"The Successful Man is the One Who Finds Out What Is the Matter with His Business Before His Competitors Do." Roy L. Smith
You need to be singly focused on GROWING the PROFITS of your pharmacy, not mired in meaningless minutiae.
By focusing on strategies that are not in the traditional independent pharmacy repertoire and are outside the lines of just “getting as many patients to your pharmacy as possible,” you can get the job done.
We call these tools GROWTH STRATEGIES: a proven “renegade” system, together with processes that are singularly focused on growing and scaling your pharmacy profits. They are process, data, and results-driven so that you know EXACTLY what’s working in your pharmacy, and what’s not.
This sure beats doing what the others are doing, constantly reinventing the wheel, and not knowing what works and what doesn’t.
Or focusing on stuff in your business (such as creating the perfect logo or whether your website has the perfect shade of green in your header) that does not actually GROW your business—but simply distracts you from what you should be focused on: PROFIT GROWTH.
Cash Flow and Profits
That’s why renegade owners experience exponential growth in their pharmacies—while “normal” pharmacies are happy with just getting the same amount patients each and every month.
They are using their time to develop strategies and tactics to find ingenious, marketing-based avenues for growth that sometimes push the bounds of what “everyone else” does in their industry.
We’ve had clients grow their profits by 300%-400% year by year (instead of a paltry 1-2%) because they cut out all the noise and distractions and became singularly obsessed with their cash flow and profit growth. They are using methods, tools and best practices that simply don’t exist in the traditional independent pharmacy world. That’s why I, as The Pharmacy Sage, prefer to work with only three clients at a time.
These Growth Strategies allow you to:
Much of this strategy is easier than going through the constant never-ending slog of just finding new traditional patients. This is the hardest “swimming upstream” activity you can possibly do for your pharmacy—but thankfully, due to this profit growth strategy, you and your family are better off in the long-run. More money, and a better lifestyle.
Here Are Four Simple Steps You Can Take
How do you find the time do them? That’s what The Pharmacy Sage is all about.
Get our free report “The 3 Biggest Mistakes Independent Pharmacies Make, Continue to Make— And What You Can Do About Them.”
It’s all about giving patients different solutions…
If you want to increase your patient base and your profits, then decidedly differentiate your pharmacy. The people who see your marketing should realize that you are obviously different in every way, form, and manner, especially when it comes to relieving their aches, pains, and other chronic maladies.
And that’s the key! Be noticeably different to the degree that other pharmacies cannot compete with you. When you do, you create a niche of which you will own 100%!
And when your marketing messages clearly disclose how your products and services are so superior...click here to read my full article in The Pharmacy Times.
Your compensation is getting butchered by the insurance companies. Yes, your problem lies with the third-party payers; however, the solution lies with your business model.
It’s a fact: in one trading zone after another, where an independent pharmacy with the right business model, the right strategies, and the right marketing plan, that pharmacy has differentiated itself and risen above all others, so that it totally dominates the landscape. It totally DISRUPTS the marketplace. Meaning it can change patients’ buying habits in its favor. The longevity of such a pharmacy becomes markedly increased.
If you’re still filling traditional scripts, you’re probably experiencing what The Pharmacy Sage has been hearing from ever-so-many pharmacy owners day-in and day-out: “I’m having more and more problems paying the bills based on the monies the insurance companies are sending me!”
5 Key Questions
Finding answers to the following questions may be a very good starting point.
Those are tough questions. And I believe that, at the end of your workday, you can be pretty tired. Nevertheless, in order to change your future, you need to change your thinking— and actions. Perhaps setting aside a couple of hours on a Saturday or Sunday will give you the quietude and peace of mind to tackle this very important subject. More relaxation produces better results.
The Value of Marketing
If your pharmacy school taught you anything about business subjects, you would have learned that marketing is the only element of your pharmacy business that creates significant results.
The Pharmacy Sage has discovered that 99% of all independent pharmacies waste most of their marketing dollars for lack of this specific expertise. The other 1% brought in expertise from the outside. On average, $15,000 a year is wasted by each of some 14,000 independent pharmacy owners today. That’s $210,000,000 gone. Down the drain. Each and every year. Talk about a train wreck!
What they didn’t teach it you in pharmacy school about business, and especially marketing, is costing you a bundle.
Playing the same old game makes you a dinosaur. In fact, to be more profitable and capable of administering to patients the way you want, some changes need to be made, especially to your business model.
The short version is you need to offer more of what those with money are seeking: customized scripts (compounds) and higher quality nutraceuticals. With the right marketing, your messages will resonate and penetrate. And your cash register will ring.
In each and every trading zone, other pharmacies, both chains and independents, have struggled to compete with the one and only Wellness Pharmacy that understands this proposition and gets it right.
To find out more about how you can achieve this exalted status, you may want to get my new marketing report “The 3 Biggest Mistakes Independent Pharmacies Make, Continue to Make— And What You Can Do About Them.”
1/15/2019 0 Comments
There are 3 very apparent trends that could affect the destiny of your pharmacy in 2019. They are:
The Tragedy of Learning Disabilities
Learning disabilities are tragic in children, but they are fatal in pharmacy organizations. Because of them, few independent pharmacies live even half as long as a person does. Most die before they pass the age of 35.
Perhaps your own pharmacy is subject to the following crippling learning disabilities.
The Pharmacy Sage draws on science, wisdom, psychology, and the cutting edge of managerial thought, as well as entrepreneurial and leadership strategies and policies to create a far higher performing organization for you, with you as the supreme leader of the pack as the integral health builder in your community.
Four New Year’s Resolutions You Should Make & Keep Guaranteeing That 2019 Will Be Your Best Year Ever
Then, adopt the following four resolutions to help ensure that 2019 will be your best year ever.
Take Advantage of These Opportunities
To take advantage of the above trends and put them to best use for your pharmacy, I suggest that you seriously consider embracing the following:
For more information, send for my new book “How to Create a Profit Explosion in Your Own Pharmacy.” It’s free for a short time now. Later, it will cost $197.
12/7/2018 0 Comments
I created this checklist because I wanted to share some ideas that would-be-owners could clearly read and understand. It’s designed to make a difference to you as you consider creating your dream pharmacy.
To help you go further, faster and be more satisfied as the owner of that pharmacy, here are 11 strategies that virtually guarantee success.
Discover the tools to avoid chaos, ones that will take you safely down the pathway to creating the kind of pharmacy you want. This superior package is available from The Pharmacy Sage and nowhere else.
How to Rise Above the Rest
The Pharmacy Sage has discovered that highly successful pharmacy owners seem to get there by breaking through limitations, going beyond how their existing places of employment are defined—by conceiving and doing more for their patients and providing extra value above and beyond what anybody else is doing.
The most successful owners also have some other things in common:
Leave it to The Pharmacy Sage to turn the secrets of your passion into an effective and practical Action Plan.
For more information, send for my free report “Start Your Own Dream Pharmacy.”
You Make a Ton of Money, Too
Advice from The Pharmacy Sage: don’t be a commodity.
A commodity is something that is interchangeable regardless of where you find it, i.e. nutraceuticals such as Nature’s Bounty, Windmill, etc. These products are found in chain stores, big box stores, even supermarkets. In other words, they can be found here, there, and everywhere.
As such, when you sell one of them to your customer, you’re helping your competition, because…your patient may find it a few pennies cheaper or just simply at a more local and convenient location.
Not the best idea for your business.
Hence, today’s maxim “innovate or die” should sound an alarm. At the same time, it should be a rallying cry.
It is imperative to understand the principles behind this concept in order to differentiate your pharmacy.
You need different supplements—ones that are recognizably different by brand name and can also achieve higher levels of health for your patients.
If the third-party payment fiasco doesn’t kill your business, it probably will send you to the “funny farm.”
The following outlines a simple set of procedures for you so that you can get from where you are to where you would like to go, in about two years.
It actually takes only 90 days. I also have to make one big assumption: achieving massive amounts of new cash flow is not something you can do by yourself or you would already have done it. Not because you lack the brains, but rather that you lack the background in business education.
As such, you should engage a firm with rock solid experience to help you.
The 5 Secrets of Innovation
How to Simply and Easily Change Your Strategies for More Cash Flow, More Profits, and Ease of Operation
Change your strategies and you change your results. Sounds easy. But you view it as difficult as climbing Mount Everest. So now let’s simplify, because I believe you avoid thinking about innovation due to your fear of change. In fact, you may be adverse because:
So, whether you want to create your own new pharmacy or reinvent your current one, these 5 steps can create the format for establishing a much more profitable independent pharmacy business in the future.
Here briefly are the 5 secrets.
When you follow these 5 steps, you eliminate the fears mentioned above, as well as other aggravations.
How to Simply Use and Implement Changes That Create More Cash Flow, More Profits, and Better Ease of Operations
The most important concept is that you need to initiate the idea of change. Then bring aboard a firm that has the expertise to mastermind the details. I have done it for over 300 of your colleagues.
For a better understanding of what it’s all about and how it can be exemplified, as well as implemented, send for our very private and proprietary “The General Theory of Entrepreneurship, Leadership, and Marketing for Community Pharmacies.” It’s free.
I know your time is extremely valuable. Probably so valuable you’re not analyzing what works and what doesn't. That is why I have put together this very special newsletter, where you will discover information on key elements to building your business bigger and better, with leadership, entrepreneurship, business building, marketing— even all-natural nutraceutical remedies you can market to your patients.
I want to provide you with all the pieces of the puzzle, not just some of them. In fact, my mission is:
“To take independent pharmacies, turn them around, and reinvent them so that their profits soar and the owners will have a more enjoyable time leading their pharmacies to ever increasing goals and objectives.”
That is the purpose of the Pharmacy Sage community. To help you become the best pharmacy entrepreneur that you can be by helping you to change the way you think and innovate.
Nothing happens until a sale is consummated. And filling traditional prescriptions is not a sale. It’s rendering a service and getting poorly reimbursed for it. And isn’t it getting less and less satisfying to get rewarded for your valuable know-how and the hard work that you do?
Pivoting so that you can at least start to head in a different direction may be very appropriate. However, whatever that you do that can differentiate you in some way, form, or manner is what you want to focus on. And marketing it is the way to get more patients to realize your uniqueness and spend a few extra dollars in your pharmacy, not somewhere else.
And so, here are the 5 compelling reasons for you to organize around your marketing.
Reason #1: when you do something to differentiate your pharmacy, but enough people are not running to you to take advantage of it, you need marketing. Marketing is the only element of your business that can produce significant results because everything else is just a cost.
Reason #2: if you’re not doing enough marketing, how will enough people get to know you and make a difference in your bank account?
Reason #3: if you don’t “toot your own horn,” who will?
Reason #4: marketing is the only way to show all of your potential patients how to achieve better health with alternative therapies not available at other pharmacies, especially chains
Reason #5: marketing is the only element of your business that creates significant results. Yes, word-of-mouth marketing makes all the difference in the world. But you need to activate it and make it work faster and more efficiently. And that’s what the rest of your marketing is all about.
Once you have repetitive offline advertising in whatever local media can best carry your messages that describe your uniqueness, then the rest fall within the following two no-cost to low-cost categories.
Building a marketing machine is the only way to build sales and profits in these turbulent times. Doing what most of your colleagues do by heavily discounting and couponing is a prescription for disaster. So is abstaining from marketing entirely.
Studies show that 90% of all pharmacy marketing is wasted. How do you avoid that prospect? By bringing in knowledgeable help from the outside.
Integrating all of your pharmacy’s activities, including selling, into your marketing machine will produce far superior results compared to what you’re doing now.
For more information, send for my free report “The Very Savvy Pharmacy Owners Marketing Handbook.”
I am seeking one or more persons interested in learning what I do as The Pharmacy Sage, and discovering how to do it. This is not a job recruiting post. It is simply to locate those who are interested in emulating what I do.
If interested, contact me at email@example.com, or by calling 518-382-1990.
All inquires are kept strictly confidential.
Wellness has never been practiced properly in a chain pharmacy. Not yet. Perhaps not ever.
Yet, you can create one that totally differentiates you from all other pharmacies in your trading zone. If you have the passion and the drive to create the pharmacy of your dreams, it can happen now. And you can make your family a lot wealthier in the process.
Yes, there are pitfalls. Nevertheless, there is a proven path to financial freedom that a select group of your colleagues have pursued with great success. Many enjoy personal incomes of high six figures. They also enjoy working fewer hours.
You can discover and embrace that very same prolific business model. It’s all about:
“Wellness” Helps Your Patients, and Fattens Your Bank Account
“Wellness” is alive and prospering for those who use it properly. Helps more patients feel better, live longer, and enjoy those extra years. Also, puts significantly more money in your bank account, because your patients trust you more, and accept your recommendations. And those recommendations are decidedly different from what they will hear anywhere else. Causes patients to spend more money on your products and services.
You can easily get started by putting a few higher quality nutraceuticals in your front-end and systematically advertising them from the standpoint of the benefits they deliver to your patients.
Wellness is about your patients.
It’s also about your bank account.
Yes, indeed, Wellness is the wave of the future for you as an owner. Even if it’s not a part of your name or your logo, it should become part and parcel of your thinking. Your approach is to enable people to enjoy good health, and you become known as the community’s premier purveyor of it. Builds your brand as it puts money in your bank account. Also enables you to leave a powerful legacy. Isn’t that why you went to pharmacy school in the first place?
Yes, wellness, as the foundation for your independent pharmacy, is marching ahead. So should you.
Your patients and your bank account benefit as never before!
If you’re not yet truly acquainted with this business model, you’ll want to find out more. And you can do so by getting a free copy of my report ““The Pharmacy Sage’s Start Your Own Pharmacy.”
How to Treat Patients the Way You Want, and Score the Life You Want
If you’re sick and tired of working for a chain store and being unable to take care of your patients the way you really want, the way that you had in mind when you first graduated from pharmacy school, then the following information is decidedly for you.
In the final analysis, it’s all about treating patients in ways that other pharmacies do not…and probably cannot. It’s all about why you went to pharmacy school in the first place.
And it’s all about what you’re not able to do for them given the constraints of working for a chain pharmacy, or one that is located inside a big box store.
Want to change your future? I bet you do!
Consider this: you can create a pharmacy with a different business model. One in which you help your patients attain much higher levels of health and longevity than they can get in any other pharmacy in your community. It’s also one where you call the shots, work fewer hours, and do NOT suffer the stress and pressure of your current job.
You can succeed to the highest level of your aspirations when you make the right choices, when you utilize the best tools available. It’s called a Wellness Pharmacy.
For more information, send for my free report “Start Your Own Pharmacy.”
Is your life how you imagined it would be as a pharmacy owner? Or is it, in reality, more complicated and stressful than you had planned? Do you get to the end of each day and wonder how you managed to achieve it all between the phone calls, interactions with patients, training and supervising your team members, and doing everything else that goes with owning a pharmacy? And, at the end of each day, do you feel as if you’re getting closer and closer to burnout?
Today, we need tools to help us push back against the culture of burnout and overwork. Rest is one of those tools.
Some of the World’s Greatest Minds
Some of the greatest minds in the world accomplished their highest level of creativity in just one to two hours a day and spent the rest of their time hiking in the woods, taking long walks, or writing letters. Why shouldn’t you do the same, focusing only on those things that produce the biggest results and the most profit?
If some of history’s greatest figures such as Charles Darwin didn’t put in immensely long hours, maybe the key to unlocking the secret to their creativity lies in understanding not just how they labored (and succeeded), but how they rested, and how the two relate.
John Lubbock is another. He is a hard charging alpha male whose fame as a politician rested on an advocacy of rest. Bank holidays were his invention, and they sealed his popular reputation.
Scientists and researchers repeatedly discovered that top thinkers and performers in various walks of life and industries were defined not by how hard they worked, but by how much rested—how much they enjoyed their leisure hours.
The Critical 4 Hours
According to Tim Ferris, author of the “4 Hour Work Week,” it is possible to own a business and work as few as 4 hours per week. Is that possible for pharmacy owners? Read on.
The 4-hour work week, as defined by Ferris, was based on the findings of serious Oxford and Cambridge students in the early 1900’s.
What do you accomplish in your 4 most productive hours? And, if you could increase your productivity in those 4 hours by 10%, what could you accomplish?
David Nicoletti, owner of Prescription Labs Compounding Pharmacy in Tucson, has actually surpassed that gold standard. He has a pharmacy that was underperforming when we first got together. In a matter of 5 short years, he acquired 4 pharmacists and 12 compounding techs for his compounding only pharmacy that features only high performing herbal and homeopathic medicines in the front-end.
Today, that pharmacy runs like a well-oiled machine, and he visits it only sporadically—perhaps once a month, perhaps less frequently. He and his wife, Diane, live in a new home several hundred miles away.
Others have followed in his footsteps, even retired in a grand and glorious fashion.
What’s the secret to their success?
Stop Trying to Do Everything Right
You need to do one thing and only one thing right. And that is to concentrate on those few things that contribute the 80% of your profits.
Everything that goes into the building of your brand falls within that wheelhouse. Everything else should be delegated. You should be concentrating on the details and only those details. It’s called brand building, and yes, it’s all about profit building, too.
“That Which Matters the Most Should Never be at the Mercy of That Which Matters the Least”
– The Pharmacy Sage
It’s Time to Get Unstuck
And so, working smarter, not harder is the order of the day. The problem: you’re trying to do too much yourself. The solution: anything is possible when you stop trying to do everything at the same time. Do less, delegate the rest.
Practice the 80/20 Principle (Pareto’s Law): 20% of your ideas produce 80% of the results, and 20% of your time produces 80% of your profits (money in your pockets).
“Life is really simple, but we insist on making it complicated.”-- Confucius
When You Stop Trying to do So Much, You Can Get So Much More Done
It’s all about doing less and accomplishing more. It’s also about putting the resources under your command to the best use (The Pharmacy Sage maintains that most pharmacy owners are getting less than 30% total value out of all the resources at their disposal).
If you’re waiting for all the planets to align and for the conditions to be perfect before you make changes to create that pharmacy you’ve been dreaming about all your life, you’re letting the gremlins of resistance that live in your head rule the day. It’s time to turn the tables.
All of these subjects are covered in greater depth in other blogs I have posted. They and other contributing factors are additionally well detailed in my report “The Lazy Man’s Way to Riches in Your Pharmacy.”
Whether you plan to open a pharmacy in the near future, or sometime further down the road, the following 3 points are significantly important to you.
Your Proposed Location
In choosing a location, you want to be closer to the people who have money to spend. Either locate in an area that has upscale homes, or on a major highway that is accessible to them. Your final choice should be in a retail setting where other stores are located that appeal to those with money to spend.
Determine That You Have the Right Amount of Money
Having the right sums of money seems to be foreign to most would-be owners. And that’s understandable because your pharmacy school did not teach you a significant amount of accounting, did they?
As such, the amount of money you need is based on two things:
Differentiate Your Pharmacy
How you differentiate yourself is based on having the right business model, the best strategies, and what I call “strategic marketing.” That business model has been proven to be:
The Choice You Make Determines Whether You Have a Great Future or Not
Now, You Have Two Choices
Just imagine what will happen if you made the wrong decision, the one where you did not invest the time, effort or money in discovering what really works to getting a new pharmacy off the ground—off and running with plenty of new patients coming through the doors.
And just imagine what would happen to your family and its destiny, because you failed to act on information that could lead to success through building an ever-increasing cadre of patients who want to:
As The Pharmacy Sage, I provide all the business and product details to help you successfully go from concept to opening your doors. And I also provide a workable timetable to get you there in just 4 months.
For more information, send for my free report “The Pharmacy Sage’s Open Your Dream Pharmacy.”