7 Powerful Business Lessons From the 7 Kingdoms of Westeros

7 Powerful Business Lessons From the 7 Kingdoms of Westeros
 7 Powerful Business Lessons From the 7 Kingdoms of WesterosLike the 7 Kingdoms of Westeros, the pharmacy landscape is, at best, a tumultuous environment where the little guys are at a seeming disadvantage, and the power-hungry folks on top make the rules.

With Game of Thrones season in full swing, we noticed some key strategic lessons in the series that apply to life and business. Indulge us for a moment as we bring you through some hard lessons in business, life, and pharmacy from our favorite Game of Thrones characters. This is relevant, we promise!

Lesson 1: Never Underestimate the Importance of Perseverance.

Sure, no one likes Cersei Lannister, but look at the lesson she imparts to us; unbridled determination and perseverance is a cornerstone of success.Those who don’t believe it should look at how independent pharmacies are still thriving despite PBMs, DIR fees, and mega chains. With the right knowledge, unwavering determination, and confidence in your convictions, a thriving, successful business is within your reach.

As a pharmacy owner, you can find out how to get that knowledge and develop the confidence in your decisions here.

Lesson 2: Don’t Let the Past Determine Your Future

Throughout his life, Jon Snow believed what people told him; there were limits in his life, and the faster he accepted it, the better. Well, look who’s King of the North now! Okay, okay, but our point is that in business (pharmacy or the business of ruling) you have to know when to disregard limitations, self-imposed or otherwise.

Driven by a clear vision, Snow is focused on getting the right tools, in this case, Dragon Glass to accomplish his mission. Others in his company lack perspective, leaving him to take the first steps into the unknown. An inspired vision for your pharmacy business isn’t enough; you need the right tools and team. Improvement and growth require thoughtful execution, so seek out the best in your industry and take a calculated risk; the benefits are worth it.

Lesson 3: An Educated Mind is Sharper than a Sword

Tyrion Lannister was not born equipped for success in the traditional Westerosi way, but he has ascended the figurative ladder considerably through on-going education. Continuously sharpening your mind, expanding your skills, and adding to your area of expertise ensures that you and your team never become obsolete.

Tyrion teaches us a powerful lesson about upward mobility through on-going development both personal and professional. Education doesn’t only apply to the leader. Training your team is key to achieving an efficient, results-driven culture. How do you know when to educate your team? These are the questions you should ask yourself as a leader who has a team in need of training.

Lesson 4: There is No Template for Success

Daenerys Targaryen started out as a character on the fringes, beholden to no one. At best, success was unlikely. At worst, if she failed, she’d be a footnote. Independent pharmacy owners, like Danaerys, have been pushed to the edges and all but forgotten in light of challenges such as chain stores and problematic PBMs.

Far from being marginalized, exceptional pharmacy owners, much like Daenerys have managed to maintain an unbreakable edge after enduring waves of inequity by finding strength in numbers. The most progressive pharmacy owners have started to discover their tribe and demonstrate the power to impact a brighter future.

Just like Khaleesi herself, independents across the nation have discovered a new way of thinking. Join the top 20% of them in February at the 2018 PDS Super-Conference. Grab your dragons and join your tribe in Orlando! Okay maybe leave your dragons at home (fire hazards and all). Find more info here.

Lesson 5: Start Where You are and Use What You GoT (we couldn’t help it).

As a lesser known, but pivotal, character, Lord Varys signifies the power of resilience and resourcefulness. He uses his little birds to make informed decisions on data points to advance in the game. It seems Varys has a thousand hands and ears, all able to measure, track and assess the current pulse of the environment and act accordingly.

Just like Lord Varys, PDS members use a vast and comprehensive system that analyzes existing data to discover a way to dramatically increase their profit per prescription. The PDS member exclusive system is called RxAnalytics. Curious? Find out more here.

Lesson 6: Watch, Observe, Act

In a time where most people shoot first and aim later, Littlefinger understands that there is power in patience. There are three elements to his formula for success; observe, assess, and then make an informed decision. Sustainability is built on timely and informed decisions. We can all take a cue from Littlefinger on playing the long game. His patience and leveraging of the right relationships keep him moving forward. Applying these characteristics to your business will do the same.

PDS has more than 1,000 member pharmacies, and many of them make up the top 20% in the industry. Coincidence? Not at all. These owners know that patience, key resources, and the right relationships will drive your success. Join the most successful pharmacy owners in the nation, ready to welcome you to the team. The PDS Super-Conference is where they’ll be. Will you join?

Lesson 7: You Can Be aVictim, or You Can Win

It’s fitting that we end with a character who has been beaten and down-trodden, which perfectly analogizes independent pharmacies against the unfair pharmacy environment.

Arya Stark chose to rise above the treatment she has endured to become the deadliest wolf in sheep’s clothing. Her lesson is simple and one we reiterate to our members: You have the choice on how you react to your circumstances. You can be part of the owners that succumb to the inequities in our industry or you can gain new skills and choose to be a fighter and triumph over your adversities.

You can be a victim, or you can be a victor. Which will you choose?


Join us to see what we’re all about at the 2018 PDS Super-Conference in Orlando Florida on February 22-24, 2018 at the Orlando Convention Center. If you are a pharmacy owner, manager, key employee or anyone in the industry concerned with the state of pharmacy, you must join us to discover the solution that the top 20% of the industry have already discovered. Own your future and don’t let the game beat you down. Click here or below to find out more.

 

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4 Pharmacy Training Secrets Every Owner Should Have in Their Back Pocket

4 Pharmacy Training Secrets

4 Pharmacy Training Secrets Every Owner Should Have in Their Back PocketTraining employees has always been critical in creating a thriving business, but gone are the days where you can train an employee during the hiring process and be done with it.

In today’s workforce, 76% of employees are looking for growth opportunities. Regular employee training is vital in keeping your team engaged and organization propelling forward.

Between decreasing margins and stuff competition, it certainly seems as if there’s not time, money or energy to add anything else to your plate. But we urge you to shift your attention toward developing your superstar team as refocusing your energy on aspects of your business that are within your control can uncover new opportunities.

Whether you educate your people in-house or hire pharmacy training experts, the following are the four secrets every owner should have in his or her back pocket when it comes to pharmacy training.

#1 CULTURE

A team is its strongest when it has a clearly defined vision, and when its cultural values are actively shared within the organization.

Training can help drastically strengthen a company culture. When every employee is contributing and sharing the responsibilities of a common goal, there will immediately be a sense of camaraderie and mutual respect.

Not all workplaces will be filled with best friends, however, teams that genuinely respect and support each other are more likely to work collectively towards your business objectives. And remember, the best pharmacy cultures are cultivated from the top. Pharmacy owners who learn self-awareness skills can transform the way they lead their team, implement change effectively and main positive, long-lasting results.

#2 GOOD HIRES

A strong team is like an ecosystem. Every organism that comes and goes into that ecosystem will have an effect on the results; your pharmacy team operates very much the same.

When you’ve laid all of the groundwork for a strong culture within your team, new hires become that much more important to the flow of your ecosystem.

Choosing new hires wisely is not just important for maintaining the integrity of the culture you’ve built within your team – but you should also look for prospects that have a desire to learn, grow and have a willingness to adapt easily within the organization as the needs and objectives grow and shift.

#3 THE WHY

Many of the independent pharmacy owners we’ve encountered have shared stories of disengaged employees. Those who are constantly tardy, in a bad mood, or making errors. They share horror stories of investing hundreds, or even thousands of dollars, in training these employees, but have ended up with lackluster results.

Our answer to this is simple: before you go any further, make sure you’ve answered the ‘WHY’.

The ‘why’ is an important part of framing any task or responsibility to your employees and is crucial in maintaining engagement. It helps them understand whyyou are requesting a certain output.

Before you ever question ability or training effectiveness, ensure you’ve adequately framed the importance of any role or responsibility within the ecosystem with a clear ‘why’.

#4 INVESTING IN EXPERTS

When a pharmacy owner has made the decision to invest time and resources in training, one of the most beneficial decisions he or she can make is investing in an expert.

Although you may feel like this is an investment upfront, enlisting an expert will directly impact your bottom line. Companies that use training programs have a proven 24% higher profit margin, 218% higher income per employee and 6% higher shareholder’s return.

Just like a teacher is trained to educate students, training and development specialists are specifically educated to train adults in a particular field.

Ultimately, outsourcing skills development to training professionals will help scale up your business, standardize your operations and free up your time as an owner, which can be allocated towards growing the business.

Want to learn more? Download our free eBook Pharmacy Training – A Practical Guide to Creating a Superstar Team!

In this eBook, you’ll learn about…

  • Employee engagement and the impact it can have on your business
  • Identifying key characteristics to build a superstar team
  • Disengaged employees, the key indicators, and the negative impact on your business performance, profit and the connection between the two
  • Leveraging professional training programs
  • Training courses, workshops, and webinars exclusively available to the pharmacy industry

 

pharmacy training ebook

3 Questions to Ask Yourself Before Sending Your Team to a Pharmacy Training

Pharmacy Training

3 Questions to Ask Yourself Before Sending Your Team to a Pharmacy TrainingAs an independent pharmacy owner, you’re constantly monitoring your bottom line. So when it comes to budgeting for employee training, it may be difficult for you to view it as anything other than another significant expense. But we urge you to reconsider.

Thriving business owners believe two fundamental philosophies:

  1. They can’t do it all themselves – they do what they do best and delegate the rest to a capable team
  2. Training is an investment – continuously sharpening their team’s skills by investing in team training will add, not detract from the bottom line

However, before you register your employees for a lifetime supply of pharmacy training, the following are three questions to ask yourself. Afterall, not all trainings are created equal and could potentially cause you to waste time, money and efforts.

Question #1: Is the training or workshop relevant to your goals?

In other words, is it aligned with your company’s vision?

As the owner, your first step in building a superstar team is crafting a clear vision that outlines the short and long-term goals for the business and sharing it throughout your organization. Once everyone has bought in on working toward the common goal and its impact, you can determine which steps are required to move toward that vision, which areas may need more support than others.

There are hundreds of trainings available in the market, but knowing which will move the needle on your specific goal is key. After all, you can do anything, but not everything. Overloading on training can have an adverse effect if you’re trying to implement too much at once.

For instance, if your wildly important goal is to set up a bedside delivery service, it’d be key to focus your investment dollars and energy on a training that will show you exactly how to do it, from the in-store operations to agreement, instead of a compounding course

Think about it: Is it better to implement one game-changing strategy full-force and start seeing results or halfway complete two to three projects over 90 days?

Question #2 – Is the training specific to your industry?

You’ve identified that your business will benefit from training, but now you need to choose a training provider. It’s important to remember that not all trainings are created equal. Not only do you want a teacher who is an expert in adult learning and the subject, but also understands your specific industry.

For example, would you rather send your newly promoted manager to a leadership training taught by someone who has never stepped into a pharmacy and the room is filled with customer service reps from tire shops and lawyer firms, or one that is taught by independent pharmacy experts and is filled with other pharmacy professionals? Which setting will foster idea sharing that’s directly applicable to your business and its intricacies?

Question #3 – Is this employee someone you want to invest in?

This one can be tricky. Our business coaches often asked, “What if I invest in this employee and they leave?” While it is a risk, we challenge the sentiment by asking “What if you don’t invest in training this particular employee and they stay?”

As a business owner, the decision of which staff you choose to invest is yours, but if your staff is demonstrating any of the following red flags, it’s likely due to lack of engagement, and it will be toxic to the rest of your team. Investing in training is proven to boost engagement and could turn their behavior around.

Seven ‘Red Flags’ of poor employee engagement:

  1. Tardiness
  2. Gossip
  3. Toxicity
  4. Doing a task without understanding why
  5. Multiple Mistakes
  6. Lack of Respect (for team, customer, business)
  7. Employee Theft

What is mediocrity costing you?
When organizations successfully engage their employees, 240% boost in results. [Gallup study] In fact, through the power of PDS Pharmacy Trainings, owners are adding $85,000 in annual profits through Bedside Delivery, $20,000 average annual profit by syncronizing just 100 patients, $175,000 in annual revenue by performing Annual Wellness Visits, and an average of $18,000 in front-end profitability by selling high-end supplements.

Review all of the PDS Training programs and register your team at www.PharmacyOwners.com/TrainingOr, if you’re still not convinced in the impact pharmacy trainings can have on your pharmacy’s bottom line and culture, download our new eBook: Pharmacy Training – A Practical Guide to Creating a Superstar Team.

In this FREE eBook, you’ll learn about…

  • Employee engagement and the impact it can have on your business
  • Identifying key characteristics to build a superstar team
  • Disengaged employees, the key indicators, and the negative impact on your business performance, profit and the connection between the two
  • Leveraging professional training programs
  • Training courses, workshops, and webinars exclusively available to the pharmacy industry

 

pharmacy training ebook

Pharmacy Training: Why Teaching Your Team to Sell Will Never Work

Pharmacy Training

Why Teaching Your Team to Sell Will Never WorkOne of the biggest challenges for a pharmacy business is that no one likes to sell. It seems to be part of our psyche that if you are selling anything, it equates to a used car salesman selling a lemon dressed up as a Cadillac.

In other words, selling is perceived as trying to get people to do something that is not in their best interest. No wonder we resist it! And the problem is we are so busy avoiding selling that we are often not providing our customers with all the value we have to offer.

If you want to increase your sales, don’t train your pharmacy to sell; teach them to solve problems and offer solutions.

Problem Solvers and People Pleasers

In many cases, patients don’t even know how to think about what you have to offer, much less know how to choose it.

For example, a patient who has just been diagnosed with diabetes likely has a “deer in the headlights” look. They think they are coming in to pick up a prescription (or several). They don’t even know how to think about dealing with diabetes themselves, much less that you can be a resource and guide them through measuring and tracking insulin levels, adjusting meds and important supplements and resources. What to start with, what to do next, and how to make lifestyle changes that will determine their quality of life? When they are standing in front of the pharmacy counter holding their prescriptions in their hand, they don’t have a clue what is involved or how to make a decision.

Thisis where training your pharmacy team to identify problems and offer solution is essential. Once you have fully identified their needs, the next step is to educate them on what you can do for them. If your customers don’t understand the value you have to offer – they are going to make a decision based on perceived price – and you are going to be squeezed!

By identifying your customers’ needs based on what they are buying, you (and your team) can then recommend other products, programs or services that will support them. It is always the customer’s choice whether or not to buy what you are recommending. You actually take away that choice if you don’t let them know what you have to offer.

Your Pharmacy’s Profit Ignitor

Training this skillset can be hard work, but it is possible. To make your life easier, we developed the Pharmacy Profit Ignitor workshop where you can send your team to understand the vast opportunity of increasing front-end sales by offering solutions via nutrient depletion supplements.

This pharmacy training is where they will learn how to ignite front-end sales based on products already in your store or by bringing in new lines. They’ll leave with an action plan and return ready to increase your bottom line by $18,000 or more in the front end and much more on the back end of your store. And, learn strategies that can be used over and over to increase sales that compliment sync and data-mining initiatives.

SEE THE UPCOMING DATES

To learn more about how to get beyond selling and build your superstar team, download our free eBook: Pharmacy Training – A Practical Guide to Creating a Superstar Team.

In this eBook, you’ll learn about…

  • Employee engagement and the impact it can have on your business
  • Identifying key characteristics to build a superstar team
  • Disengaged employees, the key indicators, and the negative impact on your business performance, profit and the connection between the two
  • Leveraging professional training programs
  • Training courses, workshops, and webinars exclusively available to the pharmacy industry

 

pharmacy training ebook

 

4 Pharmacy Training Courses the Best Teams Will Attend this Summer/Fall 2017

4 Pharmacy Training Courses the Best Teams Will Attend

4 Pharmacy Training Courses Through a unique blend of business coaching and training, Pharmacy Development Services has a track record of producing some of the most groundbreaking and results-driven pharmacy teams in the industry. In fact, the average new member sees a 12.1 return in their PDS investment by implementing just one or two of our profit-focused programs.

In an industry where many pharmacy owners are discouraged by shrinking margins, increased competition and legislation, PDS Members are excited for the future. They’re investing in their businesses, and especially their teams, to gear up for significant growth.

In fact, PDS Members…

  1. Practicing Bedside Delivery report earning an extra $85,000 in annual profits.
  2. Synchronizing just 100 patients are increasing their annual fills by 2,000, which is an average annual profit of $20,000 (PDS Members average 350 SyncRx patients
  3. Performing 10 Annual Wellness Visits per day for two days a week for 50 weeks a year is adding $175,000 in revenue annually.
  4. Selling high-end supplements average $18,000 in front-end profit annually.

But they’re not just implementing a task list given to them by their PDS Business Coach and Performance Specialist. From pharmacy leadershipfront-end salesfinancial literacy, they are also investing in trainings for themselves and their employees.

Do those results sound irresistible to you? We thought so. The good news is that we have a handful of trainings on the schedule that you can attend! We asked PDS’ VP of Training and Development, Kelley Babcock, to tell us her top training picks for the Summer and Fall 2017.

Kelley Babcock’s Top 4 Pharmacy Training Courses for Summer/Fall 2017

My recommendations truly depend on your goals as an owner for 2017. You want to make your training decisions based off of your store’s vision and objectives. Trainings and workshops are powerful tools to aligning your team with the culture you desire and synergistic in achieving your store’s overarching goals.

Clinical Services Profit IgnitorIf one of your key focuses within the business is to generate increased profit, I would highly recommend the Clinical Services Profit Ignitor training that’s happening on October 27 – 28, 2017. Our trainers will show you how to integrate your clinical pharmacists into physicians offices so you can generate additional revenue from the visits alone, plus offer upsolutions and drive new business to the pharmacy. You’ll receive all the tools and resources need to set up shop in the offices immediately.  

Advanced Leadership and Leadership 3.0

Two trainings where owners see immediate impact are Leadership 3.0 (August 17-19, 2017) and Advanced Leadership

(August 25-26, 2017). We’ve seen hundreds of owners benefit from our leadership trainings by not only attending themselves, but especially with their mid-to-higher level team members.

Advanced Leadership focuses on self-awareness skills that will transform the way managers lead their teams, how to implement change effectively and maintain sustainability for positive, long-lasting results. Leadership 3.0 is the next level to Advanced Leadership and focuses on inner trust, followed by trust with your team and customers. Studies have show a correlation between low trust and a high cost to business and your bottom line. Leadership 3.0 is where you will learn to make business decisions with confidence!

With their newly-trained senior staff, owners can begin to feel confident about handing off tasks that usurp their time and can then focus on other areas of business growth, without their focus being scattered across many different programs.

SyncRx+ Intensive and Synchronization Bootcamp

If your team hasn’t started a medication synchronization program yet, or isn’t seeing the results you hear other pharmacy owners discuss at trade shows, the PDS SyncRx+ IntensiveSynchronization Bootcamp is your catalyst to quick implementation and getting 300+ patients enrolled.

During the two-day SyncRx+ Intensive (September 15-16, 2017), you will receive the training, policies, procedures, and templates to implement a robust and successful synchronization program in your pharmacy. We will cover the best practices in performing the SyncRx+ process and MTM opportunities. You are given everything you need to get this program up and running in your pharmacy.

With each training of SyncRx+ Intensive, course facilitator, Jason Turner, PharmD, has identified what pharmacists and technicians need the most to implement a synchronization program successfully. Incorporating slides, activities, and videos into the training are all key elements, but the lynchpin to achieving the greatest level of success is watching the process live in a pharmacy. At the SyncRx Bootcamp, Jason invites attends to step into his pharmacy to see the Synchronization process and his two-workflow system in action with the goal of each pharmacy learning how to process 50-60% of their prescriptions through synchronization.

Register Your Team for Pharmacy Trainings Anything is possible with a properly-trained team. Even with the best business plan and intentions, a pharmacy cannot be run by one individual – it takes a team. And wouldn’t you rather have a strong and truly engaged superstar team firing on all cylinders versus stagnant results?

Review all of the PDS Training programs and register at www.PharmacyOwners.com/Training.

Or, if you’re still not convinced in the impact pharmacy trainings can have on your pharmacy’s bottom line, download our new eBook: Pharmacy Training – A Practical Guide to Creating a Superstar Team

In this FREE eBook, you’ll learn about…

  • Employee engagement and the impact it can have on your business
  • Identifying key characteristics to build a superstar team
  • Disengaged employees, the key indicators, and the negative impact on your business performance, profit and the connection between the two
  • Leveraging professional training programs
  • Training courses, workshops, and webinars exclusively available to the pharmacy industry

pharmacy training ebook

Sync or Sink: An Insider’s Guide to Successful Synchronization

Sync or Sink: An Insider's Guide to Successful Synchronization

Sync or Sink: An Insider's Guide to Successful SynchronizationLack of patient adherence is a struggle for many pharmacies that rely on dispensing medication to improve their customers’ health and keep the lifeline of scripts flowing. But there are ways to flip the tables on the conventional dispensing model and build a reliable return.

If you attended PDS 2017, you may remember a presentation from PDS Member, Jason Turner, about the substantial benefits of implementing a synchronization program for both patient and pharmacy. The program he presented will significantly impact adherence to deliver better care and help with the CMS Star Ratings system.

Jason recognized a need for enhancements when he noticed that with his existing SyncRx program, he saw significant improvement in adherence quality measures but only saw limited improvement in ACE/ARB and high-risk medication quality measures, which are core components currently in the Star Rating System.

He responded by creating an add-on to the SyncRx program that enables a quarterly Comprehensive Medication Review (CMR) for each SyncRx patient. This identifies intervention opportunities and creates better patient outcomes all while developing the clinical abilities of the pharmacy team.

Today, he is the leader and developer of PDS’ SyncRx+ Program and activist in patient care and outcomes. His MTM-focused enhancement to SyncRx into a full-blown, turnkey SyncRx+ program is available to any pharmacy who is interested in implementing this successful service.

Sync or Sink

If you’re interested in learning more about the program that’s so important, it is one of our few open enrollment training courses, you’ve come to the right place! Now you can watch an Insider’s Guide on-demand session that gives you the run-down on the program and benefits. It is facilitated by Jason Turner and Dr. Nicolette Mathey, PDS’ resident Clinical Services Director.

Watch the On-Demand Webinar by clicking here or below.

Watch Now for Successful Synchronization

For more information on the next SyncRx+ Training, visit www.pharmacyowners.com/training/syncrxplus.

Free Webinar: Hitting a Profitability Home Run – Automating Your Pharmacy’s Inventory Management

Pharmacy's Inventory Management

Anyone who manages an independent pharmacy knows how intractable the challenge of inventory management can be, whether perpetual or not. Cycle counting, managing C-II logs, order point adjustments, and tracking expired stock are among the labor intensive processes that can drastically impact the profitability of your business. How can a pharmacy with competing demands on technician and pharmacist labor keep perpetual inventory without a significant time investment?

You can hit a “profitability home run” by maintaining accurate perpetual inventory that can reduce the overall inventory carry, minimize stock-outs, and enhance the overall standard of patient care. The problem is one of automation—how can a pharmacy with competing demands on technician and pharmacist labor keep perpetual inventory without a significant time investment?  How does a pharmacy balance profit vs. cashflow?

The current model for keeping perpetual inventory should be well-known to anyone who manages daily operations in an independent pharmacy:

Manual Perpetual Inventory Management Cycle

Manual Perpetual Inventory Management Cycle

The end result of these processes is, hopefully, accurate perpetual inventory. But the major drawback is the amount of time investment required to have someone cycle count, manage par levels and reordering, check in totes against a manifest, and physically place bottles on shelves. And if someone calls in sick, or it’s a busy Monday and there’s no time, or a technician forgets to cycle count, it can quickly become extremely difficult to keep up with the management cycle. The result is often the “garbage in, garbage out” problem, which is the tendency of manual inventory systems to drift over time, leading to inaccurate data, which in turn causes stock-outs, incorrect order quantities, and ultimately poorer customer service this crushes cashflow and suppresses profit.  

Automating the cycle eliminates the problems inherent in the manual process, and is now finally achievable with the introduction of the RxSafe 1800.

Automated Perpetual Inventory Management Cycle

Automated Perpetual Inventory Management Cycle

With the RxSafe System, manual processes are replaced by automation, and stock bottles are actually stored in native packaging. This video explains the basic functionality of the system in more detail. Essentially, the RxSafe system is completely unique to the marketplace and shifts the focus of pharmacy automation from vial filling to inventory management, control, and efficiency. The time you save will allow you to pay closer attention to money-making opportunities, adherence programs, pharmacy services, and patient consulting, to name a few.

Add Datarithm to your RxSafe and realize the complete automated perpetual benefit from the cloud! Datarithm’s innovated features include: automated demand forecasting, order point updates, inventory returns and transfer recommendations, along with advance analytics in easy to understand reports. Datarithm’s customizable inventory solution adapts as your business changes ensuring you have what is needed, in the proper amounts, secured in your RxSafe!

Check out our FREE webinar with RxSafe to learn more about what automation can do for your pharmacy’s inventory. Being able to get a handle on this vital side of the pharmacy business will pay dividends down the road.

free webinar

{WATCH} Real Success From Real Pharmacists

Real Success From Real Pharmacists
Your Roadmap is Waiting

Your Roadmap is Waiting

When you attend our Super-Conference, you’ll notice that one of our beloved traditions is to recognize the PDS members who have shaken the ground in their success in the last year. These are pharmacy owners who, in one short year, have claimed their success over a variety of struggles. Be it cashflow issues, cultural deficits, financial decline, stagnation — you name it, these owners have come out on top.

Have you ever wondered how successful pharmacy owners have managed to bet against the house and win? Well, we have your roadmap, and it’s easier that you think! You just have to come and sit at the table.

Hundreds of your peers can attest to the success they’ve achieved. We have proof in what your peers are saying and in hard numbers. This is the real deal and we have a guarantee to back it.

If you want to learn more about the PDS Super-Conference, watch the video below as our very own Nicolette Mathey, PharmD and Pharmacy Expert shows real success from real pharmacists… and how their success is your gain!

Watch the video below!


 

The PDS Super-Conference is the pharmacy event of the year that is guaranteed to change the way you run your business. Join us for the next event in February! Click below for details.

PDS 2018

How to Maximize Your Pharmacy Team’s Performance and Boost your Top & Bottom Line

 Written by Steve Graham, The Oval Group, a PDS Recommended Vendor

bigstock-Two-cheerful-chinese-pharmacis-88665761.jpg

Every Saturday morning for the past year, I have been reviewing the Wall Street Journal’s summary of the week’s best-belling books, as reported by Nielsen BookScan.

Many bestsellers have come and gone over that time period, but what continues to endure, is the type of books found on the Hardcover Business list. They are not about hidden business secrets or a recently discovered financial formula that will guarantee millions of dollars overnight. Most of these books that endure on the list are largely about the people – the life blood of all businesses

They are about understanding yourself, others or the characteristics of successful people.

They are also about improving skills for:

  • Leadership
  • Forming effective teams
  • Building a winning culture
  • Developing people

I have often asked myself why this is the case? Why are all of these books about the people within a business context?

According to Deliotte’s 2015 Global Human Capital Trends report, companies are struggling to attract, retain and develop leaders at all levels within their companies, yet they are largely unprepared to address these issues. In fact, according to the report, culture and engagement was rated the most important issue overall across a multitude of industries.

Furthermore, Gallup consistently reports on the dismal levels of employee engagement not only within the U.S. but reports even worse numbers worldwide. In fact, Gallup estimates that lost productivity due to actively disengaged employees cost U.S. businesses $450-$550 billion each year.

So why is it that so many companies are willing to invest in new equipment, technology, assets and systems that help to improve their business performance, yet they are often reluctant or ill-prepared to invest in tools and systems that focus their people? These issues are typically viewed as “squishy” and therefore hard to define or repair. How do you measure success?

Well, it may feel squishy but there are very real and concrete success measures related to hiring, developing and retaining a strong team. Gallup among many others has recently reported that businesses who focus on and invest in talent selection and improving employee engagement show consistently improved top and bottom line financial performance.

The TTI Success Insights®, 2016 Trends Article, explains the use of talent assessments for selection dramatically improves a business’s good hire ratios. U.S. business spending in this category has consistently been on the rise. The Wall Street Journal reported that the percentage of large US companies that are using online assessment tools for talent selection has risen from 26% on 2001 to 57% in 2013. They project this will continue to increase to 75% by 2020. Talent selection is not just for big business. This “Big Data” approach adds value at affordable rates even for small and medium sized businesses.

These self-help business books only stay on the best seller list because people continue to buy them. It follows that people must be buying them to want to solve these problems within themselves. Business leaders and employees alike are looking for ways to improve their relationships with each other in order to drive more successful business outcomes. The next step is to make the right investments to improve company odds for realizing that success.

Are you ready to invest in your talent?

The Oval Group has been providing talent insight to individuals and business leaders for over 10 years. The Oval Group is an authorized supplier of TTI Success Insights® talent assessment, a world class developer of talent selection tools that have been proven to dramatically reduce bad hires and enable improved employee engagement.

Want more info on this topic? Watch the webinar with The Oval Group we recently hosted. You will learn…  

  • The true financial impact bad hires and disengaged employees can have on your Pharmacy
  • How to increase employee collaboration, engagement, and productivity
  • 5 key steps to diagnose and repair employee related issues
  • How some PDS Pharmacy member teams have benefited from one of the tools discussed
  • How using science can solve employee problems and grow your business

 

5 Ways to Build a High Performing Pharmacy Team

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One of the biggest advantages of managing employees at an independent pharmacy is the flexibility to design a personalized pharmacy team. In fact, a well-managed, high-performing team will produce better business results.

But how does one build a team of high performers?

Effective communication is an essential part of effective team management. Better communication facilitates more streamlined operations, and helps eliminate time-wasting activities because everyone understands what is expected of them.

Pharmacy owners must shift the focus of their employees towards achieving business goals, personal accountability and top-notch customer service. Your customers and employees will all be happier thanks to this approach.

Here are some important tips for turning individual pharmacy workers into an impressive high-performance team:

 

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1. Effective Time Management

Start by analyzing the duties of each team member. For a thorough and accurate analysis, it is best to do this without following the workers around like a shadow. Simply observe what they do throughout the day, and ask them about their duties. Ask these questions about different tasks to determine if they are essential:

  • What would happen if this task were removed?
  • Are there more benefits or disadvantages for changing this process?
  • Is there any way to simplify this task or process?
  • Are there too many people working on the same tasks?
  • Are technologies available to make this process simpler?

Never make a change that compromises quality, service or accuracy in filling medications. When time-wasting tasks are cut and duties are clearly outlined for each team member, assignments will be finished faster. The day-to-day nature of the pharmacy business can be unpredictable, but implementing a time-management plan will make fluctuating volume demands easier to navigate.

 

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2. Set Clear Business And Performance Goals

Every independent pharmacy owner should have specific goals. Setting daily goals for managing time, completing tasks or hitting a specific sales target can be a great way to help your team stay focused. Communicate these goals with your team members using a central shared bulletin board or an electronic system for better clarity. Hold regular meetings to evaluate progress.

3. Motivate With Incentives

When most independent pharmacy owners think of incentives, they think of cash bonuses. These are not always necessary. Weekly rewards such as a free bottled beverage and a protein bar could also do the trick to reward behaviors inexpensively. Consider offering gift cards, an extra vacation day or a credit voucher for in-house purchases to the best-performing worker on your team for each quarter. Simple recognition tactics such as paper awards, thank-you notes and a program for honoring the top employee of the month, can help boost morale and encourage quality work.

4. Rethink Training Strategies

Are staff members effectively trained when they are hired? Examine pharmacy training materials and methods. If there are processes that seem ineffective, remove or replace them. Ask your seasoned team members to suggest improvements for new employee, team training and development plans. One of the most important elements to incorporate throughout training and beyond is a collaborative culture.

 

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5. Create A Team Culture

pharmacy success stories have a positive culture of teamwork, which translates to increased efficiency and improved ROI. Though building a strong team is not a one-time activity or a box you can check off. The process itself takes time and work, and maintaining it requires a team-oriented workplace culture.

If a pharmacy has several employees and a few departments, it’s a good idea to designate leaders for each. Then encourage team leaders to strengthen their sub-teams and support one another. It can be helpful to have regular “all team” meetings where workers praise one another for their efforts.

High-performing pharmacy teams are worth their weight in gold. Pharmacy owners have the power to create a positive and collaborative store environment that makes for happy customers and better results.

Would you like to learn more about building and leading a High-Performance Team? Let’s talk!