"The Successful Pharmacy Owner is The One Who Discovers New Solutions Before Big Pharma & The Insurance Companies Destroy it." -- The Pharmacy Sage
3/8/2018 0 Comments
“The biggest single problem within almost every business is
the confusion between efficiency and effectiveness.”
The Pharmacy Sage
“Efficiency” means doing things right. “Effectiveness” means doing the right things. Unfortunately, throughout the years, I’ve found that pharmacy owners and managers become all too efficient at doing the wrong things.
There are seven requisites around which you must organize your time, effort, and activities, to be efficient and effective, helping you to concentrate on achieving results at the highest level. Let’s jump right into them:
6. Marketing. Your marketing is the only element of your business that creates significant results. Everything else is just a cost. In order to be effective, it must be meaningful, that is, marketing that gets read and creates a response.
To the degree that you have some alternative solutions to patients’ aches, pains and maladies that go beyond prescription meds, don’t remain the best kept secret in your community. Get the word out that you are the go-to pharmacy for chronic diseases in your community.
When you have all the components of a total marketing machine, which should include online and offline marketing, direct mail, and a website that sells, you can increase sales of your high margin products and services.
7. Never, ever, do that which can be done by someone else equally as well, if not better, and at a lower cost. Few things are as destructive to an organization as having its leader do work that could— and should— be done by its employees. The opportunity costs are just far too large. Think about it this way, if you want to be worth $250 an hour, then why are you spending your time doing $15 an hour work?
Time is the scarcest resource we all have. Your scarce time is best spend by doing the things that build your business bigger and more profitable. Concentrate on results, not just efficiencies. Start making your pharmacy work for you, not the other way around.
Once you embrace and organize your time around the 7 requisites, you will discover a greater joy in owning your pharmacy. And one that attracts new patients, and doing more business on a cash basis.
Many of my current and past clients have been doing so, while watching their profits soar (some have reported gross profits as high as 61% to 65% with net profits-- after payroll, including paying themselves), as high as 25%!
No one knows your business goals and vision better than you, but perhaps you're not certain how to obtain them. We can help you clarify, define and put into action, that vision for your pharmacy. We take a unique holistic business approach to find the perfect balance of strategies, tactics, ideas and marketing to integrate solutions to meet your unique needs.
It just takes one phone call to change the future of your pharmacy. Sign up for a free business analysis, and let me help you figure out your best plan of action.