All businesses, including community pharmacies, have a desire to grow. Some are fortunate to significantly increase store sales and others become larger companies by adding more stores, both becoming powerful players in the market.
A number of people are predicting a bleak future for small independent pharmacies, however, we’re here to help you “Survive and Thrive” during these challenging times! Here are 4 major tips:
1. Develop customized services
For example, some customers may request products that are not typically kept by the pharmacy. With large chain pharmacies, these requests that are outside of the “norm” or “system allowance” may be difficult to fulfill where the customers may be simply referred elsewhere.
2. Develop a specialty
Specialty areas are another niche development opportunity for small pharmacies to compete with larger competitors. These speciality areas could be practically any health-focus area as long as it is within legal boundaries.
3. Check your Operational Costs
Every pharmacist must keep a keen eye on the operational costs of the pharmacy. There are multiple ways you can reduce these costs, and the first step is to identify any inefficiencies within the company.
4. Be creative and don’t stop innovating!
Success in a tough business environment is not only determined by hard work but the resolution to continuously innovate and create new markets. In the face of direct competition from large corporations, small independent pharmacies must harness their creative talents in providing professional services.
Here are the experts who can help you execute these 4 tips!