Advice for Running A Successful Independent Pharmacy
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Advice for Running A Successful Independent Pharmacy

Although it is a multi-billion dollar industry, the pharmaceutical business is a difficult one to get into, let alone run your own pharmacy independently. Everyone remembers their weekly or monthly trips to their local mom and pop, Main Street drugstores, however, due to the uprise of major pharmacy chains like CVS, Rite Aid, Walgreens, and others, these independent businesses are finding it harder to stay afloat. Here are a few tips on how to successfully run your independent pharmacy, compete with the big guys, and maybe even turn your business into a multi-million or multi-billion dollar corporation.

Remember Your Roots and Stick to Your Pricing:

As we mentioned, the multi-billion dollar pharmaceutical industry is hard to break into. Aside from being hard to break into, it’s almost impossible for independent pharmacies to compete with the larger ones. It’s important for you to remember your roots and stick to your pricing as it is virtually impossible to compete with the larger companies and still generate a profit. Larger pharmacies are able to work with government discount or free prescription programs, where your business may not. It’s important to, instead, provide great customer service, marketing and advertising, and prove why your pharmacy is the go-to place. At the end of the day, customers will appreciate great quality, convenience and care over competitive prices.  

Learn New Pharmaceutical Systems and Technology:

To stay relevant and competitive, it is important that you and your pharmacy staff stay up-to-date and knowledgeable on technological and business advancements in the pharmacy industry. Whether you need to research and learn new prescription-filling systems, update your accounting and bookkeeping software, or train new and existing staff on how to better use your POS system – you should always be learning in order to stay current and efficient.

Provide Excellent Customer Service:

While it’s your and your staff’s job to mainly fill prescriptions, you are an essential part of your customers’ lives. Yes, some will only come once or twice to fill a prescription for a short-term illness, but many will be lifelong, returning customers. You are providing them with service and goods that affect their livelihood and health. It is essential that you and your staff provide the best, speedy, quality, and efficient care possible. Ensure that your staff is trained properly to answer customer questions or get the answers, provide advice, and engage in a friendly manner that keeps people coming back. Many of your customers will see you and your staff more than they see some of their friends or family members. Be like family to them. Developing strong, friendly customer relationships will almost always guarantee success and word-of-mouth advertising.

Stay Visible Among The Crowd:

Like all business owners, pharmacy managers and owners should take advantage of social media and digital marketing. Engage with your customers on social media, promote your services, and run marketing campaigns. Maybe your pharmacy is offering free flu shots. Aside from in-store signage, let your existing customers and prospective customers know via social media platforms such as Facebook and Twitter or even contact your local news station about running a segment or advertising promotion during the 6 o’clock news. Stay visible! People won’t be in the know if you don’t let them know!

Use Working Capital To Expand and Grow:

Working capital is sought after by business owners for any number of reasons during any stage of the business’ lifetime. The capital is usually used for equipment purchases, new hires, expansion, inventory, and more. While lenders generally do care about the product or service the business offers, what business owners do with the capital (within reason) is their business. You make all of the business decisions, and once the funding is paid back their is no further obligations. Working capital is a great way for your to expand and grow your pharmacy.  There are many financing solutions to obtain the working capital you need. Check out a few of them here!

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