"The Successful Man is the One Who Finds Out What Is the Matter with His Business Before His Competitors Do." Roy L. Smith
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 firstname.lastname@example.org, 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.”
8/16/2018 0 Comments
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.”
Create More Profits in Less Time— and With Less Effort
Each One Alone Improves Results— Together, They Create a Blockbuster Future!
“Nothing succeeds like success” in an old adage in education. It is likewise applicable to successful businesses— especially independent pharmacies. Here are my suggested 7 very important recommendations to create that success.
1. Find out how to solve the single biggest problem facing most pharmacies today: how to hire the best people for each job
opening— even in this labor market that’s getting tighter and tighter.
additional new, very sound techniques for helping your people learn how to do more and sell more— and do it in less time.
3. Get new advertising that’s guaranteed to get you direct immediate results— new patients buying your high-profit products and
4. Also, discover how to take advantage of this big secret for boosting sales and profits. GE makes use of it every day. Dell has
used it to steal business from IBM and Compaq. Our pharmacy clients, who apply it intensively, are making more-and-more
money— and finding it ever-so-much easier to do so.
5. Discover the single biggest marketing secret for independent pharmacies. You get more repeat purchasers of your most
profitable front-end products. They come back month-after-month— thus helping you pyramid your profits.
in which the chain stores actually have difficulty competing with you. They wind up filling more-and-more less profitable
prescriptions while you grab more-and-more high profit business. Once you occupy this niche, you will own almost 100% of
7. Want to further dominate your competition? We’ll show you how to make information products one of your most vital tools. In
fact, you’ll control information available to your customers in such a way that you minimize price resistance and maximize
acceptance of your recommendations for helping people feel better and live longer. You’ll explode your profits and build more
customer loyalty than you ever thought you could achieve.
Here at Rx Profits Now, we constantly work on getting your business to master the process of unleashing the collective genius of your people. Most pharmacies unleash about 20% at the very most.
Many of our clients have sales of one million to six million dollars. We have helped many of them create $100k to $200k in additional profits. What would you like to achieve?
For more information, download my free report “The Savvy Independent Pharmacy Owners Marketing Handbook.”