How does Pharmacy POS Affect your Retirement Plans?

Growing up, I regularly got new clothes that might be just a little big for me.  My mother wisely told me that this was necessary, so that I had room to grow.   She believed that buying me quality items that I could use for longer was better than buying more things that would fall apart at the seams while I was wearing them. Of course, she was right, as moms usually turn out to be.   (Just don’t tell her I said so.)

Now of course there is a fine line between room to grow and not even close to the right fit.  Finding that right balance can be difficult, especially when you apply the room to grow principle in your independent pharmacy. In the Pharmacy POS industry, we call this scalability, and at RMS we know that it’s important not only for you to have a system that meets your needs now, but can also continue to meet your needs as your pharmacy grows.  If you’re shopping for pharmacy POS, the scalability of the system should be a major factor to consider.  Here are 4 questions you can ask yourself to aid in the decision making process.

Am I happy with where my pharmacy is right now?  In other words, if your business never grew again, is that acceptable?  For most of you, I’m pretty confident the answer is no.  Regardless of how healthy your pharmacy is right now, if you don’t grow your business, it’s inevitable that you will go out of business.  Customer attrition and eventual loss of profit is unavoidable which is why growth is necessary to compensate for those inevitable losses.

What are my growth goals for my pharmacy, both short term and long term? Where do you want to be in 1, 3, 5 and 10 years? Once you have established where you are now, you need to figure out where you want to go.  How much growth would you eventually like to see in your pharmacy?  Do you eventually want to open more locations?  Build your front end?  Add more checkout lanes? Incorporate a delivery service?  Thinking big picture is important.

What is my end game?  For many pharmacy owners, the end game may be a long ways away. For some, it’s part of those 3, 5 or 10 year goals.  When you’re hopefully off to retire on a sunny beach, what will happen to your independent pharmacy? Do you want to sell to another independent owner or will a family member be taking over?  Don’t let a lack of planning mean that your community eventually loses its local pharmacy.

What role will my Pharmacy POS system play in these plans? The technology you have in your pharmacy will play a big part in how your future plans play out.  If you grow your front end and need to add inventory management capabilities, will your POS system be capable of meeting those needs?  Will you have to throw it out and start from scratch because what meets your needs now may not in the future?  If you eventually want to sell your pharmacy to another independent owner, will your pharmacy technology help attract buyers?  Would a younger buyer find a store with POS technology more attractive than one with an old cash register? 

For RMS users, scalability is part of the package.   You can purchase a system that’s the right fit for your pharmacy today, and upgrade it with more robust features as your pharmacy grows.