So, you want to beat the odds and build a successful independent community pharmacy?
While it’s no easy feat, it can be done. Aside from the blood, sweat, and tears, there are many factors that play into making your dream for your business a reality. And, whether you’re a start-up or you’ve been in business for years, being successful in a market full of competition, constant regulation and big players trying to trample the little guys, can be a continual struggle.
Here are 10 habits you can follow to help improve the success of your pharmacy.
1. Dream big
You’ve heard it before: Follow your dreams. In order for your pharmacy to have a chance at succeeding, you have to put your whole heart and soul into it. If you don’t truly believe in seeing your vision through, why should anyone else?
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2. Spot opportunities
Sometimes you have to think outside of the box, and create opportunities for yourself. The craziest ideas can turn into the best ones, so be innovative! Rather than sitting there hoping a door will open up for you, take the initiative to unlock and open the door yourself.
3. Know how to execute
How do you take that dream you have for your pharmacy and turn it into a reality? Your pharmacy won’t succeed if you don’t understand how to properly execute your vision. You must first figure out an effective way to introduce your business (or a new product or service if you’ve been in business a while) to potential patients. And more importantly, develop a plan to ultimately win them over.
4. Take small steps
How many times have you been advised to take baby steps? Well, we’ll say it again. Successful business owners understand that not everything can be achieved at once. When you’re training for a marathon, you certainly don’t run the whole distance the first day. If you start small, you’ll learn how to prioritize your pharmacy’s needs and eventually build your business up to where it needs to be.
5. Ask for help
Running your own pharmacy is not a one-man job. No matter how knowledgeable you are or how great your vision is, it’s important to enlist trustworthy consultants. Find a mentor who has experience in the industry and whose expertise can supplement yours.
6. Be nimble
It’s okay to make mistakes. In fact, it’s inevitable. What separates successes from failures is the ability to accept those mistakes and learn from them. If you encounter a hiccup, don’t just ignore it or give up. Admit the mistake, get to the root of the problem and figure out a way to fix it.
7. Be confident
Don’t let the people who doubt you (including yourself) stand in your way. If you’re not 100 percent confident in your vision, it probably won’t come to life. Being persistent and continuing to overcome obstacles will only bring your dreams for your pharmacy closer to becoming reality.
8. Don’t be afraid to fail
Your success will depend on your ability to overcome failures. Taking risks and trying new things are necessary when running a business, and sometimes it results in failures. How you handle these failures are what matters. Instead of being afraid, be ready for them.
9. Build strong teams
Your employees actively contribute to the success and profitability of your pharmacy, so you need to be able to hire (and fire) well. Figure out the type of people you want on your team and then do what it takes to find them. Because they play such a key role in your business, let employees go if they’re not meeting your pharmacy’s standards.
10. Delegate
Though you may have built a profitable pharmacy, you need to remind yourself that you are not superhuman. Understand that you can’t do everything yourself. Knowing how to delegate is key to being a successful independent pharmacy owner. You took the time to hire the right employees, so let them do their jobs.
Owning an independent pharmacy can present many challenges. To learn more about overcoming these challenges, check out the top five challenges of owning an independent pharmacy.
