Owning an independent community pharmacy can be both challenging and rewarding.
From overseeing daily operations to dealing with reimbursement pressures to assisting patients, it’s not easy to manage every aspect of your business and guarantee you yield results.
But there are a few ways to ensure your pharmacy prospers that independent pharmacy owners tend to overlook.
Follow these keys to running a successful independent community pharmacy business.
1. Have a plan
In order to make your business sustainable, you need to get to know the industry and decide what your goals are.
Have a vision and get people on board. Then, develop a business strategy and find a way to execute it.
For example, if the majority of your patients are over 60, you may want to focus on offering a prescription delivery service or disease state education classes.
Once you know where you want your business to go, you can map out how you’re going to get there.
2. Invest in people
Hiring successful pharmacy employees is an essential part of a successful independent community pharmacy business.
Patients may visit your pharmacy for a variety of reasons, including convenience and customer service—both of which depend on your employees.
Train your employees to reflect your pharmacy’s brand. And, continue to invest in them by offering to pay for continuing education (CE) courses, listening to their ideas and opinions and rewarding them when they perform well at their jobs.
3. Make a great first impression
First impressions are crucial for patients deciding to visit your independent pharmacy for the first time.
When new patients walk into your pharmacy, you want them to feel welcome. They should be able to navigate your retail front end with ease, and receive help when they need it.
Provide the best overall patient experience possible by creating a store layout that makes sense and is pleasing to the eye.
Additionally, ensure your employees are friendly, and that they’re readily available and willing to assist patients.
4. Incorporate mobile technology
Mobile technology is becoming increasingly important in the retail setting today, and your pharmacy needs to take advantage of this movement.
You can use mobile technology to improve your pharmacy’s digital marketing efforts by updating your website, promoting your pharmacy business on social media and sending out an e-newsletter—all of which many patients consume on their smartphones.
And, incorporate mobile technology into your pharmacy’s front-end retail space. For example, create a smartphone app for your pharmacy through which patients can easily refill their prescriptions. If you need help creating your own app, use a business like PocketRx, a branded smartphone and refill app that allows pharmacies to customize their app to their own unique branding.
Or, use quick response (QR) codes to provide information to patients about your pharmacy’s products and services. When a patient scans a QR code on their mobile device, they’ll be taken to a website that contains more detailed information.
5. Provide value
The money you make is a result of the value you provide—not just the front-end pricing you offer.
Many small businesses underprice or discount their products as an attempt to compete with the big-box stores, but that’s a battle you’ll never win.
Instead, increase your sales of front-end products and clinical services by focusing on the real reasons patients choose your pharmacy.
People will pay to have their needs met, whether it be the excellent customer service your pharmacy offers, the products you stock, or the unique services you provide.
Check out these counterintuitive ways to improve your pharmacy business.
