"The Successful Man is the One Who Finds Out What Is the Matter with His Business Before His Competitors Do." Roy L. Smith
Maintaining the status quo won’t fix the problem
There’s a disconnect between the way independent pharmacy owners are trying to transform themselves and what they really need to fix in order to become sustainable businesses.
Instead of reconsidering the business model and protecting themselves against the insurance companies, big pharma and government regulations, they have decided to go on doing business as usual, with perhaps a few finite adjustments.
As a result, profits have gone in a woefully downward spiral, the owners are running harder and harder to stand still, and wealth is no longer being gathered as before.
As owners, you keep seeking small adjustments that make little difference after insurance companies take bigger and bigger bites out of your compensation.
Creating a major change may be a first for you if you have been in business around five years, perhaps even 10 years. But doing business the way you have been doing it in the past can only give you a descending level of compensation as well as a lack of satisfaction as the years go by. If we draw it on a graph and impose a trend line, eventually all of your compensation will disappear.
As Joe Kubulak, a former client and owner of Health Mart in NJ, recently commented, “What is the reason that pharmacy had gone to chains. Because community pharmacies fear to be different. To compete against the big box stores by elevating to a different playing field. Lester is someone to be listened to. And more than listening, any plan or idea is nothing without the buy in and action on your part. Believe in Lester and believe that you can raise yourself to a new level.”
And, he is right. Not because he spoke highly of me, but because major changes are required so that your future no longer remains vacuous talk, as opposed to action that gets results.
The secret sauce to success, as I have so often mentioned before, lies in a business model composed of the following:
Nothing else substitutes. Nothing else gets the job done to the degree that this model does.
When you embrace it, you see your gross profits, currently at a level of 16-20%, rise all the way to the range of 50-60%. And when you embrace the concept of a Wellness Pharmacy, then your patients are praising you to the high heavens—telling their friends and relatives how superlative you are because you recommend protocols that not only enhance their health, but get rid of their aches, pains, and other maladies that are currently plaguing them. And, as you know, people cannot say enough about you when you enable them to get rid of whatever ache, pain, or serious malady has been an unending source of anguish.
Your key to doing this lies in becoming a master of chronic diseases, an area in which doctors are not sufficiently well trained. And the medicine that you recommend not only replaces the drugs the patients may currently be using as prescriptions, but also supplement them.
When you can actually show one person after another that some dietary changes, together with four or five supplements, can redirect their future from becoming an Alzheimer’s sufferer to being able to focus mentally and avoid—even postpone—Alzheimer’s all together, you’re a hero. And when you help people control their allergies without the side-effects of over-the-counter or prescription meds, and then help them send those allergies totally into remission, you become a savior to so many other people.
The list goes on and on. Asthma, osteoporosis—even cancer. All of them can be your realm of expertise. And you will differentiate yourself in the marketplace extremely well. Then you matter in ways no other pharmacy can, to your patients and to your community.
To discover more ways you can matter to your community, attend my LIVE teleseminar on Tuesday, August 29 at 8:00 PM EST.