Let’s face it, owning and managing any business is not easy and owning an independent pharmacy can even be more demanding. Learn how to overcome these top three independent pharmacy challenges.
1) Generating more revenue for your pharmacy
As with any business, generating revenue is a top priority, second only to the health of your patients. If you feel like your revenue is not increasing at the rate you are anticipating, you are not alone. Just like you focus on keeping your patients healthy do not forget about keeping your pharmacy financially healthy.
The first step is to continue searching for new methods to grow your business. If you are not already offering services like vaccinations, delivery, compounding or education classes — now is your time to start.
2) Financial growth
Evaluate how the front end of your pharmacy is doing. A well managed front end can offset profitability challenges. Pharmacists who understand front-end growth know the importance of carrying the right products, in the right places and with the right price and promotion.
Research has shown those customers who spend 15 minutes in the store made the most OTC purchases. Make sure your customers stay in the store and make sure that time spent is productive. What does we mean? Make product recommendations to your customers based on what they’ve come into the pharmacy for!
Start by training your staff regarding the types of recommendations you are likely to make. This way they can encourage your patients to talk with you about products they may benefit from. In addition, keep highly recommended products in stock. Nutrient depletion printout and shelf-talkers do not hurt either.
Next, reorganize your shelves to match market basket purchase behavior. For example: products for cold/allergy and pain relief are typically found in the same basket and are purchased together.
3) Technology constantly updating
Being up to date on technology is critical in remaining competitive. For many independent pharmacies, implementing new technology can be tough. You may have a smaller budget than most chain pharmacies — and that is okay.
The trick is to start small. If you can not invest in a pharmacy robot, look for ways to get your technology up to date like getting a custom website and mobile app, offering an online refill option and utilizing an interactive voice response (IVR) system.
Stay tuned for part 2 of independent pharmacy challenges. Or, for help building digital solutions for your pharmacy, please give us a call at 877-959-7550 or email [email protected]