Inside: Growing your independent pharmacy isn’t only about making more sales. Get the scoop on the unexpected ways to improve your pharmacy business.
When it comes to improving your independent community pharmacy’s performance and profitability, sometimes you have to think outside the box.
While traditional approaches to running a small business are often effective, they may only take you so far.
Going against commonplace thinking may actually help you move forward.
Here are 10 against-the-grain ways to help improve your pharmacy business.
1. Spend more money
It takes money to make money. And, sometimes you have to spend more to make more.
When there’s a good opportunity, don’t be afraid to take risks and spend more money—even when your budget disagrees.
For example, investing in services such as compounding or packaging automation may require you to spend more in the beginning, but can ultimately make your pharmacy more profitable.
2. Hold fewer meetings
Holding too many meetings is counterproductive. Not only do meetings use up valuable time, but they also allow owners and managers to micromanage—and that’s unproductive in itself.
The majority of time at your pharmacy should be spent ensuring the pharmacy is operating correctly and looking for new opportunities to grow.
Let your pharmacy team do their jobs and actively work on improving your business, rather than spending too much time discussing and not enough time doing.
3. Implement a no-policy vacation policy
Your employees were hired to work at your pharmacy for a reason. You determined that they were the best candidates for their positions.
So, why not give them a little freedom when it comes to taking time off of work?
Implement a no-policy vacation policy, so employees can take time off when they need to. Allowing your employees freedom shows that you trust them. And, the outcome may surprise you.
If your employees are as great as you think, they’ll be more responsible about choosing when to take time off and work even harder when they’re on the clock.
Obviously your pharmacy has to be staffed. So, you don’t want employees to exploit this policy, but you may be surprised at what happens to your pharmacy’s productivity when you become more flexible with time off.
4. Don’t think big
In order to achieve a great outcome, you have to take the small steps to get there. And, the small steps you take may change the “big picture” for you.
Instead of thinking big and painting an exact picture of your future, try to just head in a general successful direction. Focus on what’s currently working at your pharmacy, and see where it takes you.
For example, maybe you recently added a new patient care service such as a diabetes care program—and it’s thriving. Since you know that type of program works in your pharmacy, try starting another disease state management (DSM) program, like smoking cessation.
5. Leave work early
As an independent community pharmacy owner or manager, you’re always busy. And, you’re probably used to working long hours and leaving the pharmacy late many days of the week.
But, you don’t always need to stay late to get things done and keep your pharmacy on track.
Try leaving work at a decent hour each day to improve your work-life balance. Not only will you get to spend more time with your family and have a chance to reboot, but you’ll also set a good example for your employees.
6. Seek out negative feedback
Most people tend to avoid negative feedback, but it’s actually valuable information.
Learning to accept constructive criticism and make changes when necessary will make you and your pharmacy more successful. And it will ultimately improve your pharmacy business.
Foster an environment where feedback is encouraged, even when it’s for the pharmacy owner. Ask your employees about your pharmacy’s strengths and weaknesses, and try to find areas where you can improve.
7. Change your mind a lot
Changing your mind is not a bad thing. Coming up with great ideas often involves being open to new points of view and contradictions, meaning constantly revising your original thought process if necessary.
Say you came up with a great social media marketing campaign. Once you do some research and explain the idea to your employees, you may find that parts of your plan don’t make sense.
By not being afraid to change your mind, you can alter your plan as many times as you need to in order to create something that works.
8. Get out of the pharmacy
It seems logical that the more time you spend in the pharmacy, the more you’ll get done. But, a change of scenery may actually make you more productive.
Whether it’s taking a long lunch, going for a walk or posting up in a local coffee shop, getting out of the pharmacy may help you to think more clearly. And, you just might come up with your next great idea or solve a problem you’ve been working on for weeks.
Make it a point to leave the pharmacy in the middle of the day at least once a week, regardless of how busy you are.
9. Invest in socially responsible initiatives
Even though it may cost you in the beginning, investing in socially responsible initiatives can really pay off. And, as a small business, it’s easier to be flexible and stick to your values.
Making an effort to benefit society and the environment not only boosts your reputation, but it can also lead to better employee satisfaction and fewer costs to your business long-term.
For example, offering to pay for continuing education (CE) courses for your employees or providing other added benefits may lead to lower turnover. Or, investing in motion sensors to automatically turn lights on and off at your pharmacy will save energy, which is good for the environment and your utility bill. These are easy ways to improve your pharmacy business.
10. Raise salaries
Don’t follow the trend of scaling down personnel and cutting employees’ salaries. Your employees are an asset, and you have to show how much you value them in order to keep them.
Increasing salaries—even when times are tough economically—is an investment. When employees feel their job is secure, they’ll reward you and your pharmacy with more productivity and loyalty, which will boost your pharmacy’s performance.
Check out these other innovative tips to improve your pharmacy business.
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