"The Successful Pharmacy Owner is The One Who Discovers New Solutions Before Big Pharma & The Insurance Companies Destroy it." -- The Pharmacy Sage
Isn’t that what you’re actually doing now? And how is that working out?
The world around you is constantly changing. Just look at what has happened with technology in the past 10 years. Even in the past 2 years.
Those who did not change floundered—went out of business. Even giants of the past no longer rule the roost. Witness Sears, Kmart, Gimbles, and non-retailers like GM, whose share of the market went from the high of 47%, all the way down to approximately 17% now.
The battle cry: innovate or die.
With that in mind, are you doing better or worse than you were 5 years ago? If you’ve maintained the status quo and are doing worse, what are you going to do about it? Because you are not building a strong brand based on the status quo.
According to Alexander Dumas “nothing succeeds like success.”
So let’s examine some of the rules for gaining that success.
When I first met David, he owned a traditional pharmacy. He told me he would sell it shortly, move to another state, and contact me. He did indeed contact me some 18 months later. He had sold his original pharmacy and opened a different kind of pharmacy in Arizona. It was open for 6 months and was not achieving his goals. When he started, he and one assistant comprised the staff. Now, he and his wife, Diane, are on a permanent vacation, with four pharmacists and twelve techs running the business, in addition to two people in the front-end and a part time bookkeeper.
David was a maverick. He dared to be different, to ignore and discard what most everybody else was doing. Especially did he run away from the status quo.
He’s not alone. Several hundred other pharmacies owners have done the very same thing. To the degree that they have involved high performance Strategic Marketing, they have succeeded extremely well.
Current trends point the way for pharmacy owners. They indicate what savvy pharmacy owners should do and are doing.
Here are current trends that affect your traditional pharmacy:
7 Reasons Why Maintaining the Status Quo Can Lead to Failure
The entire world around you is changing. So should you. Maintaining the status quo means continuing to do business in the age of the dinosaur, when you should be doing business in the age of the drone. You should pivot, make changes, and adapt to your changing environment. Nothing less can create the new success you want for yourself and your family.
The Pharmacy Sage can be reached at (518) 346-7021 or email@example.com
Especially in These Turbulent Times
Some do’s and don’ts to help you improve the selection of people who are going to make a bigger contribution to your aims and goals; at the same time, these 7 help you eliminate bad choices.
For more information, send for my book “How to Recruit and Hire Superstars for Your A-Team”, which is now available for just $39.99 (regular $49.98), through July 31st.
Hiring the right person for each job opening is critical. You’re dealing with patients’ health, and there’s no margin for error. At the same time, you want to build your business bigger and make it significantly more profitable. That’s your purpose. Putting together the right team—the A-team—is therefore imperative.
Keeping them is yet another challenge.
If you don’t hire the right person for each job, no amount of training can lead to anything greater than mediocrity. And you definitely want to exceed that.
To get maximum productivity, you want to provide them with a good, sound half our of orientation (a must), in addition to a proven program of training day-in and day-out to help each novice gain traction and become a member of the A-team in as short a period of time as possible. The training is more intense at the beginning of the first week, and less intense by the end of her 90-day training and evaluation module. Helping them get ahead so that they feel they have a future with you is one thing. Retaining them is another. In the final analysis, your ability to retain the best is predicated on how good a work environment you have.
You’ll Never Get the Right Person if You Have the Wrong Workplace
But how do you know that you have the right workplace, the one at which your best and brightest stars are going to want to remain for the rest of their careers? After all, losing your most productive workers is bad news; and the cost of replacing them is extraordinarily high. Some research discloses that it can be as much as $60,000 in the first year alone, especially when you take into consideration that you may lose some of your best patients if they are not given the maximum customer service. And when you consider the amount of money you could lose because of lost sales, you have the final detail in why replacing one of your best is so costly.
So, What is the Ideal Workplace?
How do you identify when you have that ideal workplace, the one at which each of your superstars wants to spend the rest of his or her career? Do you offer such things as:
These are just some of the really important elements that go into having the ideal workplace, the one place where people want to come to work and spend the rest of their careers.
And very important, do you make it fun to work for you? Do you inject a little bit of humor in every day’s activities? And do you celebrate small wins?
These are some of the elements which comprise the ideal workplace that can become the basis for total job satisfaction. There are more; however, if you practice the ones mentioned above, you will develop a pharmacy work environment that goes vastly beyond that which your competitors have, one in which your best performers will want to remain a lifetime.
For more information, send for my free report “The 11 Irrefutable Laws of Business Success for Pharmacy Owners.”
You know what DNA is, but do you really know what leadership is?
The Pharmacy Sage defines it as “rendering uncommonly good performance, and then getting it from others.”
As such, your main job as the leader of your pharmacy can be divided into 2 parts:
Research done by The Pharmacy Sage clearly discloses that 83% of all new pharmacies either fail within the first 2.5 years or continue to exist but fail to pay the owner a decent owner’s income. Basically, there are 5 blockages.
Most of your potential blockages can be eliminated by following this success formula:
Determine that you will become the Nike or Apple of the pharmacy industry in your trading zone. It’s not that hard: dispense health elevating information that no one else has and make sure that you are capable of doing this on a regular basis.
Think like a Ninja. Be mentally active and willing to take alternative courses of action on an instant notice. That creates success! The Pharmacy Sage can show you how.
For more information, send for my book “Build an Epic Pharmacy,” which normally sells for $39.95. I will gladly send it as a free gift to anyone who emails firstname.lastname@example.org requesting it between now and June 30th.
“These are the best of times. These are the worst of times.” So wrote Charles Dickens in 1859.
To take advantage of the best of times, The Pharmacy Sage encourages you to be a maverick. Shed the status quo. Stop listening to what everybody says, because they’re generally wrong. If you want to make some real money as an independent pharmacy owner, embrace new ideas.
Einstein was a maverick. So was Rockefeller…and Carnegie. They searched for new horizons and went their own ways to achieve their goals. So should you.
Traditional pharmacy is at the crossroads, no longer making the money it once did. On the other hand, those who embrace a new business model are making excellent money. They’re mavericks.
Mavericks are not ordinary owners. Neither are they ordinary leaders. They are decidedly a cut above the rest because they display the following.
Mavericks don’t just break the rules, they rewrite them. They don’t just reject society’s norms, they reinvent them. Mavericks don’t just challenge the status quo, they change everything about it. Mavericks change a self-interested establishment, a broken system, industrial-scale disruption, and an uncertain future.
Mavericks make real money in their pharmacies because they follow these 5 principles:
Mavericks discover very quickly that they get comfortable being uncomfortable. That is, they find that they need to innovate, to pivot, and select new ideas that create new income streams.
This is the golden age of pharmacy. However, it belongs to those who will break with the past and break with the status quo to create a new future.
This is the 21st century, the age of the drones. And maverick pharmacy owners know very well that they need to be as different from their counterparts today as drones are.
“When you search for freedom, you shed the shackles that subjugate your passions.”
—The Pharmacy Sage
To paraphrase Elon Musk, who said that when something is important enough, you do it even if the odds seemingly are not in your favor.
“The greatest crimes in the world of independent pharmacies are not committed by people breaking the rules,but by people following the rules.”
—The Pharmacy Sage
Most problems, when properly analyzed, lead to their own solutions. And most problems, once solved, create a far stronger pharmacy business that goes on to achieve many higher and loftier goals. Such are the achievements of maverick owners.
Mavericks Create Movements
“You do not merely want to be considered the best-of-the-best, you want to be considered the only one that does what you do.” --Jerry Garcia
It is one thing to accomplish your dreams because you embrace a better business model. It is another to convert those dreams into a niche that explodes because you attract so many followers that the concept of a Wellness Pharmacy becomes endemic to your community.
And so, your brand builds and builds. And so does your organization, allowing you to delegate and enjoy more ease of operation and more leisure time.
Most mavericks embrace the following principles.
In the Land of The Maverick Pharmacy Owner, Cash Is King, because your marketing magnetically brings hordes of affluent patients through the doors. And your bank account grows and grows.
If you want to start a pharmacy, please be aware of the fact that in every part of the countryside, families reside who can afford to buy your best products and advice and pay you cash.
This is what maverick pharmacy owners have been doing for the past decade. And you should realize that they are the ones making some serious money, while most others are starving.
For more information send for my free report “How to Monetize Everything in Your Pharmacy.”
As The Pharmacy Sage, I often write about solving your most brutal problems by asking the right questions. They are so basic and fundamental that I am presenting to you the 5 most powerful ones that I have discovered for helping create a far more profitable and successful pharmacy than ever before.
Failure to understand and appreciate the dynamics of the marketplace is costing you money. One of the things that, I as The Pharmacy Sage, find that is interfering with your accomplishment of your dreams is that the marketplace is not the same as it was 10 years ago.
Neither is it static. It is constantly changing and constantly moving.
If your beliefs about the marketplace are erroneous, then you will never be able to deal with the problems you currently face...read my full article in The Pharmacy Times Online.
How to Create More Profits in Pharmacy Today
Efficiency is good. You want to be efficient at doing things you should be doing. The right things. One of the biggest problems in the independent pharmacy industry is that people become all too efficient at doing the wrong things. Efficiency means doing things right, while effectiveness means doing the right things.
Efficiency vs. Effectiveness: Which One Creates the Truly Successful Pharmacy...? Read my full article in The Pharmacy Times Online here.
Can Turn Your Struggling Pharmacy into a Financial Powerhouse in 2 Short Years
First, discover how to add an additional cash flow stream one product at a time. The Pharmacy Sage has recorded instances where an ad for a particular product caused people to drive distances as great as 35 miles. No discounting. No couponing. And those results were repeated in several other parts of the country.
Then, turn your attention inward. Concentrate on where you devote your time. If you want to build your brand bigger, become worth $250/hr. and leave a legacy, then you need to understand that you do not earn your money by doing everything right. You earn it by doing one thing right: building your brand. Yes, branding is no longer for cattle. Branding is how you build your Wellness Pharmacy and leave a legacy.
Those two quick strategies can make a distinct difference in your future and in your family’s ability to gather wealth.
3 Powerful Tools That Can Create Resounding Success
This Marketing Has Been Proven to be The Only One That Can Get You Big, Bold Results
Consider this: if you did nothing at all, how would you get new patients through your door, or get your current patients to visit you more often and spend more money? Give them reasons to do so.
The only patient’s worth pulling through your doors are those with plenty of income. Leave the traditional scripts and Medicaid patients to the chain stores. You can go broke by pursuing them.
The only people to address in your marketing are the affluent—the ones with the desire to enhance their family’s health. They have the pocketbooks to back it up.
The only marketing to use is strategic marketing, that is, marketing that is sufficiently bold and outrageous to capture their attention, inform and educate them about solutions to their chronic diseases, and give them multitude of reasons to come to your pharmacy. Then they will part with their monies in exchange for the right products, compounded scripts, and expertise to back all that up. Benefits to your bank account will accrue as a result.
Without this marketing, nothing good happens. Whatever word of mouth you create is good, but very slow though part of marketing. It needs to be accelerated. Your time and attention to these details determines its success.
Yes, a good marketing plan with outstanding marketing messages that get significant results are the only thing that can make a true difference for you as long as you have a business model that says to them “we have solutions to your chronic aches, pains and other discomforts,” and delivers them with meaningful messages.
How to Create The Wellness Pharmacy of Your Dreams
You don’t have to commit large sums of money for you to commence the journey to becoming a wellness pharmacy.
Just start with one product. Then you can proceed to embrace others.
The All New Financial Freedom Playbook for Independent Pharmacy Owners
For more information, send for my free report “The Very Savvy Pharmacy Owners Marketing Handbook.”
Back in 1995, Peter Drucker asked, in his book Managing in a Time of Great Change, a very insightful question “what is your business?” For pharmacy owners today, that question is even more appropriate.
If you answer that you’re in the business of filling prescriptions, The Pharmacy Sage suggests that you think again. Yes, filling prescriptions is very important. However, is one-size-fits-all the best medicine for your patients? Isn’t customizing each medication to the patient’s own body a better idea?
If you have a passion for helping your patients to achieve a higher level of health, then you will answer “no.” Customized prescriptions, which you know as compounds, is a far better way to help people fight whatever afflicts them...read my full article in The Pharmacy Times Online.
3/19/2019 0 Comments
Not according to Richard Koch in his highly acclaimed book “The 80/20 Principle.” In fact, his subhead is “The Secret to Success by Achieving More with Less.” The book is based on Pareto’s Law, which was discovered by Vilfredo Pareto, an 18th century Italian economist. Through extensive studies, he proved that 80% of wealth is created by 20% of the activities.
Pareto’s Law has but one theme: to generate the most money and wealth with the least expenditure of time, effort, and resources.
In the independent pharmacy world...click here to read my full article in Pharmacy Times Online.
How Wellness Pharmacies Attract More Wealth in Good Times and Bad
In the major recession commencing in 2009, most businesses took a hit. And that included many an independent pharmacy.
Not so for those pharmacy owners who embraced the right business model. They continued to thrive, although their increase in profits did slow down a bit.
They were masters of their own fate and each was a captain of his own ship.
What is that business model? As I’ve previously mentioned in many a blog, it’s a Wellness Pharmacy based on:
Why did they continue to thrive in the recession of 2009, when others did not? Because their marketing was directed at the affluent, who continued to spend money as though little had changed. And especially did the affluent spend it on health benefits for their families.
Yes, those pharmacies not only survived, they thrived, in spite of the economic adversities.
And yes, as long as their marketing messages were on the money and directed where they would do the most good, they did not suffer.
How do you make certain those messages are done right and directed to the proper audience? That is what The Pharmacy Sage does.
How to Improve Every Patient’s Shopping Experience in Ways Other Pharmacies Do Not
Most pharmacies cut their payroll to the bone. Therefore, they cut their service to the bone, also. This is especially true in chain stores and big box stores. In fact, their service is so poor that The Pharmacy Sage estimates that, between 40% and 50% of the nutraceutical business they could possibly do, goes out the door. In the independent pharmacy, customers want and expect red carpet treatment. They want to be informed and educated by really knowledgeable staff members. They also want to receive reasons why any particular product presented to them will work in ways that products in other stores will not. Yet, they do not want to be engaged by “pushy” salespeople. Such is the essence of selling in the very apt Wellness Pharmacy.
Where it has been provided in terms of active engagement by well-trained team members, it has proved to be very effective in building cash flow and profits.
Learning Disabilities Are Tragic
Unfortunately, most independent pharmacies do not achieve that status. They are besieged by learning disabilities.
Learning disabilities are tragic in children, but they are fatal in pharmacy organizations. Because of them, most pharmacies become extinct far too early.
Perhaps your own pharmacy is subject to the following crippling learning disabilities.
Because The Pharmacy Sage has created more multi-millionaire pharmacy owners than anyone else on the planet, he teaches you how to become magnetic to wealth.
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.
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…