“The minute you get away from fundamentals… The bottom can drop out of your game, your job, or whatever you are doing” – Michael Jordan
As pharmacy owners we are constantly being challenged by PBM reimbursements, new regulations, government policies, staff issues, and countless other distractions. Sometimes it seems all we do is walk around with the “fire extinguisher” putting out the latest spark. In doing so it is easy to neglect the fundamentals of our business.
“Profits are to a business what air is to a person”. A business simply cannot exist without profits. It is our obligation as an owner to ensure the business can thrive. Although there are many factors in running a successful pharmacy, there are five fundamentals that must always garner our attention.
• How do I increase and maximize top line sales?
• How do I become a better buyer?
• How can I maximize efficiency and control expenses?
• How do I ensure the safety of my staff and my customers?
• How do I create a positive culture that enriches my staff and my community?
As you make decisions for your pharmacy you should always consider how it affects these fundamentals. Building strong relationships with your existing customers and your community is the best way to increase top line sales. Ensuring that patients are fully compliant will also contribute to growth. The most important factor in being a better buyer is understanding your wholesaler contract and the marketplace. Making sure your workflow and policies are efficient will enable you to help control excess staffing and unnecessary expenses. Never wait for a mistake to happen before you review your safety precautions. Think through each procedure on a regular basis and try to patch up any problems before they occur. Be a positive and humble leader. Understand that your success is intrinsically tied to the success of your staff.
Never forget your fundamentals. We may not all be Michael Jordan but at least we can stay in the game.