"The Successful Man is the One Who Finds Out What Is the Matter with His Business Before His Competitors Do." Roy L. Smith
Important Entrepreneurial Lesson for Pharmacy Owners
The following contains critically important information for you as a pharmacy owner. What you do with it and how you use it is up to you. However, its application is enormously important for your success.
According to a Bloomberg News release on December 6, 2016, sales of high end coffees such as Starbucks, grew by almost 10% last year, while those in McDonalds only grew 1.3% in the same period. Why?
The answer lies in their focus. Starbucks and Dunkin Donuts are focused primarily on their very profitable beverages. If you stand in line in Starbucks, you will notice that virtually everyone is ordering a beverage first. Any food is an add-on. Patrons of Dunkin Donuts usually follow that same model. Beverages first, food second. What’s your focus? More about that later.
Not so with McDonald’s. They built their reputation on fast, low cost food. Their sales are in the billions; however, the margins are slender. In the above-mentioned news release, they are starting to refocus their efforts, including their marketing. These beverages are far more profitable and are still a growing category.
Howard Schultz originated Starbucks. He developed the category and became it’s king. Their sales are in the billions and their margins exceedingly high. If McDonald’s, for all its enormous success, including franchising, wants to copy Starbucks, what does that mean to you?
What’s Your Focus?
It’s all about focusing on where you can make more money and do so more easily. It’s also about focusing on the changes you need to make in order to create the results you want. While McDonald’s may be changing their business model, you have a model of your own to copy.
Why not copy a successful business model— one that has created pharmacy millionaires and multi-millionaires, even in this turbulent economy. one that includes high margin products (50% margins on natural medicines, even higher margins on compounded scripts—and 100% margins on your expertise). You, too, can become king of that category in your own trading zone.
And what about increasing your gross profit by lowering drug costs? It’s definitely doable, in spite of what your wholesaler or coop buying group may otherwise tell you.
You simply need the mindset to do so. Mindset is getting the people you are concerned with what they want, the way they want it, and at the time they want it. Mindset is the one necessary ingredient for you to “cross the Rubicon” and become director of your own fate and master of your own destiny.
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