These are troubling times for pharmacy right now. The uncertainty of the Remuneration Review , increased competition, reductions in script revenue, price disclosure, PBS reforms and government changes have created in many pharmacists a desire to batten down the hatches, tighten the purse strings and, in some cases, get out of pharmacy altogether.
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This reactive instinct is natural. The flight or fight response is strong within us all. The importance of recognizing the knee jerk reaction and stretching beyond it in these rocky times is crucial. And I do mean Rocky. Not just in the sense of being bumpy but also highlighting the opportunity to come out swinging and win.
When assessing retail products, look carefully at the Gross Profit. Before that though, make sure you fully understand what your customer actually wants. The smart money is not just on savvy purchasing but also ensuring your return on investment is solid- make sure you’re buying products that will sell. No point having great GP if your stock turn is poor.
Invest in your education. Greater and faster ROI comes from educating yourself about business, retail and marketing strategies….and then implementing. It’s not smart money spent if you fail to do something with what you’ve learned so create an action list as you’re learning, schedule the follow up actions in your diary and make it happen!
The smart money is on those people who invest in themselves, especially in the tough times, so they come out swinging and knock those tough times on their butts! Your return on investment will be huge. For the investment of a few hundred or a few thousand dollars in proven ideas and education from an expert, you can easily make 10 times your investment in additional revenue.
What about systems and processes that give you back time that you and your staff can invest in building your understanding of and relationships with your customers so they buy more products, more often.
Sure there’s an initial investment in technology to automate your HR practices or your dispensary, but when you amortize it over a few years and calculate how much more revenue you can create in that time (and beyond) as a result of that extra time, your ROI will be impressive. Your customers will be happier and your bottom line stronger, with a more secure business.
ESPECIALLY in these troubled times, the smart money is on investing strategically in yourself and your business. Watch your expenses but equally importantly allocate funds for growth. Funds that will ultimately provide an excellent return on investment for you, your business, your peace of mind and your lifestyle. You’ll be among the few that do. For those of you already doing that, kudos to you.
Just like investing in property when prices are down, now is the time to position yourself for growth. While everyone else is whining about tough times, you can put yourself so far ahead of your competition that your future is much more secure and your present much more exciting. Now is the time to grow not contract.
I know that message is getting through. There are some pharmacists who are doing exactly that. Do you want to be one of them and reap those rewards?
If you’d like to learn more about how you can get the right support and advice to help you maximise the performance of your pharmacy in these specific market conditions, make sure you identify a coach or mentor with varied relevant experience and a professional structured approach tailored to your pharmacy.
To help you avoid throwing away money on solutions that won’t work for you, download our special report “Choosing The Right Mentor For Your Business: The 5 Questions You Can’t Afford To Forget, And What You MUST Know” at www.pharmacyprofitsecrets.com/choose-right-mentor-report or click on the image below: