From Practice to Pro: Keep Your Pharmacy Winning
From Practice to Pro: Keep Your Pharmacy Winning
The road to achieving success is filled with hard-fought lessons, picked up along the way. Pharmacy school gave you formulas and drug interaction information, but left out the nitty-gritty of what you need to run a successful business.
This post won’t provide tips for filing claims or walk you through optimizing your pharmacy’s Comprehensive Medication Review template. Yes, that type of information is crucial to running a pharmacy business. However, we are focusing on some commonly overlooked pharmacy business principles from our keynote speaker, Earvin “Magic” Johnson that, if applied regularly, will keep your business winning in the game of independent pharmacy.
Learn From Your Competition
Your competition has something to teach you. Are you listening?
Let’s be clear: Here at PDS, we never believe other independent pharmacies are “competition.” We all learn from each other and benefit from our collective success. This fact is seen and felt clearly at the annual PDS Super-Conference. You must attend if you don’t believe us! Whenever we refer to any competition, we are referring to unfair fees, regulations, PBMs, and clawbacks that leaves pharmacies like you barely treading water and crippling growth. Regardless of whether you are playing a sport or running a business, there are many lessons to learn from the competition. Embracing a competitive culture will motivate you to push boundaries through innovation and course-correcting mistakes you otherwise would not have found if you hadn’t taken the time to assess the playing field.
Indie Pro Tip: PDS Member Vic Patel from Carolina Pharmacy — Arboretum recently bucked the idea that he had to operate under business as usual. Meaning, he was blind to how his pharmacy ranked among others his size. He is now taking a deeper dive into cash flow to plan for the future. PDS provided him with benchmarks for profit margins and conversions. “Prior to this, I had no frame of reference for the ‘average’ pharmacy of our size.” Now, Vic has trained himself to always be asking the questions: “What insurance is paying out better,” and “Where can we be more profitable?” Read more about Vic’s story here.
Formulate Your Mission from Passion
Do you have a mission-driven culture?
The concept of passion can be misleading. Yes, it’s important to do something you love, but we mean something a little less fervid. If you love working with people, develop a community health program for your pharmacy. If you are passionate about teaching others, focus your efforts on training and helping your team develop professionally. Passionate about business? You may be just the person to develop and implement new revenue initiatives. The point is that getting up every morning at 6 am to open your store may not set your soul on fire, but if you can find an aspect of your business that you are passionate about, it will come through in everything you do.
Is ‘surprise and delight’ a part of your business’ vocabulary?
Knowing your customer isn’t enough with the roadblocks in today’s pharmacy landscape, you have to overdeliver. This means you must go out of your way to show your patients the passion you have for serving them. The how of this will differ according to the strengths of your business, but there is one universal truth: over-delivering will keep customers and value their own experience with you.
Indie Pro Tip: Halethorpe Pharmacy, a PDS member store, was recently named “Best Pharmacy in the USA” from one delighted customer. The team at Halethorpe Pharmacy was greeted by a customer whose first language was not English. In spite of the language barrier, the pharmacy staff went to work, figured out what she needed and took care of her all the way through to the finish line. The team made such an impression, that several days after this customer’s initial visit, she came back to the pharmacy with the gift and note thanking the team for giving her the best care. The team at Halethorpe Pharmacy make it their mission to delight their customers whenever possible.
Conduct a Self-SWOT
Ask yourself “How can I improve?”
Successful business owners know the value of conducting a SWOT against the market. A SWOT Analysis is a powerful, yet simple tool business owners can implement to discover their greatest Strengths, Weaknesses, Opportunities, and Threats (SWOT). Never conducted one? Not to worry, we have a free template for you to download and work on with your team! Trust us, once you take a deep look at yourself to learn more about how you can improve for your business and your team, the opportunities will come flooding in.
Want to see Earvin “Magic” Johnson in action at #PDS2018? He’ll be gracing the big stage and we couldn’t be more excited! Learn how to use the skills you already have to create a winning formula for successful business ventures. Click below to get registered today!