What Rational Pharmacy Owners Should Do, Starting Now!

Pharmacy owners aspiring to greatness should learn to become analytical. Start by analyzing anything and everything in your business. Then, turn those analyses into planning a bigger and better future by setting goals and developing the strategies by which you will get there.

Successful pharmacy owners develop what I call “the innovation factory.” They disrupt the marketplace with innovations to help more and more people in their community to rid themselves of their aches, pains, and other maladies, leading to better health and greater longevity.

Not all that long ago, a new pharmacy located in an average neighborhood, took only two to two in a half years to become profitable. Today, a traditional pharmacy can take several years to see a profit.

As I see it, creating a traditional pharmacy today is like “joining the walking dead”. From my viewpoint, something new is needed in pharmacy thinking. So, you need to ask yourself a very serious and outstanding business question regarding different activities-- especially if you’re filling traditional scripts. Ask yourself “If I were not doing this today, would I commence doing it?” “Is everything I’m doing now, increasing cash flow?”  If the answer is a convincing NO, then I seriously suggest that you stop doing it, starting now. 

In fact, that question, needs to be asked about all activities taking place in your business, at least once every year without fail.

This sort of analysis and thinking will create new energy for you and that energy, in turn, will cause you to think deeply about your future. You now can create a vision of what you want to do, what you want to become and the legacy you want to leave.

Think, create your vision, create change, develop greater strengths in your organization, then get out of the way of your team and focus on what your job truly is.
Become more the entrepreneur, less the pharmacist.

A Rational Approach to Problem Solving and Determining Opportunities

Many years ago, I discovered six steps in the process of creating truly rational decisions:

1. Investigate: Collect, classify a way and evaluate date that are pertinent to the situation.
   
   
2. Objectivate: Set short-term goals and long-range objectives, that are both meaningful to creating a better future as well as causing you to “stretch” to accomplish those goals.
   
   
3. Organize: Assemble all the resources that are needed in order to achieve whatever the mission is to be.
   
   
4. Delegate: And this is important, delegate everything and anything that can possibly be done by another human being. You can’t do it all; neither should you want to.
   
   
5. Train Your Team: Now turn your organization loose to accomplish what needs to be changed, upgraded or created.
   
   
6. Measure Results: Especially measure against the intended outcome. Measuring on a short-term basis against short-term accomplishments is necessary in order to arrive at your final destination. 
   
   

This approach can be used for both problem solving and taking advantage of opportunities.

I used them in my stores with substantial results.

For more information on how exceptional pharmacy owners think, get my free report, “Entrepreneurship, Leadership and Marketing for Independent Pharmacies.”

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