"The Successful Man is the One Who Finds Out What Is the Matter with His Business Before His Competitors Do." Roy L. Smith
Create More Profits in Less Time— and With Less Effort
Each One Alone Improves Results— Together, They Create a Blockbuster Future!
“Nothing succeeds like success” in an old adage in education. It is likewise applicable to successful businesses— especially independent pharmacies. Here are my suggested 7 very important recommendations to create that success.
1. Find out how to solve the single biggest problem facing most pharmacies today: how to hire the best people for each job
opening— even in this labor market that’s getting tighter and tighter.
additional new, very sound techniques for helping your people learn how to do more and sell more— and do it in less time.
3. Get new advertising that’s guaranteed to get you direct immediate results— new patients buying your high-profit products and
4. Also, discover how to take advantage of this big secret for boosting sales and profits. GE makes use of it every day. Dell has
used it to steal business from IBM and Compaq. Our pharmacy clients, who apply it intensively, are making more-and-more
money— and finding it ever-so-much easier to do so.
5. Discover the single biggest marketing secret for independent pharmacies. You get more repeat purchasers of your most
profitable front-end products. They come back month-after-month— thus helping you pyramid your profits.
in which the chain stores actually have difficulty competing with you. They wind up filling more-and-more less profitable
prescriptions while you grab more-and-more high profit business. Once you occupy this niche, you will own almost 100% of
7. Want to further dominate your competition? We’ll show you how to make information products one of your most vital tools. In
fact, you’ll control information available to your customers in such a way that you minimize price resistance and maximize
acceptance of your recommendations for helping people feel better and live longer. You’ll explode your profits and build more
customer loyalty than you ever thought you could achieve.
Here at Rx Profits Now, we constantly work on getting your business to master the process of unleashing the collective genius of your people. Most pharmacies unleash about 20% at the very most.
Many of our clients have sales of one million to six million dollars. We have helped many of them create $100k to $200k in additional profits. What would you like to achieve?
For more information, download my free report “The Savvy Independent Pharmacy Owners Marketing Handbook.”
The Insurance Companies May Be One Reason, But That’s Not the Only One
The insurance companies are the main reason that your profits are being slashed so badly. On the other hand, beyond the insurance companies is another big factor that relates to why your profits are in a downward spiral.
Many a pharmacy is now following a new and different pathway to success. While the number of success stories are in the hundreds, they do, nevertheless, represent a tiny portion of the independent pharmacies in existence today.
And yes, they are the successful ones. The ones that are attracting many a new patient and providing them with newer and better ways to help them overcome their aches, pains, and other discomforts that are currently plaguing them.
What’s it all about?
Perhaps a better question is in order: “is what got you where you are today going to get you where you want to go tomorrow?”
The rational answer is, “seemingly not.”
Current information indicates that the 3 key trends in the independent pharmacy industry today are:
There you have the hidden reason that your profits are being decimated. It is also the answer to what you can do about the entire situation…and especially your future.
It calls for a bit of a shift on your part because you need to embrace a different business model.
Such is the nature of being a pharmacy owner.
However, the future can be bright and shiny and full of good things. Such a future includes significantly more cash flow, as well as the gathering of a lot more wealth for your family. It also means having a pharmacy that’s more enjoyable to run because your stress level is much lower.
Thus, you commence to enjoy being a pharmacy owner in ways that you had originally envisioned.
Isn’t that a good reason for making the necessary changes?
For more information, send for my new free report “The 90 Day Independent Pharmacy Miracle.”
July 4th is a day in which ever-so-many people celebrate independence.
You, as an independent pharmacy owner, however may yet need to create a different kind of independence—one from the insurance companies that are dominating and depressing your cash flow, profits, and the way you help patients.
You need a different business model.
What’s the chance of your being able to do it? Very high, based on what other independent pharmacies have done.
Such a celebration occurs when you:
With the aid of the above, you quickly become identified as the “go-to” pharmacy, one that definitely delivers a new higher level of information. And one that offers those patients more respected herbal and homeopathic medicines that they are seeking more and more in order to combat and defeat their unwanted chronic disease.
Naturally, you must embrace new ideas. Indeed, thinking outside the box becomes basic and fundamental.
Then, you must pivot with an open mindedness seldom seen before by your colleagues.
And no, what you do should not be all about filling prescriptions. Rather should it be about helping people to “feel better, live longer, and really enjoy those golden years”. That should be your brand-name promise—your Battle Cry.
You’re In Charge
The insurance companies may be picking your pockets. They may be robbing you of income that could--even should-- be yours. They even may be blocking the entire future of your family’s wealth from taking hold the way you want.
All of that is reversible, if you take just two simple steps:
Take charge of…
Here’s What It’s All About
What can you do for your patients and how can you help them? Provide them with new, different, and better solutions to such debilitating chronic diseases as:
By now, as a reader of my blogs, you should be reasonably well acquainted with my thinking and that which I espouse for you as an independent pharmacy owner. However, if you’re still skeptical about the value of what I have been increasingly offering you as solutions to your most wicked problems, then perhaps you need to have a conversation with me.
To help you celebrate your own independence, I am offering every reader of my blog, a personal business analysis, FREE. No strings attached. No obligation. I am perfectly happy to share with you, profit opportunities that lie hidden in YOUR pharmacy. Depending on varying factors, your opportunities may not be the same as another.
I’ll identify for you, how many I find, as well as how you can unleash them. Sometimes, I find as few as 10 Hidden Profit Opportunities. Other times, as many as 24.
Now is the time to emancipate yourself. Join the growing group of pharmacy owners who are enjoying running a Wellness Pharmacy—and prospering.
For more information, get my free report “The Lazy Man’s Way to Riches In Your Pharmacy.”
Much has been written about the importance of setting goals and achieving them. You can read book after book published over the past 30 years that acclaims the importance of so-doing.
But what about the steps necessary to help you, the pharmacy owner, achieve those goals? What is it that you can do to more well-ensure that you get there?
That’s what this blog is all about.
Before you even attempt to get started, let me challenge you: open up your mind. Create a new mindset. Consider possibilities…even ask yourself “what if I really could achieve bigger and better goals for my bank account, and create more wealth? What if I could even make just some of them happen?”
First of all, break down any goal into smaller components. For instance, if you have a goal to achieve a certain amount of nutraceutical sales by the end of the year, then break that down by quarter and then by month. By so-doing, you immediately make the bigger goal much more achievable.
And that process gives you immensely much more motivation to pursue the larger goal.
At this point, let me inject the fact that there are tasks that you enjoy and others that you do not. Make a list of the ones you do not enjoy doing…and then delegate them. Be certain to adequately train whatever individuals you designate to take over those tasks so that they will be performed to the level that you want them. Remember, if you can do them and it’s not a requirement of your pharmacy license or your job as the owner and entrepreneur, then it can be done equally as, if not better, by someone else. It’s learnable. Therefore, it’s teachable, and it’s your job to teach others those particular tasks you don’t want to do so that it gets done rhythmically time and time again, just by somebody else.
That act of delegating turns you into a much more successful leader.
Now that you have broken your goals down into smaller pieces, and delegated what you do not want to do, let me suggest that you sit down in a quiet place, close your eyes, and create a mental movie of any one particular goal that you want to achieve. Picture yourself achieving it, doing what you have to do in the form of a simple action plan i.e. training your people, doing some upgraded marketing, etc. so that you have a complete moving picture of how you are going to achieve that particular goal.
Once you have successfully created that mental movie, repeat the process at least once each week. Choose the same day and the same time of day so that you get into the habit of performing this detail.
In addition, a tool that has worked for ever-so-many goal-seekers is to write your individual short-term goal on a 3x5 card and post it in a prominent position where you will see it each and every day. Perhaps your bathroom mirror may be the best locations for you to use. This constant reminder may become a very effective tool in reminding you on a daily basis of your goal and its importance.
By this time, I hope you’re well on your way to at least getting started to achieve your first goal. In order to get there, you will need some additional support. That’s true not only to gain the emotional support you need, but also some actual physical help. Such assistance can best be had from:
Your spouse would be your best source of support. Even if she/he is not totally in accord with the goal, or has not previously been exposed to it, that person who is closet to you in every way, form, and manner is probably in the best position to help you achieve some of the aspects of the goal with words of encouragement and perhaps a few suggestions. The method by which you will most likely achieve the goal, however, is with the aid of your team members. Training each one who is even remotely concerned with this goal is paramount. The more they know and the more they understand the reason, the more they will get involved. And with the proper motivation, including the answer to the question “what’s in it for me,” they will become extremely involved.
Recognition, both individually and collectively, goes a long way. So do selected financial rewards.
Once you have achieved even the smallest of goals, reward yourself. Do something that you enjoy doing, go out for a good meal, etc. Do reward yourself.
Now, articulate your vision. Make sure that vision is clear and in writing as per my blog posted May 29th, 2018.
To make all of this happen, your probably need to realign some time management. By that I mean how you allocate time to opportunities versus problems is paramount. Opportunities will help you develop more cash flow and more profits. The solving of problems should be delegated. After all, if you can do it, you can teach it. And someone else can learn to take that “monkey off your back.” (see my blog of April 11th, 2017 for details)
And finally, seek advice from someone who has considerably more expertise in these areas than you. Hiring a consultant or coach who has been there and done that exactly the way you want to succeed is basic and fundamental to your obtaining the success you want. It is an investment, not an expense, and should be approached from that vantage point.
There you have the secrets to successfully achieving your goals. They are perhaps briefer than you would otherwise need. Perhaps a book can be written on it. However, the last of the list, seeking advice from someone who has “been there and done that” is perhaps the greatest one of all.
I guess you could call that goals, guts, and greatness.
For more information on how exceptional pharmacy owners think, get my free report, “Entrepreneurship, Leadership and Marketing for Independent Pharmacies.”
The future of your pharmacy rests on your vision.
It is paramount to what you will do and how successful you will become.
Essentially, your vision should evolve around the following 6 topics:
The elements of your vision should indicate a culture that you want to establish and a way of differentiating yourself. For instance, do you want to have products that are different from those in the chain stores or big box stores in your trading zone? If so, how? Are they higher quality? Do you have products that others do not sell, such as N-Acetyl Cystine?
Such should be the nature of your vision statement. And you should spell out, descriptively, all the details of each and every one of the six points.
No two pharmacies will be alike. No two pharmacies will have the exact same vision.
The above six points are purely guidelines.
What will yours look like?
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.
Christine Blank wrote a very challenging article. It revealed ever-so-many basics regarding why the independent pharmacy should be concerned about Amazon.
Nevertheless, if a pharmacy truly differentiates itself, it creates a niche that Amazon would have trouble invading.
What’s it all about? Informing and educating the patient.
The independent pharmacy owner should be the master of chronic diseases. It’s a field not sufficiently well covered in medical school. Neither is it currently being mastered by chain store pharmacies or big box stores. Admittedly, it’s not taught in pharmacy schools, either.
The independent needs to search out the information and study it by himself. And, when he does, he differentiates himself and creates that niche where he can own almost 100% of that marketplace. For instance, if the patient does not know the value of N-Acetyl Cysteine and how it can help her ward off most any viral infection by building glutathione, then that’s information that he should be dispensing. Indeed, it should be the foundation of his helping people to feel better, live longer, and become more energetic.
And that’s just one sample. What about PQQ and its ability not only to energize the mitochondria, but also to rebuild those mitochondria that are dying. PQQ can be a tremendous source of energy, especially for seniors.
And those are just two examples. When they are marketed properly, online and offline, they can draw dozens of new patients.
Also, when the pharmacy owner backs up that marketing with other marketing that goes directly to his patients, once they sign on, then he can further indoctrinate them regarding how his solutions to aches, pains, and other maladies can benefit each patient.
Yes, Amazon is another competitor to be reckoned with. However, the independent pharmacy can create his own niche, and he can own almost 100% of it. The result: they visit more often, get expert advice from their favorite pharmacist, and they spend more money.
It’s all about the independent’s learning how to dispense something new and different: information that is not available from the chains or big box stores. Neither is it available from doctors. Then, he can not only attract patients like flies, he can also build significant wealth in his pharmacy. He just needs to pivot.
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.
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.