In a perfect world, a business plan would immediately boost your pharmacy business to new levels of success. In reality, however, it’s just a starting point. And without timely implementation, it gets reduced to a mere shelf decoration.
Don’t waste the valuable time you put into writing or updating your business plan. (Need to write or update your business plan? Find out how to create a pharmacy-specific business plan in five easy steps.) Once you’ve finished writing your business plan, the next phase is to transform those words into actions. Here are some tips.
1. Engage your employees in the plan
The best way to implement your business plan is to bring all key employees into the process. In fact, many experts propose a system in which each key employee examines and extracts his or her own part from the broader plan.
You can promote individual participation by having each staff member create a one-page business plan for his or her area. Each individual can then share their specific plan with the rest of the team. For example, have your compounding specialist or your marketing person create a plan that details how they’ll contribute to the plan’s overall goal. This helps everyone understand the individual roles at play and makes everyone accountable for his or her own level of participation. Doing so can effectively align goals and strategies across the entire team.
2. Modernize your plan
Make your business planning an annual process, with each plan spanning a new year. If necessary, adapt your mission and vision to accommodate marketplace changes, such as new competition in your town, stricter regulations or the opening of a new location. Be flexible, but not overly so—there’s no point in developing a plan unless you intend to stand by it.
3. Update your staff
Take time to articulate the plan to all employees, even if they weren’t involved in the initial planning process. Doing so will help everyone recognize the potential effects—both positive and negative—that individual performance can have on developing the business. When you bring new people in, offer them ways to share in the vision as well. If your vision is to be a progressive pharmacy, then make sure new employees understand your emphasis on forward-thinking ideas. Your employees will feel more like team players if they understand your mission and vision, and that’s always good for business.
