"The Successful Man is the One Who Finds Out What Is the Matter with His Business Before His Competitors Do." Roy L. Smith
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.
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It’s all about giving patients different solutions…