Future of Retail Pharmacy

One constant about pharmacy is change. Both the profession of pharmacy and the business of pharmacy are constantly changing. Educational requirements, scope of responsibilities, and sophistication of skill sets required to be a pharmacist continue to grow.  The competitiveness in the healthcare marketplace has intensified with the emergence of limited product distribution, preferred networks, and outcomes-based payments. Both chains and independents face these business challenges. For both groups, the strong will only get stronger.  The pressure to expand service offerings and service quality will not diminish.  Investments in these improvements must be equally balanced with savings realized through labor efficiencies, expense control, and strong asset management. Because of this constant, yet ever-evolving change in professional and business practices business plans must be constantly monitored and adjusted to ensure the business continues to properly anticipate and meet customer/patient needs. PMC can provide you the needed guidance to select the best means to harvest success.  With PMC assistance and you exercising the PIE principle (Plan, Implement, and Evaluate) you can successfully keep pace with today’s ever changing environment.

Where is Your Business Plan?

How do you take a great idea and grow it into a successful business? How you differentiate yourself from the competition in the eyes of your customers? How do you transform good customer service into great customer service? How do you improve sales and margin? How do you convince a bank to loan you money to acquire a new store location? All of these business-related challenges can be successfully addressed and positive results achieved with a plan.
There is a simple acronym in business known as PIE. It stands for Plan, Implement, and Evaluate. It’s important to organize all of the ideas floating around in your mind into a cohesive plan. Developing the plan includes setting the goal or goals you want to achieve, and listing the action steps that you believe need to be taken to accomplish your goal. Once you’ve outlined your plan the next important step in the process, and often the more difficult step, is to implement your plan. Poor implementation of the plan or lack of consistent execution of the plan will impact results. It’s important that the plan also include on-going, periodic evaluation of results. Without this component, your plan is incomplete.
There are nuances to plan development that can improve the quality of your plan, and dramatically enhance results. As with almost every business venture, results achieved will be largely dependent on the quality of the people you enlist to assist you. If you are unfamiliar with business plan processes, then seeking the advice of people who have consistently demonstrated positive results is an important first step in developing your plan.
Ensure you have the right people in place to execute the plan. Realize that you may have to recruit new team members to achieve desired results. If you want to attract quality people, your employment opportunity has to be attractive to the person you are trying to recruit. Here again, a business plan will help you market yourself.
If you need money from a bank to carry out your plan, the loan officer will absolutely want to see your business plan. The presentation of a well-developed plan provides confidence to both borrower and lender.
Do you want to improve your business? Do you have an idea, but think you need help with your plan? Are you struggling to achieve desired results?  Write to us, or give us a call.