Five ‘Make or Break’ Suggestions For A Better Independent Pharmacy Business
Every independent pharmacy plays an important purpose. Namely, by supporting the overall health and well-being of its customers and community at large. And yet, without the requisite profits to drive success over time, many face substantial challenges in just keeping the doors open. Much less, fulfilling the “higher calling” that’s of equal concern. Independent Pharmacy business should focus on enhancing the parts of their company that works and expand on those qualities.
The good news is that independents aren’t hamstrung by “big retail” mandates or limited to change. Each has the ability to assess the best practices of high-performing operations, as well as the flexibility to incorporate tips that can “make or break” the bottom line. Here are a few suggestions that make our short list:
Recognize Your Staff
Just as name recognition is essential for building awareness of your business, it’s just as important for building relationships with individual customers. Never shy away from recognizing your most valuable people by name. Encourage your frontline employees to introduce themselves at every opportunity. The more familiar they become with the patients they serve, the more often those patients will return.
Focus On Your Niche
Depending on the demographics of your region and where your store location falls within it, there is a likely an underserved customer segment that can benefit from some extra attention. Herbal remedies, nutritional supplements, and diabetes treatments are three examples of niche products where demand varies among different populations. Find which one makes the most sense and take steps to expand your offerings in that section.
Invest Into Technology
If your pharmacy isn’t up to speed with the latest technology, you really don’t have a moment to lose. And that’s for many reasons. First, there are the time savings that robotic technology affords you in terms of workflow, filling prescriptions, etc. Secondly, automated systems reduce errors, while freeing up your people to provide more in-depth counseling at the point of purchase.
Every customer should be treated equally well, but none are created equal—particularly when it comes to the revenue they represent. So, there’s no harm in earmarking the majority of your promotional dollars to your higher-end products and services. What you recoup on flu shots, vaccinations, cosmetics and other product lines can help you fill financial gaps in less lucrative areas.
Above all, if you’re going to make your independent pharmacy stand out, you need compelling messages to stand behind. Being the best-kept-secret in your community plays well to a point, but ironically, the secret doesn’t ring the register. We encourage using a mix of traditional and online advertising channels to communicate what you do and why you do it better than your competitors.
In our estimation, it’s no surprise that most independent pharmacies will likely arrive at a certain kind of the make-or-break point—sooner or later. And, while no business owner can predict the exact moment, each one can prepare ahead of time.
At Benzer Pharmacy, we have the resources in place to help you do all of the above. More importantly, it would be our honor to share our insights with you as a potential franchisee.
Meeting with us might just lead you toward a better way to make ends meet.
For more information, visit http://franchise.benzerpharmacy.com
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