Running an independent community pharmacy is unlike operating any other business.
From dealing with regulations to solving third party issues to handling inventory, independent community pharmacy owners face unique challenges on top of the everyday operations of running a small business.
With so much going on, you likely find it difficult to find time to make business improvements. But you don’t have to make big changes to see a positive difference.
We’ve compiled 33 easy-to-implement tips to help you improve your independent community pharmacy business.
1. Stay up-to-date with industry trends
Stay up-to-date with the latest industry demands, so you’re always providing the new products and services that your patients are looking for.
2. Specialize in an area
Providing excellent, in-depth service in a particular area, such as compounding, HIV or diabetes, helps differentiate you from the competition. A business niche can help retain patients, and attract new ones, too.
3. Showcase your uniqueness through social media
Don’t just post on Facebook and Twitter about your loyalty program, new front-end products and other services. Share health and lifestyle information, so your patients have positive interactions with your pharmacy outside of in-store transactions.
4. Know how cash flow works
When you understand how cash flow works, you’ll be better able to influence it to improve your business. (Here are some cash flow tips.)
5. Increase your community involvement
Community involvement is an excellent public relations opportunity, and it’s an opportunity to network with other local businesses at community events.
6. Overcome fear of investment
To make money, you have to spend money—wisely. Investing in equipment, new staff or marketing might just be the boost your business needs.
7. Listen to patient feedback
The best way to keep up with patients’ needs is to listen to them. Keep an ear open for things your pharmacy could add or improve. This not only improves your business, but also shows patients you value their thoughts—and health.
8. Value your staff
Happy employees will lead to happy patients. Provide your employees with feedback and recognition for great performance, and you’ll create a more positive working environment.
9. Update frequently
Whether it’s products in your front end, window displays or shelving arrangements, making small changes daily, weekly or monthly will keep your store looking fresh for patients. And it will prevent you from doing massive rearrangements all at once.
10. Commit to your branding
A smart pharmacy owner understands the importance of creating a strong brand across every platform—store and staff appearance, logo, website, social media, and more. When your brand has a consistent, professional appearance, it increases patient confidence. (Here are some branding tips.)
11. Track your employees’ sales
Recording your employees’ front-end sales each month can prepare you to give feedback to them to improve their sales strategies and increase revenue.
12. Review your inventory regularly
Since so much of your cash flow is tied up in your stock, it’s important to monitor it thoroughly to ensure you’re not wasting money on slow moving, expired or over-bought inventory.
13. Offer medication synchronization
Scheduling monthly refills increases patient adherence, and coordinating multiple prescriptions into one pick-up date benefits you and your patients. If you have patients who need rarely used or expensive drugs, medication synchronization ensures you won’t have to worry about those expensive products being left on the shelf.
14. Use social media to your advantage
Start with the most popular platforms: Facebook, LinkedIn and Twitter. Passing up a free opportunity to reach hundreds—or thousands—of patients instantly means missing out on new and recurring business.
15. Buy inventory more profitably
It can be difficult to find the best deal on products from secondary wholesalers when you’re busy caring for patients. Negotiator by PBA Health makes buying a no-brainer. Every order has the potential to earn up to 15 percent off your order—on both brands and generics. And, that’s on top of already low catalog prices.
16. Donate
Your time and money can go a long way to integrate your pharmacy into your community. Remember to keep track of monetary contributions for tax deductions.
17. Reconcile your claims
Monitor your third party claims closely. It’s not enough to trust that you receive the payments you deserve. Use a reconciliation service, such as EnsurePay by PBA Health, to make sure you’re not missing out on payments that can add up to huge losses.
18. Build a strong team
Constructing a cohesive staff that truly functions as a team increases productivity and employee morale, which translates to patient care improvements.
19. Network
Network regularly with colleagues, physicians and other small business owners. Build your network proactively, so when you need to collaborate, your connections will already be there.
20. Know your market
Understanding the needs of your specific community can help you develop appropriate niche pharmacy services to better meet the needs of your patients.
21. Keep your word
Only make guarantees to patients that you can follow through on, and always be honest and clear with your employees.
22. Manage your time
Maximize your efficiency be creating schedules, implementing organizational tools and passing time-management tips on to your staff.
23. Motivate
Be a source of support for your staff and patients. Sharing your industry expertise and recommendations will improve patients’ experiences with your pharmacy, and positive reinforcement will keep staff energized.
24. Create a clear vision
Create an ideal image of how you would like your pharmacy to look, operate and succeed. Clearly articulate that vision to your staff, so all the members of your team are working toward a common goal.
25. Prohibit procrastination
Stop procrastinating. Procrastination can be a byproduct of feeling overwhelmed. To overcome it, break down your responsibilities into manageable steps, and don’t be afraid to delegate.
26. Cross-sell
Train your staff how and when to suggest additional products or services to customers based on what they buy. If a mom is stopping by to pick up her family’s prescriptions, remind her that you offer flu shots with no appointment necessary, for example.
27. Acknowledge your mistakes
Don’t be afraid to admit you did something wrong to your patients and staff. Your professionalism doesn’t depend solely on your lack of mistakes, but on how you handle and resolve them.
28. Set goals
Weekly. Monthly. Annually. Setting goals keeps you and your employees on track, and doing so exposes areas that need improvement.
29. Practice patience
Being patient with your patients, staff and yourself will reduce stress and allow you to calmly and clearly address problems or conflict.
30. Be reliable
Strive for your patients to count on your service. Be known for short wait times, accurate fills and instructions, and consistently excellent customer service.
31. Create a strategic plan
Create a written strategy that outlines the steps to reach each of your goals. Your strategy should also include unexpected obstacles, so you’ll know how you’ll handle problems before they even occur. (Here’s how to write a strategic plan.)
32. Offer discounts on your terms
Offer discounts that benefit your cash-paying patients. ScriptCard and ScriptCard Plus by PBA Health enable you to set the discounts you offer on the medications you choose. You’ll establish loyal patients who appreciate the service, and you’ll be competitive with national chains’ discount programs.
33. Track your metrics
Tracking and measuring the proper metrics for your business can give you the insights you need to increase your pharmacy’s performance. Use these metrics to monitor sales, profitability, operating efficiency and more.
Use these tips to help you meet the challenges of running an independent community pharmacy, while maintaining the high quality of care your patients have come to expect.
