2015 was another transformative year for independent pharmacy. From increasing DIR fees to increased competition from e-commerce and large national chains, pharmacy owners faced both familiar and brand new challenges nationwide. As 2015 comes to a close, it is time to develop a strategic business plan for 2016. While you may be able to slack off on some of the typical New Year’s Resolutions like joining a new gym, your independent pharmacy business is one area that deserves your energy and attention.
What do you really need to guarantee that your business will boom in 2016?
You already know how to be a great pharmacist, but is every available tool on how to be an outstanding business owner already in your toolbelt? The strategies and knowledge that have gotten you this far will not be able to drive your business into the future successfully. Here are the top 5 New Year’s Resolutions that every pharmacy owner needs to dominate in 2016.
- Implement a Pharmacogenomics Program
Pharmacogenomics is one of the key aspects of personalized medicine, which focuses on how genes affect the way people respond to medications. We first started talking about it this summer on the Pharmacy Business Advice Blog and have consistently recommended it as a profitable method for expanding your business and staying relevant. We truly believe that pharmacogenomics is the future of medicine! Being one of the first pharmacies to bring it to your area is an opportunity you do not want to miss. Click here to learn more and access our free webinar, Introduction to Pharmacogenomics.
Make Networking a Priority
As an independent pharmacist, it’s easy to discount the fact that you are part of a large, impressive community, which is why networking with peers has proven to be an invaluable tool for thousands of pharmacy owners just like you. By investing the time and money to attend industry events, you will generate new ideas, gain emotional support and acquire valuable business advice. Just because you own your own business does not mean you have to “go it alone.” Make 2016 easier and better by networking and spending time with other independents who understand and support you.
Use Smarter Tax Strategies
Make 2016 the year that you stop giving the government more money than you have to. There are countless ways to save money on taxes that you don’t even know exist. For example, you can charge your business to hold meetings in your home up to 14 times each year. This creates a deduction on the corporate or business side while creating income that you do not pay taxes on. What other tax strategies are you missing? Start saving money now by watching our free webinar on pharmacy tax reduction.
Identify New Ways to Compete in Your Market
Competing against large national chains and mail-order pharmacies is one thing, while becoming the best pharmacy in your own community is another challenge altogether. How will you set yourself apart from local competitors in 2016? Pharmacogenomics is one method of business expansion we will promote in the year ahead, but what else should you be doing? Make it a priority to identify a few new innovative methods to help you compete in your local market this year.
Embrace New Opportunities with an Entrepreneurial Spirit
Pharmacy has entered a new Golden Age of Opportunity. The most entrepreneurial, creative pharmacy owners will actually have fun expanding, diversifying and dramatically growing their pharmacy businesses in 2016, while those who fear and loathe adventure, innovation and dynamic change will be stifled. As an independent pharmacy owner, you are now a target, whether you realize it or not. Make it a priority to identify the new opportunities that are available to you, and embrace the changes we will continue to face as an industry with an open mind. Get started by downloading a copy of our free report, “How to Unleash Your Entrepreneurial Power: The Reinvention of Your Independent Pharmacy
What other steps can pharmacy owners take to make 2016 the best year for independent pharmacy?
Believe it or not, these 5 New Year’s Resolutions are just the tip of the iceberg. At the PDS Together Toward Tomorrow Independent Pharmacy Business Growth Super-Conference, more than 1,000 pharmacy owners will come together to discuss key business concerns and learn new easy-to-implement solutions that will expand independent pharmacies nationwide. If you haven’t already reserved your space, you are missing out. This conference is THE BEST place to find out what you should be doing to grow your business now. Click here to learn more and register. We look forward to seeing you in February.