Don’t Undersell Your Value

April 23, 2020/in All, Pharmacy Growth Strategies, Pharmacy Staff Development /by Erin Hmielewski

Here at PDS, we take pride in highlighting some of our incredible partners. We know these companies have the potential to revolutionize pharmacies just like yours through their products and services. We’re excited to introduce RxGenomix. Read on for their sponsored blog post about the importance of solution selling and showing your patients how much you have to offer.

Do you provide value for your patients? Do you save them money? Do you make your patients’ lives better? I’m sure you do. Your pharmacy services and medical knowledge are valuable. But do you enjoy selling your services to your patients? Probably not. Very few pharmacists do, but for pharmacists to advance their standing as healthcare providers, they may need to do just that. But how?

Stop Underselling Yourself

The personality of a pharmacist is rarely that of a salesperson and, unfortunately, that results in a lack of awareness of the value pharmacists bring to their patients. Value has been underappreciated and squeezed out in today’s pharmacy models, so we need to be looking for new ways to apply this value.

In Solution Selling: Creating Buyers in Difficult Selling Markets, a book by Michael Bosworth, the author points out how we can identify a latent pain in an individual and provide a vision for a solution based on our capabilities. Now, not everyone will be looking for a solution to a problem, so the key lies in identifying what services you offer that may not be well understood by your patients (MTM, durable medical equipment, pharmacogenomics, etc.), recognizing who might be in need of a solution to a problem, and starting the conversation.

Connect with Your Patients Through Solutions

Bosworth lays out a grid to help structure a conversation that starts with diagnosing the reasons for the pain (which, in our case, could be actual pain or a negative condition such as high blood pressure). Once you can identify what causes the pain, your conversation with the patient can move into exploring the impact of the pain, how others are affected and how that pain changes the patient’s life and the lives of those around them.

Is it costing them money and causing financial stress?
Is it affecting their quality of life?
Does it limit their activity and their ability to be present and active at work or in their family life?

Finally, once the scope of the pain’s impact is clearer, the pharmacist can match their expertise to the pain and present some potential solutions. This kind of structure can help you clarify your patients’ pain, allow them to see its real impact and then present some possible solutions tied to your capabilities. It turns selling into a simple conversation initiated by a healthcare provider that has something valuable to offer.

Be Prepared, Don’t Get Discouraged

Everyone has their own process for making decisions about buying something new, so don’t take it personally if you meet resistance to something new, especially as the price tag goes up. It may take multiple attempts or offerings. You should also be aware that a buyer’s anxiety will go up the closer they get to making the decision, so don’t let that discourage you from trying to work toward a solution. And, finally, believe in yourself as someone who has something valuable to offer. Successful salespeople aren’t just smooth talkers; they are prepared. You have been preparing to help your patients from the first day of pharmacy school. Believe in your ability to make it happen and show your patients just how much you have to offer.

About the Author

Written by Cari Lalande, PharmD, Director of Clinical Pharmacogenomisc. RxGenomix is a comprehensive pharmacogenomics (PGx) solutions company created to empower pharmacists to apply PGx in their practice to improve patient care while reducing overall costs. RxGenomix provides the education, training, materials, research, in-depth analytics, connective technology, delivery tools, and laboratory support needed to easily access and effectively apply PGx testing to pharmacy practice.

Build and Sustain an Effective Pharmacy Team in a Tight Labor Market

March 31, 2020/in All, Pharmacy Growth Strategies, Pharmacy Staff Development, Pharmacy Team /by Marie Wilda

Here at PDS, we take pride in highlighting some of our incredible exhibitors. We know these companies have the potential to revolutionize pharmacies just like yours through their products and services. We’re excited to introduce Oval Group as they focus on something so important to PDS – TEAMS. Read on for their sponsored blog post about building and sustaining an effective pharmacy team.

Talent is a scarce commodity. We predict this will continue to be the new normal for pharmacies. Staff turnover is expensive, unproductive, and can deliver a devastating blow to morale. The companies who are winning the war for talent are not only recruiting people who are the best fit for their business but are working hard to develop and engage their current pharmacy team so that they will remain and grow from within.

First, some facts:

January 2020 US Bureau of Labor Statistics results share that over 2 million new jobs were added in each of 2019, 2018, and 2017. Future indicators based on recent trends and the projected population of available workers predicts a global labor shortage over the next decade.
A recent study conducted by Korn Ferry Institute, predicts that by 2030, there will be a global human talent shortage of more than 85 million people, which could result in about $8.5 trillion in unrealized annual revenues.

Many of the articles and studies on this topic focus on the need to develop “Knowledge Workers” – people who can keep up with technological developments and be sufficiently agile to develop new skills and talents to keep up with changing business needs. The most successful companies are facing this shortfall head-on and investing in their talent by providing opportunities for continuous training and development.

We offer a simple framework from which to start to develop your own successful talent strategy.

3 Steps to Build Your Dynamic Pharmacy Team

Step 1: Create a compelling message – articulate the Vision, Mission, and Core Values that resonate with like-minded people.

- Vision – a clear picture of where your business will be at a specific point in the future.
  For example: “By 2025 we will be the number one provider of alternative healthcare options in Busyville, USA, generating $5 million in annual revenue.”
- Mission – your purpose for being in business.
  For example: “We improve the lives of every customer or patient we encounter.”
- Core Values – the driving forces you espouse that your employees or customers can expect to experience in your business.
  For example: “We find new and creative ways to help others daily. We respect each other’s perspective while fostering an environment of continuous learning to solve the problems and concerns of our constituents.”

Our own research and experience have shown that the connection between an employee’s values and the requirements and rewards within a role is the most important predictor of employee engagement and effectiveness. A person, who can’t wait to get out of bed in the morning to get to work, will be more productive and will remain in the role longer than one without passion or purpose.

Provide an employee survey for your pharmacy team

Provide your team members with an opportunity to share their wants and needs. A third party employee engagement survey, where employees can be candid, coupled with feedback and follow up from management can go a long way to improving employee morale. Employees want to feel heard and acknowledged. If you want them to take ownership at work, it’s important to help them feel that they have a say in impacting their work environment.

After conducting an employee engagement survey, there are two important steps you must take. Number one is to share the results. Then ask and respond to input on changes they believe would improve the environment. You don’t have to agree to all employee requests, especially if they don’t make economic sense. But the requests you can accommodate will tell your employees that you care about their opinions and respect their needs. Plus, learning that they can have meaningful impact on their environment will build loyalty and trust.

Does your staff have a clear set of business goals and strategies?

Defining your goals and strategies will naturally help you identify the talent profiles you will need to fulfill those goals. Also, by sharing your goals with your team, you have an opportunity to solicit input on how they can assist with achieving those goals. The ability of your team to achieve results may surprise you. Of course, if your team has values that are aligned, you will be in a much better position to create meaningful incentives that will motivate the behaviors you seek.

You may find that you’ve identified skill gaps within your team needed to achieve your goals. The good news is that skills are trainable and offering developmental opportunities for your team to build the skills required for business success will engage them and help your business.

Step 2: Seek talent who shares your team values, and hire the candidate who best fits the profile of the open role.

Once you’ve established your business culture and core values, don’t compromise those values by hiring skilled talent that does not fit your culture. Skills can be learned and even behaviors can change with effort. Values (the driving forces that get us into action) change very slowly, if at all. Look for candidates who match your business values and have a shared passion around similar drivers.

We recommend developing a role benchmark that clearly spells out the ideal candidate profile, identifying those factors that will lead to success in a specific role. Then use gap assessments for applicants that tell you how close a candidate under consideration matches your ideal profile. The best way to build your new applicant pipeline is to build a strong team and culture of employee development and empowerment. Social media and word of mouth rule the day. Happy employees will post positive comments on social media sites and will talk amongst their friends.

Some of the best sources for new hires can come from your own internal staff. Since they know the jobs and the business culture best, they can recommend others who fit the criteria. Job applicants will scour social media sites looking for comments about what it is like to work in your business. If the comments are negative, the best candidates will not apply.

Step 3. Develop a consistent culture of continuous learning and development for your pharmacy team.

Given the tight labor market we face today in this country, finding good talent will inevitably get much more difficult before it improves. That means for those managing a workforce, the biggest challenge will be to keep the good talent and take action to undermine those who wish to poach your best employees.

Keeping good talent is not simply about erecting barriers (real or virtual) to prevent access. Rather it requires a strategy aimed at making your workplace so attractive that your employees are truly not interested in considering other options. Once you have articulated and shared your business Mission, Vision, and Core Values, plus built a team that is aligned with your direction, you need to foster an environment that lives your promise.

If your team is excited to come to work, charged up by their daily roles, fulfilled in their achievements, and happy in the environment you foster, there is only one thing left to do. You need to provide ongoing opportunities to learn and grow at work through continuous improvement, embracing reasonable change consistent with your plan, and seeking ways to reward and reinforce your company values.

About the Author

The Oval Group LLC (Oval), established in 2003, is a talent management solutions provider specializing in talent assessments and services that enable business owners and corporate executives to make informed strategic decisions about their unique business and the people who hold the keys to its success.

How to Build Profitable Relationships and Create Customer Delight in your Independent Pharmacy

July 9, 2019/in All, Pharmacy Profits and ROI, Pharmacy Staff Development /by Dr. Lisa Faast

Here at PDS, we take pride in highlighting some of our incredible exhibitors. We know these companies have the potential to revolutionize pharmacies just like yours through their products and services. We’re excited to introduce GRX Marketing, pharmacy marketing experts who offer customized solutions for your pharmacy’s unique marketing needs. Read on for their sponsored blog post about creating customer delight and building profitable relationships in your independent pharmacy.

Customer relationship management. A simple enough concept that focuses on just that; managing customer relationships. While every business, and person, has their own methods of customer interaction, the building and maintaining of profitable customer relationships is often the biggest piece that needs to be honed.

According to a study conducted by SmallBizTrends.com, a 5% increase in customer retention can lead to an increase in profits of between 25% – 95%. Additionally, 47% of customers would take their business to a competitor within one day of experiencing poor customer service!

Marketers define customer value as the customer’s evaluation of the perceived differences between all the costs and benefits of competing companies. This is often the primary reason they choose your independent pharmacy, rather than anyone else.

Think about the stores that you are loyal to (grocery, restaurant, gas station, convenience stores, etc.). Why do you keep going back? Is it the prices, the products, services offered, location convenience, or is it the customer service? Why do you continue to use them, rather than any of their competitors? It’s because at some point, you decided to value them for what they have to offer. Now think about how much money you have given them over the years, compared to their competitors.

Building these relationships and ensuring that your customers are happy within your own independent pharmacy business is very important. Below are three ways you can strengthen your skills towards more profitable relationships with your pharmacy’s customers.

Three Ways to Gain More Profitable Relationships

Be adaptable. Independent pharmacists know as well as anyone that no two customers are alike and even the same customer can be different week to week. No matter who you are talking with, be sure to be empathetic, patient and focus on delivering clear communication.
Practice active listening. Active listening is a technique that is used in counseling, training, and solving disputes or conflicts. It requires that the listener fully concentrate, understand, respond and then remember what is being said. As it relates to independent pharmacies, active listening can lead to improved sales and patient adherence by constantly thinking about what each customer needs and what products or services you can provide to help them. Active listening lets you show your respect, support, and concern, and promotes trust between you and the customer.
Provide a way for customers to provide feedback. In-store and email surveys are a great way to gauge feedback from your independent pharmacy customers. The good, the bad, and the ugly are all important to know so that you can continuously improve and avoid having unhappy customers voice their feedback publicly. By being open to suggestions and criticisms, you are showing your customers that you are listening to them and their concerns. More importantly, you are willing to change based on that feedback. Once you have developed those relationships, and customers continue to come back month after month, the next step is to ensure they stay happy. The easiest way is to simply go above and beyond whenever possible.

Examples of Going Above and Beyond for Your Pharmacy Customers

Start offering a rewards program
Send happy birthday messages
Start a new patient welcome program
Add little goodies to their bag when they pick up their medications
Offer one month free of medication packaging
Host a customer appreciation event

There are so many things that can be done to help create delight with your independent pharmacy customers. The bottom line to keep patients happy is to consistently deliver what you promise and then continually strive to deliver more. Any independent pharmacist can fill a prescription, but only the best goes above and beyond for their patients!

As fellow pharmacy owners, GRX Marketing knows what works! Over the past decade, we have perfected the art of developing, and implementing, marketing plans for each independent pharmacy’s unique needs. By customizing proven marketing tactics such as in-store, email, patient outreach, social media and more, our program allows pharmacy owners to focus less on marketing their business and spend more time on creating happy customers. Contact us today at www.grxmarketing.com or call 515-280-2914.

Employee Engagement: How to Effectively Influence Your Pharmacy Team

December 3, 2018/in PDS Super Conference, Pharmacy Staff Development /by pdsmarketing

To increase employee engagement, it is critical to persuade or “sell” your vision for the company to your team.

A Familiar Scenario:

You’ve completed an intensive, week-long business boot camp. During the boot camp, you’ve learned a new marketing strategy to increase your independent pharmacy’s sales. You’re excited.

You can’t wait to use this new marketing tactic to grow your business.

You say to yourself, “I’m going to tell my team about this right away so we can see results fast.”

You call a meeting and tell everyone about your new idea.

But, you’re met with blank faces and reluctant nods from your team. In other words: you didn’t move them.

“This sounds good, but I’m not sure this will work,” or “This strategy is very different from what we’re currently doing. Should we risk it?”

Does this sound familiar? We’ve all been there.

You have two choices: you can try to do everything on your own, or you can learn how to use influence buy-in from your team to execute on the strategy. This post will explain how you can use the persuasion principles of reciprocity, likeability, and authority by Dr. Cialdini to get your team on-board with your ideas.

Using Reciprocity to Engage Employees in Your Pharmacy

In general, people feel obliged to give or agree to your request, if you gave them something first. You can use this in your business by giving your pharmacy team gifts and other incentives such as paid time off or bonuses.

This doesn’t have to be monetary; the aim is to provide value to the lives of your pharmacy employees. After all, people tend to do more when they feel appreciated.

Here are some ways to give to your employees without denting your wallet:

Give advice or teach them something useful that they can take with them outside of your business.
Take the time to highlight how a new strategy lines up with the mission and values of the business. This will give your team a sense of purpose and fulfillment.
Instill a sense of autonomy and ownership of projects, whenever possible. This will give your employees a sense of control and accountability in their own work and in your company.
Print out business cards for your employees. You will be surprised how this simple gesture boosts pride and work fulfillment.

Most of the time, your team wants the same outcomes you do; healthy patients and a thriving business. When your employees realize that you value and reward their work, they’ll be more willing to listen to your ideas.

Leveraging Authority in Your Pharmacy Business

People turn to experts for advice on what to do.

For example, patients listen to doctors’ recommendations and prescriptions because they view them as an expert on the subject.

In your pharmacy business, you’re the expert. You’re the authority figure that your pharmacy team should look to when figuring out what to do next.

Here are a few examples of how you can effectively communicate your authority and build trust without crossing the line into abusing your power.

Present Yourself Well – Simply put, your appearance makes a difference. Small changes such as name tags or a uniform color scheme make a difference in the team dynamic. A great example is a uniformed police officer; a more subtle example is a waiter taking your order. Want your exceptional team to stand-out to your patients? Start with how they look when they come to work.
Lead By Example – Your team is looking to you for cues on everything from how you communicate with a challenging patient, to how you follow up on tasks. Asking your team to do something you won’t do yourself signals a lack of respect in your team dynamic. Want them to enter data in a specific way or manage a critical workflow carefully? Don’t just tell them, show them, and reinforce it by recognizing and rewarding positive behaviors.

Be respectful and polite, but also, don’t let anyone undermine your authority.

Be firm but fair and soon, you’ll earn your staff’s respect and they’ll be more receptive to ideas you might have.

Using the Principle of Likability to Get Others to Follow You

Ruling through fear might get you loyalty, but it’s cheap. When it’s time to make big decisions, it’ll become clear that your team will follow the motions, but you won’t have their complete buy-in. You’ll feel as if you’re swimming against the current whenever you introduce something new.

Sharing basic similarities and views with your team boosts your likeability factor. Applying this principle isn’t difficult, and if you run a business, you leverage it more than you realize.

For example, smiling and maintaining eye contact when you’re talking to your team or patient.

Complimenting someone means they’ll be more likely to respond positively to a request.

A referral from a trusted friend tends to carry a little more weight.

Improve employee engagement and the time you spend together by building connections. Ask your pharmacy employees about their families, their hobbies, and even how their day is going. Then, share something personal about yourself.

Remember, it’s much easier to like someone if you know things about them.

Showing interest in your pharmacy teams’ lives and building relationships with them will give you more influence and benefit your workplace.

Making the Most Out of Time with Your Pharmacy Team

As the owner, you’re responsible for the success of your pharmacy business. Considering we spend a tremendous amount of time in the workplace, learning to make the most of your time and how to motivate your team effectively is critical. Your team is the most sustainable competitive advantage in your organization.

And it’s your job to learn what makes them tick.

If you use these persuasion tactics, you’ll be able to influence your pharmacy employees and try new things faster than before. But, to maximize your business’s growth in 2019, you also need to learn how to use the other 3 persuasion principles of consensus, scarcity, and consistency.

PDS is proud to bring you the Annual Pharmacy Business Super-Conference with three days of actionable content. Independent doesn’t mean alone. Gain the knowledge and strategies shared by 1,600+ thriving pharmacy owners.

How to Create a Leadership Culture in Your Independent Pharmacy

October 19, 2018/in All, PDS Super Conference, Pharmacy Staff Development /by pdsmarketing

How well you lead determines how well you succeed is not just a motto, but a truth that will dole out hard lessons if not thoughtfully applied in your business. Strong leadership culture is your pharmacy’s most sustainable business advantage. Read on to learn more about how to navigate the Five Levels of Leadership and create the culture you need.

At PDS 2018, John Maxwell, the New York Times best-selling author of The 5 Levels of Leadership: Proven Steps to Maximize Your Potential, discussed how to create such a culture in your independent pharmacy. It does not matter whether you are a seasoned entrepreneur or an inexperienced owner venturing into the industry. When you step in a leadership role, you become the most critical member of your organization. If your approach to leadership is anything less than earnest and informed your team and business results will be lackluster.

Level 1: Position

Leaders that operate on the first level use their position as a manager, owner, or executive to control their subordinates; without it, they would not have the support or the respect of the people that work for them. Pharmacy employees follow because they have to, not because they trust their judgment or believe in the mission. Moving beyond this level requires the demonstration of key characteristics that add value to the team and the business; achieved only by leveraging the talents and experience of the team.

Focus on building relationships with your pharmacy team.
Increase effectiveness by sharing knowledge and encouraging collaboration.

One way to know where you stand is by asking yourself, “If I didn’t have the position, would my team still be following me?” If the answer is yes, you’re on your way to creating a leadership culture.

Level 2: Permission

At this level, a leader becomes passionate about building positive relationships with employees. They listen to employee concerns, give constructive feedback, and are willing to do whatever it takes to help their team members succeed. As a result, subordinates follow them because they want to, not because their job depends on it. The formula to excel at the permission level consists of three simple steps: Listen, Learn, Lead.

Take the time to focus on…

Building a culture based on trust and candor.
Understanding employee performance goals and concerns.

Once a leader has earned the respect of team members, their focus should shift to the organization and its overall profitability.

Level 3: Production

Simply put, in level 3 things get done. In a leadership culture, team members follow because of the things that they have done for their organization, as opposed to personal relationships. Employees will learn how to create, set, and achieve goals that align with the company vision, so leading by example is critical to success in this stage.

Work to establish and strengthen credibility.
Translate ideas into action and align with the mission of your business.

Employees will hit their targets with encouragement and support, but they won’t benefit from your experience in the long run if they can’t produce results on their own. Investing and training team members will produce sustainable results.

Level 4: People Development

At this stage, people are following because of what the leader has done for them, personally and professionally. A level 4 leader must focus on developing new leaders and influencing success beyond what they can accomplish as an individual. Employees follow because they will learn how to lead, which is one of the most valuable incentives that a leader can offer their subordinates.

Find, place, and train employees that want to develop leadership skills.
Identify the strengths and weaknesses of their team members.
Understand when and where those team members will produce results.

Level 4 leaders have already earned respect, trust, and loyalty of their pharmacy team. If you want to become a Level 5 leader, you should focus on the impact that your business will have on your city, your region, and the world.

Level 5: Pinnacle

Their reputation is what defines a Level 5 leader. They have earned the respect of their community, and they attract team members, customers, and fans who believe in the same values that they do. Their employees follow them because of the values that they represent and the impact that they have on others.

If you want to attain the highest level in leadership, you should take a look at the relationships that you have with your employees, customers, and neighbors. Think about the role that you play in each of their lives. Would they willingly follow you? Could you confidently lead them?

Independent Pharmacy Owners Deserve to Thrive

The PDS Super-Conference is unlike any other pharmacy conference in the industry. Over the course of our 3-day event, you will discover groundbreaking innovations, exclusive exhibitors, and keynote speakers that will empower and inspire the best in you and your team. Click below to learn more and reserve your place among the industry’s elite.

The Pharmacy Brand Promise Your Patients Need to Read

April 20, 2018/in All, Pharmacy Staff Development /by pdsmarketing

Pharmacies are in a unique position to be seen as the champion of patient wellness and community healing. They are the destination for judgment-free care. Unfortunately, people carry an assumption that every business they step into will try to sell them on their products just to turn a buck. Your brand promise is about sharing your commitment to health and wellness goes beyond profit.

Show them you care! The people who walk through your door are patients, not just a number. If you make them feel that way, you’re likely to lose them. But if you make them feel like you’re their healthcare champion, they will reward you with loyalty and a deeper relationship.

Pharmacies are both healthcare providers and retail businesses, so it’s a slippery slope gaining trust and providing the best-customized healthcare while moving the needle in their business. This is why it’s so important to be transparent and treat both sides of the coin — patient health and customer happiness — as a priority.

Many companies have brand promises directed towards their customers that exemplify their mission to place their happiness first. Here are a few famous brands with promises that have resonated with us:

Zappos: “Deliver WOW Through Service”

What Zappos does remarkably well is delighting their customers with services and features that are (still!) ahead of the curve with online retailers. Customers are encouraged to buy as much as they want, and return whatever they don’t like for up to a year with free shipping both ways. They can also call their customer service reps’ for just about anything under the sun. The call center team does not rely on scripts, they don’t have quotas or call-time limits. Their only mandate is to serve their customers to the best of their abilities. In fact, the culture at Zappos is so strong that new hiring recruits are offered $2,000 to quit after the training period, but only 10% take the money and leave.

Disney: “Creating Happiness Through Magical Experiences”

Disney dedicates their resources to making its parks “the happiest place on earth.” This mantra extends to everything they do, from providing unique check-in services, cast characters dedicated to delight guests, pristine and detailed sets, and leveraging the latest technologies to improve their guests’ experiences. It’s all part of the magic that happens here.

AirBnb: “Belong Anywhere”

Airbnb’s logo symbolizes “people, place, and love.” This inclusive message in their logo and brand promise transfers to their customers’ experience so they can expect to feel welcome and at home anywhere in the world.

But what about pharmacies?! We thought you’d never ask. PDS has created The Pharmacy Promise. This promise, that can be used in every retail pharmacy, serves as a vow from provider to patient that they will act in their patients’ best interest – and no one else’s – the moment they walk through the door. It is equally as important for your team to know this promise as well. Not only will they know it when they interact with patients, but they will take pride in their workplace and the mission of your pharmacy.

You can download the Pharmacy Promise below to print out and hang up in your store or commit it to your team’s memory so they can relay this to your patients during their interaction.

Pharmacy Promise To Our Patients

We don’t work for the insurance companies or the pharmaceutical companies, We Work For You!
We promise to work with your doctor to find you the best product available that your insurance will pay for, in order for you to get the best outcome possible.

Download Your Copy of the PDS Pharmacy Promise Below

4 Essential Business Skills for Independent Pharmacy Success

April 11, 2018/in All, Pharmacy Staff Development /by pdsmarketing

Operating a successful pharmacy takes more than the mastery of a single clinical or business skill. The complexity and evolution of the industry have made it so extended hours or higher prescription volume are not enough to drive impactful pharmacy growth. Between declining reimbursements, ambiguous DIR fees, and a competitive pricing environment owners are faced with unique roadblocks not found in other industries. The surest approach to staying competitive is to hone skills that make you and your business better. So, where do you start? Which business skills are the most relevant to successful pharmacy ownership? We’ve got that answer!

Below are the four business skills we frequently see in the most successful independent pharmacy owners.

Business Skill #1 – Facing Failure

Pharmacy Owners: Learn to Fail

Failure may not seem like an indicator of success or a business skill but accepting unexpected outcomes with grace forges resilience. What matters the most is your reaction and next steps when the disappointment from a loss still stings. Do you throw your hands up and move on or do you analyze what went wrong and try to figure out how to improve the situation? Experiencing failure makes you a more resourceful, flexible and empathetic leader. The most successful pharmacy leaders respond with an open mind; choosing to see the moment as an opportunity for growth.

Business Skill #2 – Grit

Build a Thriving Pharmacy Business in the Face of Adversity

Regardless of industry; the top performers have grit. Though often intangible, it is an easy trait to recognize when someone possesses it. Passion, determination, and motivation to achieve is a unique and undeniable combination. With the state of the industry and the challenges pharmacy entrepreneurs face, grit is a requisite for creating sustainable growth in your pharmacy. Unfortunately, over time and in the face of industry roadblocks — it can fade. Surrounding yourself with passionate and like-minded colleagues while building an empowered and mission-aligned pharmacy team can make all the difference when the going gets tough.

Business Skill #3 – Develop Meaningful Mentorships

Pharmacy Mentors: Independent Doesn’t Mean Alone

Experience is a pricey and critical asset when it comes to running a pharmacy. Clinical skills aside, becoming an entrepreneur requires a business education that most pharmacy schools don’t have in their curriculum. Forward-thinking pharmacy owners must be proactive about gaining this knowledge.

With the pharmacy industry in constant flux, the concept of mentorship is ever more critical for success.

At PDS, we believe that when independents share insight into what works and what doesn’t with a trusted network — our collective strength to influence change and affect the future of our industry increases exponentially. Learning to grow and leverage a trusted network is a business skill that cannot be overlooked.

The Value of Mentor Relationships

New pharmacy owners benefit from the wealth of knowledge that only comes with years of running a business. Long-time owners benefit from new information and different perspective of a younger generation. Mentorship a two-way street and both parties need to keep a few things in mind to create a mutually beneficial dynamic.

Be Clear. Define and refine your goals, whether you’re writing a call agenda or setting quarterly objectives.
Give As Much As You Get. Bring enthusiasm and energy to your sessions.
Stay Mindful. The advice you give will be taken to heart. If you’re venturing into unknown territory; don’t pretend to be an expert.
Drop the B.S. Embrace candor within your mentorship. Honest feedback leads to real improvement.

Business Skill #4 – Maintain an Innovator’s Mindset

Meet Challenges with Innovation

Identifying areas to innovate should be a regular part of your business strategy. These opportunities can manifest in many ways. The employee that oversees your medication synchronization program may have ideas on how to add more patients to the program. A vendor you work closely with can introduce you to a new technology that changes everything. Keeping an “innovators mindset” is a critical business skill.We are all familiar with the saying,

“If you are the smartest person in the room, you’re in the wrong room.”

As a business leader, you must see and nurture the value that your network brings to the table. Including your pharmacy team and trusted colleagues in this process will amplify your success.

We can’t buy Aetna; we can’t merge with Target. But if we unite on a few key fronts, you are going to see an entirely different industry, ripe with opportunities. Read our latest white paper that outlines a Strategy for Independent Pharmacy to save itself. For 20 years, Pharmacy Development Services (PDS) has been helping thousands of owners across the country shift their business into high gear. We know firsthand what it takes to keep you operating at the top of your license.

{PDS 2018 Keynote #2} Business is a Team Sport

October 20, 2017/0 Comments/in All, PDS Super Conference, Pharmacy Staff Development /by pdsmarketing

This is a philosophy I share with almost all pharmacy owners whenever we speak about employee performance. Why? While managing people is often labeled as daunting, everyone understands the fundamentals of sports.

From the players on your team to the programs, or plays, you implement on the “court,” the same mindset and skills required to craft the best basketball team can be applied to operating a wildly-success pharmacy business.

**That’s why I’m thrilled to welcome Earvin “Magic” Johnson, one of the greatest athletes of all time, onto the stage at the 2018 PDS Super-Conference this coming February.**

Business is a Team Sport While he was a sensational talent in the 13 years he played point guard for the Los Angeles Lakers, what was magic about him, and still is to this day, was that he understood how to make his teammates look great. He was the consummate team player and understood that while individuals score points, teams win championships.

In fact, since retiring, he has translated that skill into the business world and has continually invested ownership in many lucrative businesses including movie theaters, urban real estate developments, restaurants, an infrastructure fund, EquiTrust Life Insurance Company, ASPiRE television network, professional sports teams and others. Recently, he was named the President of Basketball Operations of the Los Angeles Lakers.

And that’s exactly what I want him to share at the conference — that business is no different than sports. That if you look at your business as a game you want to win, you will see massive results in your business, bottom line, and, ultimately, your life.

While you should register for the PDS Conference immediately to see Earvin ‘Magic’ Johnson and our amazing lineup of speakers, here are a few of my favorite sports and business analogies:

Your front line is your bottom line. The teams with the best players win. Every pharmacy owner wants a superstar team that will generate new business, solve problems and engage with the customers. But the downside is that high-performance people need to be surrounded by other rock stars. The question is… what are you going to accept or tolerate? As businesses evolve, so do the type of employees needed to execute the plan. Just because they were a great employee 15 years ago doesn’t always guarantee they are a high-performer today. You must continually evaluate your team and fill out the ranks with remarkable talent.
Your Culture Is a Defensive Strategy. Just because you sell the exact same products to the exact same people doesn’t mean you’re in the same business. Your pharmacy’s culture – your team’s bond – is the intangible that’s driving competition wild. It’s almost as if they stick their head in and they look and see, “How much merchandise do you have? How is it merchandised? What’s the price?” Nobody considers “Wow, they make you feel welcome here. They’re knowledgeable. They’re trained. They’re personable. They care.” When you focus on fostering a stellar culture within the four walls of your pharmacy, it actually becomes both an offensive and defensive strategy. After all, your competition doesn’t steal your customers, you give them away.
Be Coachable and Work the Playbook. Johnson and his team went to the NBA Finals nine of the 13 years he was on the team. They didn’t get there alone. They had numerous coaches with strategies that led them to countless victories. Not only do you need to have top-notch employees, you also need to work with experts who can look at your business from the outside and provide a roadmap to success, access to ideas and programs, that will turn your ideas into a reality and significantly add to your pharmacy’s bottom line. The amount of time you spend thinking about your business – identifying opportunities, evaluating weakness, etc – versus grinding away at your task list, should be just as much as an athlete practices. However, practice doesn’t make perfect, it makes permanent. Work with an expert who can see you shoot and fine-tune your skills along the way.

Simply shifting your perspective can change your reality. From innovative perspectives, extraordinary networking, data-driving solutions, this three-day event gives you the playbook to make you even more profitable. This is where the superstars of the independent pharmacy industry go year after year to continually improve and learn how to win championships. Our pharmacy programs are the industry’s best-kept secret. Come see for yourself why we are so confident in our ability to change your life and improve the profitability of your pharmacy that we have a conference guarantee. If you don’t see the value of the PDS Super-Conference after the first day, we’ll reimburse your travel up to $500 and give you an additional $300 — no questions asked.

Friday the 13th Rules for Pharmacy Ownership

October 13, 2017/0 Comments/in All, PDS Super Conference, Pharmacy Staff Development /by pdsmarketing

Pharmacy ownership doesn’t have to be scary. Sure, the industry is filled with pitfalls and roadblocks, but there’s no need to fear! Here are four pharmacy rules to get you through this Friday the 13th and beyond.

You can survive and come out the other side with a thriving successful pharmacy.

Don’t Go Swimming

What does swimming have to do with running a successful pharmacy? What we’re trying to say is there is no need to jump into the deep lake in the woods when you don’t have the bandwidth or experience — aka if you aren’t ready to leave the pool you know. Focus on what you do exceptionally well and execute (chainsaw pun intended) to the best of your ability. Take the time to improve processes in your Synchronization program, create an excellent patient experience, provide the best customer service in town. Once you have mastered the skill of swimming in one pool, find yourself a new lake to conquer and repeat the process. Take on the lake of RxAnalytics or implement a Clinical Services program. Rushing to do more than what you are realistically capable of will only lead to trouble.

Don’t Run From the Killer if You Can Fight and WIN

There’s a lot of competition out there, but you can’t be scared to compete. The PBM’S, DIR fees, and big chain stores may be intimidating when they are staring you down, but there isn’t any reason for you to run. You have two secret weapons these competitors can’t offer and they will help you beat the competition every time. What is it that will help you succeed in the face of danger?

SECRET WEAPON #1: You have a network of pharmacy owners out there just like you that are ready and willing to engage in a knowledge-sharing culture.
Our industry-only message board generates hundreds of posts a week that address everything from technical challenges, to the best kind of shoes to wear when working the bench. The PDS Super-Conference is an exceptional opportunity to engage with the industry elite in person. Many are willing to share their wins, losses, tips, and tricks if it means keeping the industry moving forward.
SECRET WEAPON #2: Your insider knowledge of your community.
You know the healthcare needs of your area better than any box chain ever could, and this information can be leveraged to impact areas like your profitability, team building, and implementing new revenue streams. Next time you’re looking at a scary competitor, reach for the tools you have to stand up to those that want to see you fall.

If You Trip, Get Up and Keep Running

You can’t just give up when you’re being chased through the woods. Running a business isn’t fool-proof, you will make mistakes as you go. Spending your time and efforts on building prescription volume when you could be leveraging the data in your pharmacy is a mistake, and most pharmacy owners have made it. Some just lay down and accept their fate, but those that see success are the ones who got up and figured out where they should be focusing instead.

Don’t Split Up

Power in numbers. This is true in the horror movies and in the independent pharmacy industry. Our members are the top 25% of the industry, the cutting edge when it comes to pharmacy operations and profitability. In fact, some of our members have become such rockstars in the industry, they are training facilitators for PDS to teach their strategies to other owners. Our RxAnalytics program not only looks at your specific pharmacy data but puts it into the context of other member pharmacies. Independent doesn’t mean alone, our network of approved vendors, subject matter experts, and ever-growing industry-only message board keeps independents engaged and connected for long-term success.

Running your pharmacy business should be fun, not scary. If it’s scary for you, that is a red flag. Talk to us! We can help you lay down a plan to navigate your business to make it through the woods. Or better yet, talk to your peers on the PDS Advantage Industry Message Board (it’s free to sign up and start connecting!). They’ll tell you what we already know — there’s nothing scarier than the unknown.

Join Us at The PDS Super-Conference

Come to the place where the industry meets. This 3-day event is the only event dedicated to pharmacy business growth. Our amazing Lineup of speakers, experts and vendors will blow you away — not to mention the lifetime connections you will make with your fellow attendees. What are you waiting for? Click below to save your seat before we sell out! Come see for yourself why we are so confident in our ability to change your life and improve the profitability of your pharmacy that we have a conference guarantee. If you don’t see the value of the PDS Super-Conference after the first day, we’ll reimburse your travel up to $500 and give you an additional $300 — no questions asked.

3 Ways Pharmacy School Failed Independent Owners (and what to do about it)

October 6, 2017/0 Comments/in All, Pharmacy Finances, Pharmacy Staff Development /by pdsmarketing

Between PBMs, DIR fees, MAC pricing and clawbacks, the independent pharmacy owners we work with are hungry for proven strategies to transform their business. And who would blame them? Identifying ways to supplement your pharmacy’s bottom line is more important than ever with insurance companies and auditors regularly skimming from the top.

Our R&D team is dedicated to creating profitable and patient-focused member programs, such as RxAnalytics. This proprietary system analyzes pharmacy data to uncover specific ways to increase profit margins, but success is not just about making money.

Is this a shocking statement from the “pharmacy profit” guys? Absolutely! However, we know it’s just as critical to be an excellent team leader.

Every year at the annual PDS Super-Conference, we unveil the newest ideas and programs
programs guaranteed to push you past the competition, add cash to your pockets, and work on you as a leader. Why? Because that’s the accelerant for turning “We’re having a good year,“ into “Our accountant is asking why our profitability is this high!“

As our founder, Dan Benamoz, says, PDS can give you the tools necessary to start the campfire, but leadership will turn it into a roaring bonfire that warms everyone and everything. It’s the rocket fuel that gets the PDS programs not only up in the air but into orbit.

Do pharmacy owners forget to value leadership?

The short answer is no. Everyone has an idea of “good leadership” or can picture someone they admire. However, the reality is that pharmacy school taught you how to be a competent healthcare provider, not how to be a leader or business owner. And while some owners have a natural ability, it’s not the reality for most in this field.

In fact, there are three areas Dan believes aren’t discussed enough at universities that we’ve found to be a critical element to success: ethics, leadership and culture.

1. Ethics

The root of unethical behavior is greed. It’s important to discuss this with pharmacy owners because the reality is that our industry, which is dictated by insurance companies and PBMs, is built on…well, greed.
Of course, we want to do the right things for the right reasons, and do them for the greater good. However, in this industry, owners sometimes find themselves pushing the envelope just to get by. They feel the only way to win is to cheat the game, which is simply not true. You can do what’s best for the patient and your business while still being able to sleep soundly at night.

As one of the most trusted professions, a title we all wear proudly, we’re here to improve society. We as pharmacists need to ensure we’re furthering that reputation, not hindering it, especially as we get closer to being more integrative in clinical practices. We have the trust and confidence of many people in the community, so it’s critical everyone is careful. What took our profession and your business a lifetime to build can be ruined with one small misstep.

2. Leadership

Your team wants someone to follow. Someone who has a vision that will inspire them, foster job satisfaction and fulfillment, as though they’re contributing to something bigger than themselves. Being the pharmacy owner, inherently most of you have assumed the role of Leader. It’s a tremendous responsibility, and to succeed, it’s essential you know what the expectations are so you can cultivate the right work environment. You want your team to look forward to coming in and feel good about providing an essential service to patients in the community. Good leadership has a trickle-down effect, and that’s what we mean when we say quality starts in the boardroom.

3. Culture

What would the Philharmonic be without the symphony hall? Culture represents the environment in which you operate and while it can be hard to fully grasp, it’s critical to success. But is culture intentional or unintentional? For many pharmacies, it’s unintentional, which means they’re probably making some mistakes. If they simply knew more about what they’re doing, they could really set their business on fire. The good news is that it’s usually just a few broken links, not the whole chain. When you can identify these weak links, you can fix them and begin to nurture a culture with intention.

After profitability, employees are one of the biggest frustrations for business owners.

If employees are one of the biggest frustrations, how do we make sure we’re addressing the challenges properly? How do we get culture and leadership to work for pharmacy owners rather than against them? How do we get it to bring you joy?

While we have the programs and strategies to help, we still believe they are not discussed enough. That’s why leadership and culture are always a major theme at the PDS Conference and why we’re inviting the foremost experts to speak at the 2018 event. After all, we only want the best for our show.

We tend to keep our schedule for the show a surprise, but this year we’re so excited about the big names we’ve invited, that we couldn’t resist announcing that John Maxwell will join us in Orlando. He has authored more than 100 books, many being New York Times Best Sellers, selling over 16 million copies, and was named the #1 leadership expert in the world by Inc. Magazine in 2014.

John’s philosophy that “everything rises and falls on leadership,” motivates his every endeavor to help individuals reach their highest potential, both in personal and professional settings.

To him, there’s no higher goal than to help others realize their significance. He has dedicated his life to growing and equipping others to do remarkable things and lead significant and fulfilled lives. John will discuss…

How to become a person of influence
Develop the leader within you and those around you
And, most importantly, how to fail forward

Pharmacy Staff Development