5 Key Questions Pharmacy Owners Should Ask Themselves

JUNE 14, 2018
Mastering the art of asking themselves the right questions provides pharmacy owners an advantage in dealing with patients, team members, and vendors.

And when it comes to dealing with a the most excruciating problems, key questions can be even more useful. 

Asking the right questions is a necessity in terms of obtaining the best solutions to the most bothersome problems and can change lead to greater profits and wealth.

Pharmacy owners who ask themselves the following 5 questions on a weekly basis will find that this exercise helps them create the pharmacies that they want, ones that matter in their communities and ones that help create lifestyles that benefit their families.

1. Is what got me where I am today going to get me where I want to go tomorrow?

This is the first and most basic question that needs to be answered. After all, what resulted in significant profits many years ago may very well be totally inadequate now because of the fast-changing economy and marketplace. New strategies and tools may be necessary. In addition, conducting a more comprehensive demographic study of the surrounding population would likely be beneficial. Without these new tools, pharmacies may flounder.

That is the short answer to question No. 1. Here are the other key questions to ask themselves, and pharmacists should ponder the answers on their own:

2. Have I differentiated myself in the marketplace?

3. Am I organizing my time, effort, and other resources around winning strategies and great marketing to build the future I want, or am I still clinging to the status quo, which is based on yesterday’s breadwinners and today’s mistakes?

4. Am I focusing each hour of every single working day on those few activities that contribute the most to increasing cash flow and profits?

5. What do potential patients value most that they are not finding from me and are seeking from my competitors?

Asking and answering these questions can help a pharmacy thrive by attracting new patients with money to spend, as well as building wealth into the pharmacy.
 

Lester Nathan, MS
Lester Nathan, MS
A powerhouse in the world of independent pharmacy, Lester offers free business resources for Pharmacy Owners on his website, ThePharmacySage.com. Offering insight, wisdom, and strategy, Lester is an esteemed voice in pharmacy business. Lester helps his clients increase patients and profits in spite of the 3rd party payment fiasco.
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