Silver winners medal for the 2nd place runner-up

Buying or Starting your Second Pharmacy

Many pharmacy owners have the dream of having multiple locations. They figure the first was really hard I can do a second. This is probably true, here are a few things to consider before becoming a multi-location pharmacy owner.

Having that second location will require you to fundamentally change how you manage. With one location you are in the building most days. In addition to that you are directly involved as the pharmacist in work flow, daily operations etc. When you add that second location you can no longer be involved all opening hours at either store. As such you have to make sure you have great processes for everything, that they are documented and your people are trained to these processes. For example it is a minor thing but you cannot close down the register and make the deposit at two stores at the same time. That process has to be documented, techs trained on it and someone responsible for making daily deposit, plus you have to make sure there is a process for ensuring that the deposit hits the bank account. It is a small thing but you as the owner/operator are doing 50 of these tasks everyday and do not even realize it. Now you can only do 5 of those tasks and the rest must be delegated at 2 stores. Another example is paying bills, you are now doing this for 2 stores which means it will take twice as long, so you either have to delegate this or delegate something else so you can accomplish the bill pay.

This may seem overwhelming, but there is good news. Creating processes and delegating them can be accomplished in a short amount of time. Start by writing down every little thing you do during the day. Question if that is something you would have to delegate if you owned two stores. If the answer is yes, document how it is done and train someone on it. After delegating 2 or 3 tasks suddenly you will have way more time which then means you will have time to question more of your responsibilities and suddenly the delegating snow balls!   

Owning a second pharmacy is very rewarding, it will create freedom, greater cash flow and allow for economies of scale but spend a little time getting your first pharmacy processes in order so you can duplicate them at the new location.



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