There is no shortage of options for owners looking to impact pharmacy growth. Successful independent pharmacy owners must maintain a balance between growing profits, investing in the business, and managing operational cash flow. This formula is not new. However, in light of significant industry shifts and stringent regulations; the balance is more challenging to achieve. Success is a matter of surrounding yourself with the right team in an environment that will cultivate pharmacy growth. The PDS Super-Conference and premier sponsor Live Oak Bank are the solution partners you need to establish successful programs and unlock capital for your pharmacy.
In an industry where large competitors have unlimited access to funds, and you need capital to implement essential profit programs; where do you start?
Step 1: Know Your Pharmacy Market
Understanding where your profits are coming from is the first step in taking your business to the next level. Passively waiting for the next prescription to walk through the door does not work anymore. The waiting game will not keep you operating at full potential. Actively targeting the most profitable aspects of your business keeps you on top of market conditions and prepared to adjust course in the face of changes.
Step 2: Managing Pharmacy Cash Flow Effectively
Cash is king, we all know it. Your pharmacy should have enough cash flow to reinvest back into your business and employees from marketing to new equipment, all while maintaining salaries and keeping the lights on. Mismanagement of or inattention to cash flow will limit how far you can take your pharmacy. It affects how banks look at you when applying for loans, and your ability to scale successful initiatives.
These are just a few of the tips that we cover with independent pharmacy owners at the Annual PDS Super Conference. Our goal is to provide owners with the tools and solutions to establish a solid foundation, kickstart pharmacy growth, and provide ongoing support you navigate the industry in the coming year.
Live Oak Bank is one of the largest investors in community pharmacies in the industry and has provided nearly $750 million in loans since 2010. They provide funding and packages to address all of your pharmacy needs.
- Quick loan closes – approximately 47 days
- Favorable terms with low-interest rates
- Low equity requirements
As your dedicated solutions partner, Live Oak Bank can assist your pharmacy with everything from facilitating prescription file purchases and software solutions to streamlining improved inventory management. As a major sponsor of #PDS2017 Live Oak Bank will be in attendance, making it the perfect time to stop by their booth and learn more about their loan capabilities, low-interest rates, and equity requirements.