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7 Surprising Ways to Improve Pharmacy Profit and More
Are you at a stalemate in your pharmacy? We've compiled our best solutions to get you out of a rut and push you to think outside of the box!
If you keep on doing the same old thing, you’re going to get the same results. This is old wisdom, but something we all need a reminder of every once in a while. This is really important if you want to see change in your pharmacy. Like better cash flow, or higher profits.
You don’t have to break the mold to create meaningful, positive and successful change in your pharmacy business. But you might consider thinking outside of the box just a bit.
Here are some of the best solutions to get you out of a rut, inspired by a recent conversation between RMS Founder Brad Jones and LifelineRx Solutions Founder Robbie Stokes.
Commit to change.
Taking half measures is probably worse than not making a change at all. For example, if you decided to increase the number of supplements you carry in your pharmacy in an effort to increase sales, but didn’t do anything but change your products out, you’re probably not going to experience much success. But, if you took the time to train your staff on how you wanted them to talk about supplements and shared your vision for customer care, your results could be much better.
Build relationships when you have the opportunity.
“If you’re calling from a doctor’s office, press 2.” Sound familiar? Now, how often do those calls get answered by a pharmacist? Hopefully the answer is whenever possible, because that physician on the other end of the phone represents an opportunity to build a relationship. And relationships, whether with healthcare professionals or customers, set your pharmacy business apart.
Remember that every interaction brings with it the potential to build a mutually beneficial relationship. Make the most of them every time.
Use the tools you have – really use them.
Do you know what your pharmacy point-of-sale system (POS) is actually capable of? Probably more than what you’re using it for. Make sure you understand what solutions are already available to you. Not only from your pharmacy POS system, but from all of your pharmacy technology systems. Learn where your most important reports are. Find out what functionality is new and how it can benefit you. Streamline the processes that just don’t make sense. Often times, you already have the solutions you need, you just have to ask the questions and take the time to look.
Make real business decisions based on real numbers.
When we talk to customers about POS, the first thing we usually talk about is data. It’s one of the most important roles a pharmacy POS system plays as every sale is processed through that system and it should be home to important information on your pharmacy business. Data drives smart decisions and lets you truly understand your pharmacy business.
Carry what your competitors don’t.
If your pharmacy is across the street from a grocery store, or something like a Target, there are just certain departments where you’re not going to be able to compete. Sure, you might pick up convenience purchases and impulse buys, but those aren’t really what drives profitability and good cash flow. Take the time to investigate your competition and figure out where the gaps in your community are. When you can carry what the competition doesn’t, you’re much better positioned for success.
Whatever your niche is, you can use it to create a brand. Become the authority in whatever it is that you choose to specialize in. Whether that’s disease state management, supplements, or something else entirely. Remember that pharmacists are always among the most trusted professionals year after year, and you can build upon that foundation.
Embrace the people and companies that can help you get where you want to be.
Pharmacy professionals have broad shoulders. We often see pharmacists and pharmacy owners who take on so much independently. The important thing to remember is that there are companies and pharmacy professionals out there who want to help pharmacies succeed. You don’t have to do it all on your own.
If you’re looking for a community of pharmacy professionals committed to helping pharmacies improve profitability, check out RMS’ CLIMB Webinar Series. Every month, we bring pharmacists and pharmacy industry professionals together to share insights to help every pharmacy grow and succeed. This series isn’t about point-of-sale, and every pharmacy is welcome to join. Plus, it’s absolutely free to attend for RMS Blog Readers.