Let’s face it, owning and managing any business is tough work. But owning an independent community pharmacy can be especially grueling. Only the most dedicated pharmacy owner can build their business into a successful enterprise.
Other independent community pharmacies are enduring similar tribulations as your own. It’s how you handle the cards you’re dealt that determines your business’s fate.
Here are seven problems all independent pharmacies face, plus tips to help you solve them.
1. Hiring new pharmacy staff
Finding talented pharmacy and non-pharmacy employees to join your team can be a struggle if your independent pharmacy doesn’t have what new hires are looking for.
If your pharmacy is having trouble hiring talented new employees, give people a reason to want to join your team. Emphasize the flexible work hours, family-like culture or opportunities for career advancement your pharmacy offers potential jobseekers.
Another concern for your pharmacy might be the cost of new employee onboarding and training. If this is an issue your pharmacy faces, be sure to work on retaining good pharmacy employees. Take time to initially make the right hire, so you don’t have to deal with the expenses that come with training someone new.
2. Fatigue
Running a successful business requires enormous effort. And, oftentimes, that can leave you feeling drained and stressed out.
If you’re dealing with the stress of pharmacy ownership, it’s important to remember that you need to reenergize and refocus every once in a while. If you have too much on your plate, delegate some tasks to a trusted employee. And, don’t forget to take a break every so often.
The most productive pharmacy owners are those who are proactive. Don’t let exhaustion affect your pharmacy’s future.
3. Client dependence
Your independent community pharmacy thrives on personal relationships with patients. You likely have many loyal patients who have visited your pharmacy for years. But, are you recruiting new patients to your pharmacy as well?
Client dependency can be an obstacle for businesses. For example, if your pharmacy is dependent on the same regular patients, you may be in trouble if their insurance cuts out your pharmacy or if they move away.
Strategize ways to get new patients to come to your pharmacy, so that you aren’t dependent on the same customers. You can do this by asking for referrals, marketing your pharmacy or volunteering in the community to get your pharmacy’s name out there.
4. Financial growth
Generating revenue is the ultimate goal of any business. But stagnant sales cycles or ineffective money management are obstacles independent pharmacies often face.
Don’t let money issues affect your pharmacy.
Keep your business healthy by always searching for new ways to grow. For example, consider offering vaccines and immunizations or specialty medications, if you aren’t already.
Maintain a budget, cut unnecessary expenses and find new outlets in which you can generate revenue. It’s also a good idea to have a financial advisor you trust.
5. Lack of updated technology
Up-to-date technology is essential for any business to keep the doors open.
But for many independent community pharmacies, like your own, implementing new technology can be difficult. You may be working with a smaller budget than that of a national chain pharmacy, so purchasing equipment and training staff on how to use it can pose a problem.
Start small. If you can’t invest in a pharmacy robot, look for other ways to update your technology, such as adding an online refill option to your website or using an interactive voice response (IVR) system.
6. Lack of marketing
Marketing might not always be your biggest concern, but it’s important to realize its significance.
Marketing is the only way to spread the word about what your pharmacy offers, so you can recruit new patients and maintain a loyal patient base.
Don’t let marketing fall to the wayside. Invest time in marketing, create a budget and hire an in-house marketing person or an outside company to handle your marketing.
7. Not enough time
Time is of the essence. And, you likely don’t have enough of it.
If you find yourself struggling to complete all of your tasks at the end of the day, prioritize, develop a routine and learn other things productive pharmacists do to help you cope with a hectic schedule.
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