To start a pharmacy, you need anywhere from $800,000 and upwards in startup funds. Once you’ve got your pharmacy business going, you’re all in with all of your skin.
Failing at your business is not an option, so you’re looking for ways to make your pharmacy run like clockwork. Continue reading this article to learn important things you can do to make your business run smoothly.
Being a Boss At Your Pharmacy Business
You started your pharmacy business to make an impact and an income. To do both of those, you have to know how to run your business without a lot of hiccups. If you’ve attended a school like Ultimate Medical Academy then you understand how to run your business but here are some further tips to help as you progress.
1. Let Your Customers Know You Care
In today’s world of big, bad and impersonal, you’ve got to give the personal touch if you want to stay ahead. When your customer’s know you care about them and taking care of their business, they keep coming back.
While you might not know everyone by name like in the Walton’s television series, you can get as close as you can. The more you create a culture of caring about the customer, the better things will go for your business.
2. Keep An Eye Out for Personal Relationship Challenges
One of the things that can quickly wreck any business is problems with personal relationships. If you notice people are having a problem with each other, you need to immediately deal with the challenge.
If you don’t deal with a challenge, more are bound to pop up because it seems that is the culture of the workplace. Having team building events and times outside of work when people can spend time together and develop healthy relationships is helpful if you want a happy work environment.
3. Stay Positive
When you’re running a pharmacy, it isn’t an easy job. There are the customer’s expectations and needs you have to deal with and those of your employees. Taking some time out to be positive and grateful will allow you to perform better when you’re at your place of business.
4. Become a Scheduling Master
Running a pharmacy means that you’re going to have to figure out how to schedule in a way that works for your business and your employees. If your employees aren’t happy with the scheduling, they are more likely to call out on those days. It is better to know you’ll be short staffed than for it to be a surprise.
5. Don’t Compete On Price
If you try to win at the price game, the big pharmacies are going to win every time. No matter how badly you feel pressured to lower your prices, stand your ground and make your company a win in other ways.
6. Create a Talent Pipeline
Your employees aren’t going to stay with you forever. They may have other goals and ambitions you know about, or they may surprise you out of the blue. Creating a talent pipeline will make it easier to find talent when you need a new employee.
Hiring an employee doesn’t have to take forever. Take the time to build relationships with good people before you need them.
7. Update Your Technology
Being behind the times in technology will hurt your pharmacy. Even if you are a smaller pharmacy, people expect a certain level of service and ability. See what the standard in technology is in your industry and then go at least one step higher.
When you look at the price tags for the systems you need to update, you might be taken aback, but they are very important. When you’re able to offer your customers a better experience and better service, you’ll be able to increase customer loyalty.
8. Stay on Top of Your Accounting
It isn’t always easy to stay on top of your accounting, but this is an important task. You need to have someone that is competent, and that pays attention to detail. If all of your accounting is not in order when it comes to tax time, you may get a bigger bill than you expected.
If you’re saddled with more taxes than you can handle, this will put major stress on your personal and your business life.
9. Know When You Need to Outsource Payroll
Payroll is another important part of running your business. If you make errors in payroll, this is when you start to experience employee upset. Long hours may get some complaints, but if you mess with people’s money, that’s when they get mad.
There are some companies that only deal with payroll and do nothing else. Look around at the options and find one that makes sense for you if you feel like payroll is getting out of hand.
Running a Tight Ship
When you’re running a pharmacy, you deal with a lot of personal and sensitive information. All of your systems should be set up with security in mind. Your employees need to be properly trained about how to handle customer information.
When you work in this type of industry, a simple error can lead to serious problems. You don’t want to be at fault for an accidental overdose or another serious problem.
To avoid any problems and misunderstandings, have an employee handbook and proper training on best practices. When you let your employees know what you expect of them, they are more often than not going to adhere to your policies and procedures.
Making Your Employees Want to Stay
Now that we understand how important employees are to your pharmacy business, we know we want to keep the great ones. How do you make a decision about who is a good employee and who might need to be let go? Read our article on employee evaluation so you’ll know who should stay and who should go.