As the owner of an independent community pharmacy, you want to remain invigorated and excited about what you’re doing.
Sometimes that means going back to thinking like an entrepreneur instead of a pharmacist. To help your pharmacy increase profits, adapt to the ever-changing marketplace, and stay innovative, you must continually strive to improve.
Here are 15 tips for pharmacy entrepreneurs to help you improve your business, and even become an innovator in your industry.
1. Get involved with your community
As an independent community pharmacy, it’s important to get outside of your pharmacy and give back to your community. Whether you decide to offer a free educational class or give a speech at a local school, giving back creates opportunities for your business by getting your pharmacy’s name out there and building credibility.
2. Continue your education
Pharmacy is a continually evolving industry. Although running your business may take up most of your time, it’s important to remain a student. Stay informed on current trends in health care by attending industry events, or joining your national and local pharmacy associations. Don’t forget to keep your certifications and licenses up-to-date, too.
3. Network
You never know what business opportunities can come out of new connections. Maintain professional relationships with other independent pharmacy owners and industry experts by attending events and conferences or taking part in your local associations. Be sure to also update your online profile on common networking platforms, such as LinkedIn.
4. Focus on the patient experience
Keep current patients happy and returning to your pharmacy by continuously working to master the customer experience. Hire friendly employees and make customer service an emphasis to gain loyal patients who refer your pharmacy to their friends and family.
5. Invest
Invest in necessary assets. Don’t be afraid to hire more employees, purchase new equipment or spend additional money on marketing. Think of the future of your pharmacy when making financial investments.
6. Keep employees satisfied
For any business to successfully thrive, employees must be happy. Make sure you promote a positive work environment for your employees. Take steps to increase their job satisfaction and make them feel invested in your pharmacy.
7. Pay attention to your loyal patients
Listening to your patients will help you learn about new products or services you may want to consider offering. Paying attention to your patient’s needs will promote loyalty and even potentially help you discover an idea for a new business venture.
8. Learn from unsatisfied patients
Unhappy patients can teach you a thing or two about what needs to be changed in your pharmacy. Consider their critiques as a valuable source of feedback.
9. Take a risk
Don’t be afraid to make a mistake. Try something new at your pharmacy. Offer a new service or add a new category to your front end. Don’t be afraid to take a risk. You’ll never be able to move forward if you don’t try something new.
10. Look to other industries
Look outside the walls of your pharmacy. Visit other pharmacies, and even other retailers outside of your industry. Ideas are everywhere. Consider what works well for other businesses; it may work for you, as well.
11. Define your goals
Choose a goal for yourself and your business. Defining a certain goal for your pharmacy, such as offering a new product line, or committing efforts to becoming more involved in your community, will change your typical routine and likely cultivate inspiration.
12. Consider specializing
Developing a niche business is a unique way to help your pharmacy stand out from competition. You could focus on a certain condition, like diabetes, and make your pharmacy a one-stop shop for diabetes care. Or, you could focus your efforts on women’s health, compounding or durable medical equipment
13. Share your knowledge
Promote your pharmacy and yourself as a professional and consider sharing your expertise. Write for industry publications, join the editorial board of an industry magazine or write your own blog. Consider submitting article ideas, or sharing information about innovative practices at your pharmacy to industry publications (such as Elements magazine), so other pharmacies can learn from your successes. Publishing your knowledge will showcase your expertise.
14. Get your rest
Owning your own independent community pharmacy is a difficult task. Don’t forget to take time for yourself and get rest. Taking a break will help you refocus and reenergize. Your next big idea may happen when you least expect it.
15. Invest in your brand
Think of what makes your pharmacy unique from others. Entrepreneurs understand the importance of building a brand; it’s what keeps customers returning. Whether you choose to finance more marketing efforts to promote your pharmacy or decide to specialize in a certain condition, taking the time to invest in your brand will help you create a thriving patient base and an excellent reputation
Want more tips to apply to your business? Here are three more business skills every pharmacy owner needs.
