10 Things Tough-Minded Pharmacy Owners Never Do

There are certain tactics, strategies, and ideas that very successful pharmacy owners embrace, and there are others they decidedly avoid.

There are certain tactics, strategies, and ideas that very successful pharmacy owners embrace, and there are others they decidedly avoid.

Here are 10 things that wealthy, tough-minded pharmacy owners never do:

1. They never do another person’s job.

In other word, they don’t do any task that’s below their pay level. If you want to be worth $250/hour ($500,000 annually), then you shouldn’t do the job of a technician ($10-$20/hour) bookkeeper ($16-$20/hour), or pharmacist filling prescriptions ($50-$/hour). Work smarter, not harder.

2. They never allow their business to be governed by budgets.

Instead, they create their future by setting goals and establishing strategies for achieving them. Indeed, pharmacy owners drive their business with goals. They set goals annually, quarterly, and even monthly.

Their budgets are based on what it takes to achieve those goals, not vice versa. Tough-minded owners do it all on a monthly basis because they always stay close to their numbers.

3. They never misuse or abuse the use of their time.

They know that 20% of their time creates 80% of results. They constantly search for more and better ways to increase that 20% so they can dramatically increase the results they achieve. They know that, if they want to be worth $250/hour, then each and every hour must be spent on activities that contribute at that level.

4. They never ignore training for their employees.

Training each and every employee to constantly perform his or her job better should be an ongoing function. In fact, tough-minded owners make training a never-ending process, and it’s performed primarily by their operations manager.

Of great importance is training team members to properly inform and educate patients about how they can “feel better, live longer, and become more energetic,” which should be your mission.

5. They never feel bad about delegation.

Working the bench, answering mail, and coordinating with vendors isn’t taking up the majority of their time. Those tasks get delegated, and you must delegate them, too, if you want to succeed.

They know that delegating different tasks to different employees is basic and fundamental to the concept of accountability. Those individuals, in turn, accomplish meaningful work to a high degree of excellence on a prescribed timetable. Seemingly, nothing could be simpler; yet, all too often, delegation doesn’t happen in the average pharmacy.

6. They never micromanage their team.

After training their staff and delegating all the work that’s not in their job descriptions, they turn their team members loose. They get out of the way and allow each employee to do his or her job without micromanagement or interference.

When someone could noticeably use upgrading, however, tough-minded owners decidedly apply corrective training.

7. They never let a day go by without complimenting a team member.

Tough-minded owners know that motivating their team members to perform better and become more deeply involved in achieving goals is critically important. As such, complimenting any team member who has done something well or improved his or her performance even to a small degree deserves recognition.

Appreciation of good performance is a ritual tough-minded pharmacy owners perform religiously. Good performance needs to be specifically recognized and applauded. They identify exactly what was done well and commend the individual for how it was done. Any improvement in performance or behavior is also commended in the same manner.

Feeling appreciated for work done well consistently ranks very high on the list of what employees want. Tough-minded pharmacy owners capitalize on this understanding, and they build strong organizations in doing so.

8. They never fail to keep in touch with their customers.

To retain their patients, they heed this warning: patients will leave if they view you as a commodity. They will also desert you if they feel you don’t pay sufficient attention to them.

Hence, tough-minded owners know it’s imperative to keep in touch with their customers on a regular basis. They market to them in newer and better ways that show they really care about them. They also display that they’re never forgetting about their needs, especially on an individual basis.

9. They never fail to bend over backwards for their best customers.

All customers aren’t created equal, and tough-minded pharmacy leaders go out of their way to acknowledge their best patients. They do whatever it takes to keep those patients really happy, including going above and beyond when indicated, especially if a patient that falls into that top 20% makes a somewhat outlandish request.

Tough-minded owners understand that the top 20% most valuable patients contribute 80% to their bottom-line profits, as well as the money they take home to their families. In fact, these owners constantly seek to identify which patients fall into this class. They also become heavily involved in seeking more of that caliber.

These owners understand that the old-fashioned kind of loyalty can be reestablished and built even higher, but it needs to be earned. Once earned, it must be constantly reinforced so that the patient never wants to go anywhere else.

Constantly reminding your patients of the value of your products, service, and expertise will create a bond that can never be broken by anyone else’s marketing attempt. These tough-minded owners constantly inform and educate their patients through monthly newsletters that reinforce this relationship.

10. They never let a month go by without considering what should be abandoned in favor of a more profitable replacement.

They know that systematic abandonment is a practice they can’t ignore. Yesterday’s breadwinners may no longer be performing, meaning that products, services, or even strategies that worked in the past may no longer be effective. Therefore, they must be abandoned in favor of newer products, services, and ideas that can deliver at a much higher level of performance.

Tough-minded owners recognize that such thinking isn’t only the way to survive, but also the way to create more wealth.

The Pharmacy Sage can be reached at (518) 346-7021 or Lester@ThePharmacySage.com