"The Successful Pharmacy Owner is The One Who Discovers New Solutions Before Big Pharma & The Insurance Companies Destroy it." -- The Pharmacy Sage
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.”