The 5 Critical Elements of Effective Pharmacy Goals

Goals. We all know that they’re important, especially when running a successful business. But, how do we go about actually creating them? The process can be tedious, daunting, time-consuming and an overall challenging process for many independent business owners.

Regardless of the never-ending demand for your time as the chief of your pharmacy, dedicating the time and mental space to defining and outlining the goals you have for your pharmacy is vital.  Having effective goals help you prioritize the day-to-day business that happens around your store. These goals should drive revenue, increase staff and customer satisfaction, and ultimately make you successful. Not sure what makes a goal “effective”? Read on.

Your Goals Should Be: Specific

For goals to be effective, they have to be specific. When you set your goals, you must define the desired outcome expected from reaching each goal. For example, if you want to grow your pharmacy, a specific goal might be, “I want grow my pharmacy by hiring three new staff members by the end of 2022.” Goals should be succinct and phrased in no more than two sentences. They should establish what you’re trying to do, how you’re going to do it, and why you want to do it.

Your Goals Should Be: Measurable

Your goals should always be framed in definitive terms. Avoid using words such as “hope,” “try,” and “should” when setting goals for your pharmacy, as those terms give you too much wiggle room. As human beings, we’re much better at approaching tasks when they’re defined specifically. Instead, use words and phrases such as “will” and “are going to.” Also, include specific measurable numbers in your goals. Rather than saying “In 2022, I will increase my OTC sales,” take it one step further and say “In 2022, I will increase my OTC sales by 25%.”

Your Goals Should Be: Attainable

Although you want your goals to be challenging, they should still be realistic. If you currently have two staff members, saying that you want to hire 20 employees by the end of the year may not be a possibility. Don’t take the challenges too far, and make sure that you can realistically implement your plans. Otherwise, you will exhaust yourself and your team before you see your goals through to completion.

Tip: While everyone loves a good challenge; asking your team for something unattainable will hurt morale.

Your Goals Should Be: Relevant

When setting goals, it is important to make sure that your goals align with your pharmacy’s values and long-term objectives. Collectively, all of your short-term goals should be relevant to the overall vision you have for your business.

Your Goals Should Be: Time-Based

While nothing is written in stone, it is important that you put time parameters on your goals. By doing this, you help keep yourself accountable, and can better prioritize your daily activities in order to meet your goals on time. As with the goal itself, make sure you give yourself an ample amount of time to actually achieve your goals. For example, if your goal is to increase foot traffic in your pharmacy, your goal might be, “In the next 12 months, I will increase foot traffic in my pharmacy by 15%.”

Ensuring that your goals are specific, measurable, attainable, relevant, and time-based will give you the foundation for working towards your ultimate goal of growing your pharmacy business. By establishing parameters around your goals, you will be able to evaluate your progress and keep yourself on track.

Looking to implement goals in your pharmacy but don’t know where to start? Be sure to check out our upcoming webinar on January 13, 2022 at 7 pm EST as we discuss strategically setting goals for your pharmacy business.

Register Today: Proactively Planning the Future of Your Pharmacy