"The Successful Man is the One Who Finds Out What Is the Matter with His Business Before His Competitors Do." Roy L. Smith
2/22/2018 0 Comments
My job, as a pharmacy business consultant, coach, and analyst, is to ask questions— penetrating questions. Only by so doing can I get to the heart of the matter—separate symptoms from problems— then present solutions.
It's really not all that different than getting to the root of your patients malady, and finding a solution for them to treat the cause, not just alleviating their symptoms.
So, I ask questions that go beyond the ordinary—seeking facts that uncover ideas that are not clearly or plainly in sight. Information which is important to ferreting out profit opportunities that lie hidden in your pharmacy. They’re always present; nevertheless, dormant, unrecognized, untapped.
Your job as a pharmacy owner is to have the valid answers to those questions.
What is it you don’t see, that I do? It’s more than just a fresh set of eyes, it’s a well-trained analytic mind, focused on pharmacy business opportunities, in ways others are not. I like to begin by asking questions, you may never have been asked before, such as:
The lack of proper answers, and certainly the lack of solutions, is blocking your cash flow increases. Isn’t it time you did something about it?
You can. Start by downloading my “Very Savvy Pharmacy Owner’s Marketing Handbook,” to get a head start on answering the questions above for yourself. Then, schedule a free consultation with me, for the solutions to your biggest problems.
Last week, we discussed 18 mindsets to put you on the path to success. Let’s take a look at the first one: “Always challenge the status quo.”
To do this, becoming an entrepreneurial genius is not necessary; however, developing some common street smarts is.
The pharmacy industry has its sacred cows and accepted practices, often based on premises that are no longer valid. That is, if you want to make a good living at it.
Innovation is discovery and creating disruption of conventional thinking and unleashing entrepreneurial savvy. That’s how Facebook was birthed in a dorm room, Amazon.com came from people not in the bookstore business, and Uber was created from people not in the taxi industry.
Just as successful pharmacy owners know that maintaining the status quo does not help them grow. Everything around you is constantly changing. You have to change along with them. Otherwise, you become a dinosaur.
Nothing differentiates you and it’s hurting your business and pommeling your bottom line. You’re paying too much to maintain the status quo.
Learn to recognize the constant urgency for change. Continuously ask yourself:
“Who is my customer?”
Know your customer. Knowing their wants and needs are crucial to your success and can definitely give you a competitive edge. It shapes your marketing and reveals the strategies you need to be adopting. For example, let’s say you live in a community where the median age is 32, with less than 10% of the population being 65 or older, and your marketing screams you cater to the elderly: Senior Day Wednesday, you accept Medicare, etc. Every pharmacy does it. Your marketing efforts are falling on deaf ears. Change your strategy, change your outcome.
Your marketing should be bringing more people through your doors… to visit more often… and spend more money.
If your efforts in marketing, leadership or entrepreneurship is not providing you with immediate and measurable results, get help from the outside. Change needs to happen now. The status quo is simply not enough.
What challenges are you now experiencing because of remaining complacent with the status quo? What are you doing to drive the change you need? Or what have you done to overcome those challenges?
Not sure where to start or exactly what you need to do? Contact us below to schedule a free consultation, with me, to explore your options. Also, be sure to visit our new FREE Resources page.
1. Always challenge the status quo. If you’re doing business the same way you did 2 years ago, you may be heading for a fall.
2. If you want to succeed, make sure you have no choice in the matter. Practice “no excuses” management.
3. Set goals you want to achieve, not just what you think you can achieve.
4. Don't shoulder the anxieties that problems breed. Delegate. Make your life easier and you will create better decisions.
5. Write out your financial destiny— "In six years I will be a millionaire."
6. Set forth a program e.g. "by the end of this year, I will increase assets by $50,000. I will double these assets every year for five years, so that in X number of years, I will be a millionaire."
7. Understand the difference between taking in more money than you expend in your pharmacy versus spending less than taking in. The former fulfills your dreams, the latter is a prescription for working like a slave for the rest of your life.
8. Write out everything you want from life— all your goals, both financial and non-financial. Set forth in one, three and five year sequence. Don't be afraid to dream a little. Be specific.
9. Develop focus and concentration. The greater the focus, the stronger the intensity by which the brain (conscious) and the subconscious speed up the process of achieving your goals.
10. A problem is a problem only if you make it so. The stronger you develop your mind, the more insignificant your problems become.
11. Never give up before you even try. Commence everything with the firm belief that a solution exists, even if the first attempt fails.
12. Don't be afraid to ask for what you want.
13. Become a master of time— not a slave to it. Delegate it and leverage it. Be certain you are working smart, not just hard.
14. Understand that winning in life is just like winning in business. It does not mean you eliminate risk, for it is not possible to become wealthy without taking risks. It does mean knowing the right risks to take and always optimizing.
15. Develop a vision of your future. Then put that into writing.
16. Know that knowledge is your business. Master the art of learning— concentrate on acquiring information and knowledge in that will have the greatest positive impact on your future.
17. Be a tiger. Make certain that you outperform every other pharmacy in the country side.
18. Be sensitive to the needs of your team members and your customers. Cater to those needs, your team will work harder to meet the goals of your vision, and customers will spend their money with you.
Successful pharmacy owner's understand this, practice this, and implement this, ritually. They make the changes or corrections, as necessary, to be more productive in reaching their goals. They know it takes courage to get where they want to be and that courage requires taking risks. They reduce their risks by using trusted consultants.
If you know where you want to be, but not sure where or how to get started, you're at the right place. Check out our new 'FREE Resources' page, and sign up for a free business analysis, with me personally, so I can help you find the fastest path to success in your pharmacy.
An Inconvenient Truth About Your Independent Pharmacy
What got you where you are now is not going to get you where you want to go. The world around you is changing rapidly and clinging to the status quo is a prescription for disaster. It’s a fundamental barrier to bridging the gap between what you’re currently doing, and earning, versus what you could be doing and earning in one year.
There’s so much more that you could be doing to help your patients and, at the same time put more money into your own pockets. Specifically, you should and can become master of chronic diseases for which many doctors are ill-trained.
And particularly, what you don’t know about marketing is killing your wealth. Marketing is the only element of your business that creates significant results, everything else is just a cost.
And what you do about your marketing can make or break you today.
There Are 9 Things You Really Need to Know to Make Tons of Money in Your Pharmacy
Rules come and go. They get broken, set aside, sometimes ignored. The same goes for procedures. Nothing quite permanent. No consequences.
But laws, they’re different. They’re serious. Break one— any one— and you suffer the consequences. To find out for information and learn about the laws and their consequences, request my FREE report, 11 Irrefutable Laws for Business Success for Pharmacy Owners.