It’s the end of January. Have you made your New Year’s resolutions yet?
As an independent community pharmacy owner or manager, there are certain trends you’ll need to keep up with and areas you’ll need to work on to ensure your business stays strong, relevant and competitive in 2017.
And, it’s important not to let these new goals get lost in translation as the year goes on. Start making a plan now, and track your progress each month to make sure you’re working toward meeting your goals.
Here are five resolutions for your pharmacy business to keep this year.
1. Get mobile-friendly
Are you still behind the times digitally? Perhaps you didn’t have the time or resources to focus on implementing mobile-friendly strategies in your pharmacy last year.
But this year, it’s time to make going digital a priority.
Start by first ensuring your website is mobile-friendly, and that your layout is mobile responsive, meaning the website responds to the size of the screen it’s viewed on, whether that’s on a desktop, laptop, tablet or mobile phone. Then, you can think about investing in mobile advertisements or creating a branded smartphone app for your pharmacy to reach more patients.
Mobile-friendly strategies allow your patients to conveniently access the information they need about your pharmacy. And, implementing these strategies can vastly improve your marketing efforts.
2. Invest in professional development
In order to grow your business, you have to continue to grow yourself.
If you’re a pharmacist, you’re responsible for fulfilling continuing education (CE) requirements, but your professional development efforts should extend beyond that. (And you should strive for professional development if you’re a non-pharmacist owner or manager.)
For example, attend more pharmacy conferences to network with other industry professionals and learn from experts in your field. Or, make it a point to keep up with industry news or read small business blogs and apply what you learn to your pharmacy business.
Additionally, invest in your employees’ professional development. Encourage pharmacy employees to improve their skills by creating opportunities for advancement, developing a pharmacy mentor program or paying for their continued education.
3. Amp up your cybersecurity
Cyberattacks are an increasing threat to small businesses, including your independent community pharmacy.
And, an attack on your pharmacy business can be especially harmful due to the valuable medical and payment data you possess.
Don’t let your business suffer from the debilitating effects of a cyberattack. By implementing cybersecurity best practices and preparing for an attack, you can ensure your pharmacy is protected.
For example, encrypt your data, use malware protection software and train your employees on how to keep your business digitally safe. You should also consider investing in cyber liability insurance to mitigate the risks that come with a cyberattack.
4. Focus on your niche
Independent community pharmacy owners are always looking for new ways to make their pharmacy stand out from the competition.
Niche services, such as compounding, disease management or medication therapy management (MTM), are increasingly becoming in-demand patient care services that can set your pharmacy apart.
If you already have a niche program, make it a goal to improve on that service offering this year. For example, work on a marketing campaign to spread the word about your diabetes education program and attract new patients.
If you don’t yet have a niche service, this is the year to find one. Consider factors such as patient demographics and buying habits, industry trends and your competition when determining what area to specialize in.
5. Manage your money
There’s no excuse for not taking the time to seriously evaluate your business’s finances.
Staying on top of your financials means constantly reviewing them to find opportunities where you can cut costs, increase efficiency and grow your profit margins.
With the pressures independent pharmacies are facing today, such as direct and indirect remuneration (DIR) fees, learning to manage your money can help your pharmacy survive.
Discover how to overcome the pharmacy challenges coming in 2017.
