Everybody makes mistakes when running a business. Successful businesses recognize the problems, fix them and move forward. Independent community pharmacies are no different.
We’ve put together a list of business do’s and don’ts specifically for independent pharmacies. The list, which is based on interviews with pharmacy owners, points out some common successful strategies—and blunders—that pharmacy entrepreneurs make.
1. Do listen to your patients
Pay attention to your patients and what they’re asking about. A lot of your patients might want more diabetes education or maybe they want your pharmacy to provide immunizations. You could find your next profitable service or business venture by simply listening to your patients’ needs.
2. Do engage your employees
Make sure your employees are proud of the work they do and the business they work for. Disgruntled employees could translate that dissatisfaction into interactions with your pharmacy’s customers, which doesn’t represent your business well. Check in with employees to find out what you can do to improve their job satisfaction.
3. Do specialize in an area
Focusing on a specific area your pharmacy does well can differentiate your business from the competition. Travel immunizations, compounding and veterinary medicine are just a few examples of ways to develop a niche business.
4. Do find ways to get paid for what’s in your head
Now’s the time to start charging for the in-depth advice pharmacists provide. It probably doesn’t make sense to charge patients just to let them know that they need to take their medication twice a day. But why not charge for a comprehensive medication review or for creating a plan for a patient to optimize their medications and nutritional supplements?
5. Do get involved with your community
Whether you host diabetes education classes or do a talk at a senior center, look for opportunities to get your pharmacy’s name out there in your community. Word of mouth can be a powerful marketing tool for independent pharmacies.
6. Don’t understaff your pharmacy
Pharmacy owners need to hire enough staff so they can focus on improving their business—not on the day-to-day tasks of operating the pharmacy. With enough free time, owners can instead focus on other tasks, like strategic planning and looking for new business opportunities.
7. Don’t refuse to invest
Not investing in the assets you know you need, like more employees, new equipment, or marketing, can hold your business back. Don’t be afraid to invest in the things that will help your business move forward.
8. Don’t micromanage
Hire the staff you need and train them adequately, so they can do their jobs without constant supervision. Micromanaging employees will stifle their productivity. Plus, when you give employees the freedom to get their work done, you’ll have more time to concentrate on tasks only you can do.
9. Don’t say ‘no’ to customers
Many independent community pharmacies consider superior service as their competitive advantage. Calling patients’ insurance companies to solve a problem or helping patients who want to take fewer medications find a solution are just a few examples of ways you can say ‘yes’ where others would say ‘no.’
10. Don’t be afraid to make mistakes
Whether you want to try a new front-end category or you want to offer a new service, don’t be afraid of failing. Do the research, put the steps in place, and go for it. If it doesn’t work out, try something new. You can’t move your business forward without trying new things.
