PHARMACY CASE STUDY
Diversifying for Success
Sweetgrass Pharmacy
Multiply PDS Investment, Making Life Easier, Business More Valuable
Location: South Carolina
Years in business: 5
Growth Through Goal Setting (and Diversifying!)
Every year since inception, Cynthia has sat down and written out one or two major goals for the new year. One year the focus was on compounding. Another year they focused on their regular retail section. Cynthia dove in and figured out how to make the most out of the prescriptions they were doing, whether it was with therapeutic optimizations or finding different wholesalers.
This past year Cynthia focused on OTC. It was the one focus she hadn’t done yet, and it made sense that it would be the end of her attention if she’s going to go down the list of things to grow in the business. “OTCs really aren’t super profitable typically; Band-Aids, Advil, some Epsom salts, it’s not how you’re going to pay the bills. So, when I decided to focus on OTCs for 2019, CBD and vitamins were the top of our focus. We’ve really been able to grow that area of our business.”
“Just in 2019, we sold over $215,000 worth of CBD products,” she says with excitement. Cynthia has one employee that is considered their in-house CBD expert. They’ve advertised it more, and she spends a lot of time vetting different companies to make sure she’s putting high-quality products on her shelves. She’s very hands-on and feels it’s a prerequisite for being a successful and honest business owner.
