Running your independent community pharmacy requires a lot of hard work.
At times it may seem as if you’re facing unending obstacles, but it’s possible to run your small business both smoothly and successfully. In fact, your pharmacy’s smaller size can be an advantage in many ways. For example, your employees can more easily get to know your patients on a personal level and you can offer niche services that national chain pharmacies may not be able to pull off.
Here are five challenges of owning an independent pharmacy (many of which all small businesses face) and ways you can work to overcome them.
Challenge 1: Attracting new patients
Your current loyal patients already know about the personalized care your independent pharmacy provides, but it can be a challenge to get new patients to try your pharmacy.
Solution: Get patients’ attention
Luckily, there are many things you can do to find new patients and encourage them to use your pharmacy. Here are some options:
- Provide exceptional customer service. Top-notch customer service is what makes your pharmacy stand out, so make sure that new patients experience only the best.
- Offer in-demand patient care services. Get new patients in your door with patient care services, such as medication management, disease state management, vaccines and immunizations, medication adherence services, and smoking cessation services.
- Use social media to promote your pharmacy. Even though your marketing budget may be limited, a simple way to gain notoriety is by using the power of social media to attract a new audience to your pharmacy.
Challenge 2: Managing multiple roles
As the owner or manager of an independent pharmacy, you take on many roles. You’re in charge of managing financials, marketing your pharmacy, and being a leader to your pharmacy staff. But taking on too many jobs can lead to stress, tiredness, or job burnout.
Solution: Delegate
Cope with your hectic schedule by delegating some of the pressure to your talented team of pharmacy and non-pharmacy employees. Even just taking a short break during the day can ease your mind and help you work more effectively.
Challenge 3: Innovating on a limited budget
Just because your pharmacy doesn’t have an unlimited budget doesn’t mean you can’t innovate. It may seem like a risky venture to adopt new technology, begin offering a new service or opening a new location, but you have to stand out in order to beat your competitors.
Solution: Set a budget—and stick to it
If you find it challenging to implement innovative services or programs, start by developing a budget. Figuring out what you can or can’t afford can help you decide where to devote resources. For example, cutting expenses in some areas can help you afford that new robot you’ve wanted to add to your pharmacy.
Challenge 4: Monitoring your finances
You probably didn’t take an accounting class in pharmacy school, but monitoring your pharmacy’s finances is likely a task you handle—even if you have an accountant.
Solution: Use the right tools
If you’re juggling focusing on patients, managing your staff and researching new ways to grow your business, utilize accounting software such as QuickBooks™, so you can keep your finances in order year-round. With the right financial tools, your pharmacy’s finances won’t be as great a challenge to deal with.
If you have an accountant, but still need to regularly monitor your finances, check out these metrics all pharmacy owners should know, so you’re tracking the right information.
Challenge 5: Managing your staff
Employees are your most valuable assets, and are key to improving your business and increasing profits. Like yourself, even your employees may feel the effects of stress or job burnout.
Solution: Motivate employees
Empowering your employees and working to create a comfortable, positive and supportive work environment will help improve your pharmacy business. Boost employee morale and productivity by providing recognition or rewards. Taking steps to promote a positive work environment will keep both you and your pharmacy staff happy.
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