If you’re sick of the doom and gloom about pharmacy being peddled by the pundits, I empathise with you but, I hate to say this, those pundits are right. Trying to compete with big discount pharmacies is just going to lead you into a big discount bankruptcy.
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Today, Australia is experiencing unprecedented conditions in the market. Many multimillionaire pharmacists already see the golden goose is no longer laying golden eggs and those of you who were on your way to becoming millionaires feel ripped off that you’re not going to find the golden goose let alone the golden eggs.
But- there is still money to be made if you are nimble and open minded. And yes, you absolutely need to get smart about where you invest your time working out what you’re going to do not just to survive but to thrive and take advantage of this great opportunity we’ve been presented with.
Most of your pharmacy friends out there are not. They’re either going to get gobbled up, selling for a pittance compared to what their pharmacy is worth or they’re going to have to just close up the shop and walk away.
Do you want to thrive rather than survive?
Then do what the multi millionaire pharmacists are doing. They’re adapting and making changes now so they can face the discount chemists, price disclosure and PBS cuts. They know if you keep doing things the way you’ve always done them, you won’t even get the same result any more. You’ll get less.
If you don’t go bankrupt then you are certainly going to bleed away most of your investment. You are going to watch your pharmacy decline in value, month by month, before your very eyes.
Millionaire pharmacists’ activities and success are driven by the following two facts.
Fact 1: You will absolutely maximize your profits if you spend 80% of your time on the key 20% of actions (Pareto principle)
Fact 2: Lack of direction, not lack of time, is the problem. We all have twenty-four hour days. (Zig Ziglar).
So, get smart about how you use that 80% of your work week.
This is how your week should look:
40% Marketing and Sales
Marketing is the only activity that brings in new customers and turns your existing customer
base into loyal advocates of your pharmacy who visit more often and buy more.
Your marketing educates and engages them and brings them through the door. Then your team provides great service, selling skilfully and with integrity to ensure they walk out with a bag of products.
40% on Staff Management, Motivation and Mentoring
Your team is your conduit to profit. Upskill them, keep them motivated and make sure they work cohesively as a team as well as individually maximizing sales. They are the ones who provide added value to your customers. To keep their jobs and your business viable, they must be enthusiastic and know how to identify and meet customer needs.
It’s more sophisticated than ‘can I help you?’ and more subtle than ‘do you want fries with that?’
20% Admin and other activities
Want to reduce your work hours and play golf like the big boys? Delegate the hell out of that 20%. You should be handling those activities that can ONLY be done by you, the business owner
Bottom line. Multimillionaire pharmacists are open minded, adapt quickly to market conditions, focus on marketing and sales and delegate like mad.
If you’d like to discover some more quick tips to help you become a higher performing pharmacy in these specific market conditions, then download this great checklist by clicking on the image below NOW!