Pharmacy Growth Strategies Archives

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5 Ways to Make Your Pharmacy Customers Love You

November 27, 2015/0 Comments/in All, Pharmacy Growth Strategies/by pdsmarketing

Customers are paramount to the success of your pharmacy business. For this reason, going the extra mile to earn your customers’ devotion should be a top priority. Doing the extra work to make sure your customers love your business can set you apart from your competitors, increase loyalty, boost sales and build relationships that can last a lifetime. Follow these five tips and you will have customers buying from you again and again.

Create Opportunities That Benefit Customers

Create opportunities for the customer to buy, rather than opportunities for you to sell. The greatest compliment you can receive from your customers is “I just love coming in here.” That will only happen if they feel like you are providing them with value, not tricking them into boosting your profits. An excellent way to do this is to develop a strong method of cross-selling and upselling for all of your products.

Have Meaningful Conversations

Do you take the time to have meaningful conversations with your customers? Make building the relationship more important than making the sale. Address your customers by name, and tell them your name at the very beginning of your interaction. Talk to your customers as you would a friend or family member, and they’ll treat you like one in return.

Treat Your Customers Right

Running a pharmacy that customers love doesn’t necessarily mean that you have a perfect operation. It means you will give customers a reason to stay if an honest mistake has been made. When you encounter an unhappy customer, deliver a sincere apology, describe how the issue will be corrected and then deliver what you promised. Studies show that happy customers who get their issue resolved tell 4 to 6 people about their experience and 58% of those people report telling their friends about bad experiences as well. Which type of word-of-mouth advertisement does your pharmacy need?

Send Thank You Notes

If your pharmacy has yet to set up a thank you note program, do so now. These can be sent for no other reason than to show your gratitude for their continued patronage. You can use handwritten cards as a personal way to send out congratulations on a new baby, check on someone when they’re released home from the hospital, or follow up with a customer who has not visited your store in a while.

Communicate Upcoming Changes

A major change can be disruptive to regular customers. Alert them ahead of time to large scale changes like a new billing system, different product availability, or new hours of operation. It is crucial to tread lightly when making changes to your products and services, because customers become accustomed to the status quo. If you receive a lot of negative feedback when you announce a change, make sure you listen.

Studies show that as many as 89% of consumers will take their business to a competitor following a poor customer experience. If your customers don’t love visiting your pharmacy, you risk losing them. Businesses are built around the customer experience, but it’s easy to forget that as you run your pharmacy’s daily operations. These five tactics will help improve your customer experience and build a pharmacy your customers simply love to visit.

Pharmacy ownership is constantly evolving and the best way to make sure you remain ahead of the curve is to attend the industry’s main event. You will network with like-minded industry professionals and learn about every significant change to pharmacy ownership at the PDS Together Toward Tomorrow conference.

Happy Thanksgiving from PDS!

November 26, 2015/0 Comments/in All, PDS Super Conference/by pdsmarketing

At Pharmacy Development Services, Thanksgiving is an action word. In this time of gratitude, we are thankful for so many wonderful things!

First and foremost, we are thankful for the great opportunity to lead our devoted community of pharmacy members on their path to success. As John Quincy Adams once said, “If your actions inspire to dream more, learn more, do more, you are a leader.” We truly appreciate our members and the confidence you have placed in us.

We are thankful for our team. Throughout the years, we’ve developed strong bonds with each other and in this process, we have grown tremendously – both professionally and personally. By organizing priorities, setting realistic goals and motivating each other, we’ve developed a strong sense of accountability and created a great culture that inspires and leads independent pharmacy owners across the country.

We are thankful for the leading industry partners that propel our members’ businesses into successful, high-profit organizations, capable of implementing solutions to better serve their communities and reap the rewards of pharmacy ownership.

We are thankful for the economy that continues to improve, allowing pharmacy entrepreneurs to have the ability to pursue their dreams, which not only supports our efforts but also the economies of many local communities that our members serve.

We are thankful that the pharmacy industry continues to motivate us to be the best in our field by continuously evolving and presenting challenges that help us determine successful business strategies that propagate success for many independent pharmacies.

We are thankful for you, the Pharmacy Enterpreneurs who inspire us every day to forge the change needed to keep the industry moving. Through your courage to wake up every day to serve your communities, you keep us striving to fight for an industry that we want, rather than the industry that is given.

Together, we can make 2015 the best year of pharmacy and together, we can pave the way toward tomorrowWe wish you a lovely Thanksgiving and a joyous holiday season!

What are you grateful for this Thanksgiving? Let us know in the comments!

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Interested in learning more about how we can help your pharmacy grow? We are happy to offer an advice!

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5 Ways to Enhance the Retail Experience in Your Pharmacy

November 24, 2015/0 Comments/in All, Pharmacy Growth Strategies/by pdsmarketing

5_Ways_to_Enhance_the_Retail_Experience_in_Your_Pharmacy_.jpg Too many pharmacy owners focus solely on the prescription side of their business and fail to put enough effort toward boosting retail sales. If you fall into that category, you are missing a big opportunity for extra revenue. Whether it’s suntan lotion, vitamins, diapers or snack foods, your retail section is often the most memorable area of your pharmacy. Make sure your customers have a positive experience by following these steps:

Engage With Customers Immediately

Greet customers with a friendly smile and a unique greeting as soon as they walk in the door. We have all visited businesses where the greeting felt scripted and forced. Don’t micromanage your staff’s reception techniques, but make sure they are welcoming every person who walks in the door. After the purchase, make sure everyone gets a “thank you” and a “goodbye” on the way out. A simple smile and acknowledgement will go a long way in providing a quality retail experience for your customers. Customer engagement starts and ends at the front door.

Make Your Pharmacy Kid-Friendly

Kids influence $1.2 trillion of purchasing dollars every year, so it makes sense to serve the children whose parents are making those purchases. Place a small table in a corner of your pharmacy filled with toys or crayons and paper, so children can entertain themselves while parents shop and wait for prescriptions. Keep all sharp, breakable and poisonous items high on the shelves. You may also want to consider offering kid-friendly programs, like a free children’s vitamin program

Put Relevant Products Together

Do not allow your valued customers to wander around the store looking for what they need. In many cases, a staff member will not be available to assist in the search and some customers will leave unsatisfied. Make sure that the layout of your retail space is intuitive. For example, someone who needs to purchase cold medicine is probably also looking for tissues even though those aren’t the same type of product.

Ask for Customer Feedback

Encourage your customers to provide feedback, so you know exactly what products they like, what they don’t need, and what they would like to see on your shelves in the future. When customers provide your company with feedback, implement the ideas that can improve their experiences. The more you take their input into consideration, the better experience you can create for them.

Offer Easy Payment Options

Let your customers pay in ways that are convenient for them. That may mean accepting as many credit card companies as possible, allowing them to pay online before they arrive, or even installing micro-fencing technology so they can pay without pulling out their wallet. With constant technological advances, businesses have a variety of ways to instantly transform the way their customers interact. Many millennial customers would rather use Apple Pay or a similar method than traditional cash or credit options, so keep this in mind when trying to attract the younger demographic.

Following these five steps will inevitably enhance the retail experience for every customer who visits your store. It will help increase your customer base and result in higher profits. Are you aware of every possible way to increase profits in your pharmacy business? We would like to offer a free business assessment where one of our business advisors will help you identify new niches and programs you can implement to improve your business.

4 Ways to Grow Your Pharmacy Without Selling

November 19, 2015/0 Comments/in All, Pharmacy Growth Strategies/by pdsmarketing

Not every business owner, and certainly not every pharmacist, is a natural-born salesman. Finding opportunities to sell products to every patient who visits your store can be awkward, but you have to constantly sell to increase profits, right? Maybe not. In reality, there are several effective strategies that will allow your business to grow without pharmacists engaging in uncomfortable sales tactics. Let’s take a look at four proven strategies that will allow you to build your pharmacy business in other ways:

1) Increase Prices

A small uptick in prices could translate to a big profit increase at the end of the quarter. If you haven’t taken a close look at your pricing strategy in awhile, you’re probably missing a big opportunity. When compared with your competitors, you may find that many items are underpriced. Remember, low prices are not the only thing your customers care about. Personalized, top-quality care is your competitive edge. Many customers will not noticea small price increase and those who do will remain loyal to your exceptional customer service.

2) Add More Available Products

Many pharmacy owners focus too much on gaining new customers and miss the chance to maximize untapped potential with current patients. Building trust is the most nerve-racking, expensive and time-consuming portion of any sales process, but you have already overcome this barrier with your current customers. The smartest strategy for increasing pharmacy sales is to offer more to your existing customers, which is also known as cross-selling. Keep an eye on your inventory to make sure you carry related products that are in-demand. Make sure your staff is trained to recognize cross-selling opportunities and recommend additional products when necessary.

3) Grow Through Acquisitions

Depending on your pharmacy’s financial situation, you may consider buying out a small competitor rather than working to gain their customers in other ways. If pharmacies in your area are struggling and selling at relatively low prices, then growing your business through acquisition could be a very viable strategy. If this idea sounds overwhelming to you, PDS can help

4) Simplify Your Products

If you are running regular reports, you may quickly find that some of your products and services are actually costing you money. Eliminating items that are costly, hard to sell or expire too quickly will increase your profits in the end. Taking the time to replace unprofitable products with better options is a worthwhile investment.

If selling isn’t your forte, but you are looking for ways to grow your pharmacy business, don’t worry. Keep your eyes open for pharmacy acquisition opportunities. Remove unprofitable products and add inventory that will increase cross-selling. Effectively managing products and prices can increase your pharmacy’s profits exponentially.

One of the best ways to identify new growth opportunities is to connect with other like-minded independent pharmacy professionals. This industry is different from many others, which is why networking with other owners and learning about the future of pharmacy is so vital to your success. The PDS Together Toward Tomorrow Conference is held annually to unite pharmacy owners as we pave the way toward a better tomorrow.

Learn more and reserve your seat today

How Connecting With Pharmacy Owners Can Help Grow Your Pharmacy

November 3, 2015/0 Comments/in All, PDS Super Conference/by pdsmarketing

Connecting with other pharmacy owners is the single most important marketing and business ownership tool available to any pharmacy entrepreneur. Relationships are the catalyst for success. When you build a strong network of like-minded professionals around you, you will be amazed at the progress you can make together as a group. Building strategic, impactful relationships is completely free and getting started is easier than you think.

Get Business Cards

As a savvy business owner, you know the importance of networking, but you may not realize how influential your business cards can be. The quality of your card will leave a lasting impression on those who receive it. Purchasing quality business cards should be thought of as a critical investment, not an area to save money. Hire a professional agency and find a design that completely captures what you and your pharmacy are all about.

Practice Your Elevator Speech

When you attend a networking event, be prepared to deliver an elevator speech. A clear, brief synopsis about you and your business will allow you to communicate who you are and why you are at the event. In about thirty seconds, you will convey enough information to begin a conversation with your new contact.

Go to Industry Events

industry conference is a perfect opportunity to meet independent pharmacy owners just like you. It provides a unique opportunity to discuss best practices within the industry, learn about new programs and get advice from industry leaders who understand the challenges you face on a daily basis. You will gain a variety of viewpoints from other independent pharmacy owners and you will pick up new ideas to improve your current processes.

Enjoy Yourself

Connecting and networking with other pharmacy owners should be fun, not scary. If you are enjoying yourself, you will naturally attract others to you and the networking will feel much more organic. Many conferences include fun, informal events like lunch socials and happy hours, which are a prime opportunity to easily build new relationships.

There is no limit to how much your pharmacy may grow through networking. As the old saying goes, “it’s not what you know, it’s who you know.” When your network is constantly expanding, so are your chances of meeting industry experts, receiving valuable advice and learning new skills. If you are ready to make new friends and learn from the pharmacy industry’s absolute top leaders, we invite you to join us at next year’s Together Toward Tomorrow Super-Conference

At the conference, we will highlight new ways to grow your business through connection and innovation. We believe that although you are independent, you are not alone. Together, we can make 2016 the best year of independent pharmacy yet and pave the way toward a better tomorrow. Join us!

8 Mistakes to Avoid When Hiring New Pharmacy Employees

October 30, 2015/0 Comments/in All, Pharmacy Staff Development/by pdsmarketing

Hiring a new pharmacy employees can be both exciting and nerve-racking. Your business is profitable enough that you need help and can afford to pay for it, but do you know where to begin? Where will you advertise the new position? How much can you afford to pay? What questions should you ask during the interview? How will you know if a candidate is a good fit?

Even if you’ve done it a dozen times, the hiring process can be a little daunting, but there are surefire methods to make the process run smoothly. Here are 8 common mistakes to avoid when hiring new pharmacy employees:

1. Lack of Preparation

Your potential employee is prepared for the interview and you should be, too. Start by clarifying why you are hiring. Create a job description that includes desired outcomes and competencies that match your pharmacy’s needs. What skills or certifications are necessary for performing the job well and what skills are secondary? If you don’t think of this ahead of time, you may forget to ask important questions while meeting a potential candidate face-to-face.

2. Hiring Close Friends and Family

Use caution when interviewing and hiring friends and family of your current staff members. Remember that even if a candidate is someone you know personally, the same standards for interviewing, hiring and training should apply. Hiring qualified staff to fill a specific role is the first step to building an effective pharmacy team. Selecting an employee based on a personal relationship can be a big mistake.

3. Asking Prohibited Questions

You wouldn’t intentionally break the law during an interview, but it could easily happen if you haven’t been trained in human resources protocol. Some questions related to age, marital status, ethnic background or religious choices may come up naturally in conversation but can create a legal nightmare down the road. To avoid this, make a list of interview questions in advance, ensure they are compliant with the law and stick to your list during the interview.

4. Failure to Conduct a Background Check

When hiring pharmacy employees, trusting your instincts alone is a very dangerous practice. Carefully review the candidate’s resume and check their references before extending an offer. Search online for arrest records and double check their educational certificates. Investing the time necessary to call previous employers can save a lot of trouble down the road.

5. Too Few or Too Many Requirements

For best results, maintain a list of hiring criteria between about six and eight factors. Using less than six elements will make it difficult to eliminate unqualified candidates, while using more than eight requirements will make it difficult to find candidates who meet your standards. Finding the right balance of qualifications will allow you to develop an excellent pool of candidates to choose from.

6. Using Your Own Example as a Template

You’ve done a great job running your pharmacy, but that does not mean you should look for staff with the same traits to fill every role. When using yourself as a model, objectivity is lost and your vision is skewed. Using your own profile as a template for hiring is a major mistake that will result in personality conflicts and incorrect hiring.

7. Lack of Follow Up

An unprofessional hiring process can impact your reputation as a business. In some cases, you may decide to follow up with everyone who applies for a position, even if they are not selected for an interview. Regardless, following up with those who attend interviews should be mandatory. Providing honest and meaningful feedback as to why the person is not a great fit for the position will help them conduct a more productive job search. It will also help you, as a business owner, to build a positive and professional image in your community.

8. Drawing out the Application Process

Don’t assume that your candidates will wait a long time to hear back from you. If a potential employee is actively engaged in a job search, one or two weeks can be too long between rounds of interviews. While you are interviewing other applicants, your most outstanding candidate could be hired elsewhere.

Avoiding these eight mistakes when hiring new pharmacy employees will save precious time and money. If you are interested in learning more about hiring and training an outstanding pharmacy team, watch our free webinar, Hiring Your Best Pharmacy Team

How to Mine Your Pharmacy’s Database to Increase Sales

October 29, 2015/0 Comments/in All, Pharmacy Growth Strategies/by pdsmarketing

What if you could find a brand new way to increase profits using the information you already have? Believe it or not, you can easily find sales opportunities by investing minimal time to mine your pharmacy’s database. Here at Pharmacy Development Services, we train our member pharmacies to use a program called Profitability Pathways. It is a system that shows the pharmacy team how to tap into existing niches based on specific disease states. With this program, pharmacy staff will learn how to anticipate patient needs and identify ways to convert low-profit patients into high-profit opportunities.

Step 1: Run Software Reports

To get started, you will need to use your pharmacy computer’s software to run seven different reports. Running all of these reports will allow you to confidently make decisions based on data, instead of a gut feeling or a guess. These seven reports include:

Highest Profit $ Drugs
Highest Profit % Drugs
Highest Profit Doctors
Highest Profit Insurance Companies
Top 20 Drugs Filled
Margin Over $40
Daily Money LOSS Report

You may find that your customers are looking for different items than what you thought you needed to focus on selling them. On the other hand, the data could reveal that a particular insurance company is much more profitable than you realized. The reports will provide data that can guide your next steps as a business owner.

Step 2: Look for Trends

You may find commonalities in your customer base that need further examination. Are many of your patients being treated for the same disease? Do you have a large number of geriatric patients? Do you have a high number of female patients? As you identify trends in your database, you have two options for determining growth opportunities – disease-based pathways or prescription-based pathways.

Option 1: Disease-Based Pathways

If you find that many customers are older, you may want to focus on diseases that typically affect aging people like arthritis or high cholesterol. Perhaps you have a much larger demographic of female customers and decide to concentrate on women’s issues like menopause treatment. Choose and create Profitability Pathways for popular diseases based on the services you provide. It’s up to you!

Option 2: Prescription-Based Pathways

Examine the most profitable prescriptions in the pharmacy and begin creating Profitability Pathways to increase the number of fills. You may find that a particular drug or group of drugs is extremely profitable and decide to focus on those instead of a disease. If you identify that a specific diabetes drug is extremely profitable for you, you may decide to focus on increasing sales in that area instead of focusing on diabetes as a whole.

After running reports and analyzing trends, you will be ready to move forward with new techniques to increase sales. By mining your database, you will be able to use solid data to identify patient needs. Your team will be able to recommend supplementary products, programs and services to support patient care and increase revenue.

Don’t miss the opportunity to increase customer trust, while simultaneously boosting profits. Are you interested in finding new ways to increase profit? If so, register for a free pharmacy business assessment now. PDS Business Advisors are available to help pharmacy owners discover new ways to improve their independent pharmacy businesses.

9 Steps to Optimize Pharmacy Staff Performance

October 28, 2015/0 Comments/in All, Pharmacy Staff Development/by pdsmarketing

Staff productivity is critical to any business, especially independent pharmacy. As a business owner, you may be confident about your own daily productivity, but what about your staff? Are you positive that you are getting maximum results for what you are paying them? Below are some of the things that you should be doing to improve your pharmacy staff performance:

1. Properly Train New Hires

The road to effective pharmacy staff is paved by smart hiring and training practices. The best employees are trained correctly and promptly from the beginning of their employment. It is important to maintain some uniformity. Each staff member should be provided with the same tools and expectations from day one.

2. Continuously Monitor Performance

After new employees complete a thorough training, the owner or manager should follow up regularly to provide performance feedback. It is important to put quantifiable measures in place and then review them at regular intervals. In many cases, business owners choose to conduct reviews every quarter. Whether the process is formal or informal, it is important for staff members to know that you will monitor them continuously.

3. Provide Motivation by Rewarding Performance

It is human nature to display better performance when oneis feeling happy, motivated and supported. To get maximum productivity from your staff, set up programs to motivate them. In addition to or instead of financial compensation, you may choose to reward your team with gift cards to their favorite restaurants or e-commerce websites. Do not underestimate the power of small gestures like handwritten thank you notes or public recognition for a job well done.

4. Set Reasonable Guidelines

Every business needs a set of guidelines for employees to follow and your pharmacy is no exception. It is important to set forth a group of carefully thought out rules without condescension. Remove any rules that are archaic or unnecessary and you may see an increase in workplace morale and productivity.

5. Make Work Fun

Nothing ruins productivity like feeling burnt out. In order to prevent burnout, make sure you allow your staff to have adequate time off to spend with friends and family. As a business owner or manager, you can make work more enjoyable by planning team building activities. Organize a team dinner or a family field day. Take the opportunity to reward staff and invest in their professional growth by sending them to out-of-town industry events

6. Manage Conflict Immediately

Personality conflicts, miscommunications, and misconceptions are inevitable in any workplace, but your employees will be unable to maximize their potential if they are distracted. As a manager, you have a responsibility to provide a positive workplace environment by effectively managing conflict as soon as it arises. When employees feel like you have their best interests at heart, they will be able to function at their highest level.

7. Maintain Open Communication

Communication is key in any relationship, including business. You cannot hold a staff member accountable for what they have not been told, so effective communication is critical to pharmacy business success. All of your employees need to know exactly what is expected of them and who to speak with when they encounter challenges.

8. Monitor Computer Usage

The computer is one of the most beneficial resources ever added to the pharmacy industry. We use the internet for research, billing, marketing, record keeping and more. However, computer and internet usage can squash productivity when not managed properly. During the new employee training process, be sure to set parameters for the use of company computers.

9. Offer Flexible Schedules

Some of your staff may be early risers who are most productive in the morning, while others would prefer to work an evening shift and stay up late. Your business may require an overnight shift for stocking new products, but that shift will not be appropriate for everyone. Find a way to schedule your employees during a time that is best for them. Scheduling an employee at a time when they are naturally most productive will help optimize performance.

Motivating a staff with diverse skills and talents can be challenging, but following these nine steps can help ensure that you get the best possible performance from each of them. If you’re looking for more ways to increase your pharmacy’s profits and optimize staff productivity, we would love to help. Among other things, our business advisors are specially trained to help you empower your staff, improve store culture, identify new niches and implement new programs. Click here to request a free business assessment

3 Ways Networking With Peers Can Revolutionize Your Pharmacy Business

October 23, 2015/0 Comments/in All, PDS Super Conference/by pdsmarketing

Many sacrifices are required along the road to revolutionize your pharmacy business. You probably feel like no one can quite understand how much your business means to you, but what if someone could? There would be camaraderie, idea sharing, support and a place to go for advice.

As an independent pharmacist, it’s easy to discount the fact that you are part of a large, impressive community, which is why networking with peers has proven to be an invaluable tool for thousands of pharmacy owners just like you. Investing the time to attend industry events is certainly worth it in the long run.

Here are the top three reasons you should make connecting with peers a priority:

1. Generate New Ideas

Networking with others is a great way to develop new ideas and gain feedback on ideas of your own. When you spend time with industry leaders, you have the opportunity to eliminate trial and error by hashing out your plans with those who have already implemented similar concepts successfully. Taking advantage of the opportunity to network with other pharmacy owners could save you countless dollars and hours.

2. Gain Emotional Support

Networking is more than just talking. When done right, you are building a community of people who support each other in good times and bad. Speaking with a peer who understands your challenges will provide extra motivation and encouragement when you need it most.

3. Acquire Valuable Business Advice

Owning and operating a pharmacy is not easy. And while you are an expert on the pharmaceutical side of your business, the financial side can be confusing. If you didn’t take business or finance classes in school, you may be taking unnecessary risks by learning as you go. Whether your synchronization program is requiring too much manpower and needs to be simplified or you are in hot water financially, enlisting support from other owners who understand your challenges will surely have positive results.

Nothing can replace a face-to-face networking experience, which allows for new opportunities, unbreakable bonds and a rejuvenated outlook. Pharmacy owners who attend the annual PDS Super-Conference have reported that it is “a breath of fresh air” and will expose you to “more actionable recommendations than all other industry events combined.” To start connecting with like-minded independent pharmacy owners, register now for the PDS Independent Pharmacy Super-Conference: Together Toward Tomorrow

Five Reasons 8 out of 10 Businesses Fail

October 21, 2015/0 Comments/in All, Pharmacy Growth Strategies/by pdsmarketing

8 out of 10 Businesses Fail- Don’t Let Your Pharmacy Be One of Them!

According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. We know that businesses fail when they run out of money, but there are many reasons why difficult times can result in a business closing its doors. Understanding why 80% of businesses crash and burn will help prevent the possibility that your pharmacy could become part of that statistic.

Here are five different factors that can contribute to a pharmacy business failure:

1. Leadership Breakdown

Some small business owners self-sabotage by not placing enough emphasis on the development of leadership and business planning skills. Your pharmacy depends on you to succeed. If you lack the ability to relate well with other people and motivate your staff, you will need to gain the necessary skills or hire an experienced, talented manager. If pharmacy accounting is not your forte, take a financial leadership course or hire a professional. Recognize areas where you need to invest in your own skills or need to hire someone to fill a role you are not able to, is an indispensable element of successful pharmacy ownership.

2. Ignoring the Customer Voice

Your patients hold the keys to your success, so running a profitable pharmacy begins with listening to their opinions and meeting their needs. When an entrepreneur sees a potential opportunity or dreams up a new idea, they often retreat and stop listening to their customers and staff, but pharmacy marketing needs to be a conversation, not a one-way monolog.

3. Lack of Differentiation in the Local Market

In one sentence, can you verbalize what differentiates your pharmacy from the competition? If you can’t, it’s critical that you figure out why your pharmacy is special and market that value to your community. Whether you offer a service others lack, like a medication synchronization program, or cater to a niche group of patients, make sure your local neighbors know why you are different and better than others.

4. Failure to Communicate Value

Do you know how to communicate your pharmacy’s value to your target audience? Many entrepreneurs work hard to discover a point of differentiation, but fail to communicate their message in a clear, concise and compelling manner. Listen to what your customers are telling you and speak their language.

5. Inability to Generate Dependable Revenue

At the end of the day, your pharmacy needs to be making money. Independent pharmacies need to move quickly while conserving cash to find their piece of the local industry pie. Don’t be afraid to make mistakes and bounce back quickly. The inability to turn a profitable business model into profitable revenue is a recipe for independent pharmacy disaster.

Being aware of the five primary reasons for failure is the first step toward preventing them. Develop your skills as a leader, listen to your customers, know your value and how to market your business, and work hard to locate dependable sources of revenue. There is a plethora of information available to pharmacy owners who want to get started and need guidance. Contact a pharmacy business consultant or begin by watching our On-Demand Webinar “Leadership on Fire”. You will pick up a few tips on pharmacy leadership that can be implemented immediately.