver in everything we do. Every day we come to work with the purpose of delivering with each member interaction.
A competitive edge in the market isn't a given, and we've already talked about the commitment to adaptability. Relying on the program you implemented two years ago to keep you relevant won't work. Pharmacy entrepreneurs need to understand and anticipate the needs of their community. The ability to innovate and solve problems creatively is what will determine the collective success of our industry.
The core of our commitment is innovation. In 2016, we introduced the RxAnalytics
dashboard. The first of its kind, this service helped members to track and optimize their prescription profit margins from month to month. This February at PDS2018, we unveiled the next generation of RxAnalytics. Our program now boasts real-time data function and identifies opportunities with granular specificity. At PDS, innovation is about empowering owners to improve their business without sacrificing exceptional patient care.
Be Humble (Don’t be the smartest person in the room)
It is easy to think that you have all the answers after a few wins, but it is also dangerously short-sighted. Top-performers in any industry realize that there is always more to learn. The big question should always be "What can we collectively do to keep moving forward?"
How to Avoid 'The Smartest Person' Mentality
Once you are a part of the PDS community, you’re among friends. We are a network of entrepreneurs with a laser focus on finding what works for our industry. From RxAnalytics to the PDSadvantage, our goal is to connect and empower pharmacy owners. Sharing knowledge, providing support and encouraging conversations are mainstays of PDS culture.
Leading a Strong Team
Effective leadership is one of the most elusive aspects of running a business because people are complicated. There is a formula to building and keeping a strong team aligned to your pharmacy's mission. Business is the ultimate team sport. You'll find a plethora of advice on leadership, but we believe it can all be distilled into the three points below.
Key Elements of Leading Your Best Team
In the next 20 years, the only thing that matters, regardless of industry, is how people felt when they were with you. Whether it is securing the long-term viability of your pharmacy or building a stronger industry, your legacy is defined by the position your people are in when you aren't around. Are you leading a team of mission-aligned doers or will it all crumble if you're not there to guide them? The mission at PDS is to create something meaningful for OUR industry to reminds us that independent doesn't mean alone.
Pharmacy Owners: Adapt or Go Home
This is the critical mindset that we write about in our 2018 Pharmacy Industry White Paper. This free download will show you what you should be doing NOW to make sure your pharmacy not only survives but thrives.
Read this state of the industry as soon as you’re able so you can learn how to: