What Is Pharmacy Business Coaching?

The Green Bay Packers and Vince Lombardi. The Dallas Cowboys and Tom Landry. The New York Knicks and Phil Jackson. Even the best professional athletes in the world have coaches they rely on to keep them at the top of the game. Did you know that independent pharmacy owners need coaches, too?

Working with a team of the nation’s top pharmacy experts and mentors is the best way to improve every area of your business. Pharmacy business coaches possess the expertise that pharmacy school doesn’t teach you – they are experts at running a successful business from managing staff to balancing budgets and finding profit opportunities. They have worked with some of the most successful pharmacy owners in the country, so they know what works for industry leaders and they understand the challenges you face.

Working with a business coach is like adding an ivy-league educated, 6-figure salaried professional to your team. Here are four reasons you need a pharmacy business coach:

1. Access Proven Solutions

An experienced business coach has seen it all – the good, the bad and the truly terrible. The wisdom that comes from years of working in the independent pharmacy industry is indispensable. While you may be new to certain situations, the chances are that your coach already knows a solution to get you through difficult times quickly.

2. Strengthen Your Team

According to coachfederation.org, working with a professional business coach increases time management by 57% and boosts overall work performance by 70%. Those numbers will benefit every area of the pharmacy from the owner to the cashier. Gaining expertise from a business coach specializing in independent pharmacy allows you to leverage outside skills to strengthen your team.

3. Increase Profits

Analyzing financials is often the most challenging part of running any small business. Pharmacy owners are at an increased disadvantage, because financial planning is not typically included in pharmacy school curriculum. One of the many advantages of working with a business coach is that they can help you develop a budget, price new services and find holes that are draining your cash flow. You will be able to ask any financial question with the confidence that you will find support in making the smartest decision for your pharmacy.

4. Create a Positive Team Culture

Your coach will provide tools that will enable you to build a culture of mutual trust and support in your organization. From interpersonal communication to conflict management, the leadership skills and knowledge you gain will allow your pharmacy to run like a well-oiled machine. Building a great team culture is paramount to your pharmacy’s success. In fact, 72% of small businesses that employ a professional business coach report improved communication and leadership skills.

It can be difficult to see all of the different ways to tackle a problem by yourself. Your business coach is a great sounding board and a creative thinker who will help carry your daily efforts through to completion. Working with a business coach puts an advocate in your corner every step of the way along the road to success.

If the best professional athletes in the world need to work with a coach, why shouldn’t you? To learn more about pharmacy business coaches and how they can help you, arrange a meeting with a PDS business advisor today.