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Pharmacy Business

03/16/2020
23 Comments

4 Tips to Help an Independent Pharmacy Stay Competitive

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Human Resource, Pharmacy Business, Pharmacy Owners
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!
03/10/2020
17 Comments

Banks are Taking Advantage of You!

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Pharmacy Business
Many business, big or small, have been taken advantage of by big banks and other resellers of electronic payments & transaction management. For Pharmacy businesses, credit card transactions range between 20% to 30% of their gross sales. Reducing an already thin profit margin and costing pharmacies hundreds if not thousands in extra fees every month. What can you can do reduce these fees?
02/24/2020
22 Comments

Why are my front-end products not making me enough money?

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Pharmacy Business
Do you have enough front-end products that are in HIGH DEMAND? If so, are you making the kind of money you expected from your front-end products? If yes, GREAT! If no, have you consulted with anyone on how to create a highly profitable front-end in your pharmacy? Maybe the products you've chosen are not accepted by the market? Maybe it's expensive? or they just don't need it.
01/26/2020
27 Comments

How to Make ZERO progress in 2020

Pharmacy Business
We're now in 2020 and we’ve been bombarded with resolutions, intentions and reminders. We all have the same “How to?” themes.  “How to” make more profit in the business this year, how to be more patient, how to be more productive, and etc.. But for fun, I’d like to to discuss the opposite. How to make ZERO progress this year. If you follow these tips then your year will be a waste of time.
09/04/2019
30 Comments

Basic Metrics to Measure Your Pharmacy Business

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Pharmacy Business
When you have patients that appreciate what you do as an independent pharmacist will surely make you feel like a success. But using hard data to look for indicators of how your pharmacy business is doing is vital. Metrics like average number of prescriptions you fill every day, Inventory turnover, and how much profit you’re bringing in can mean the difference between a thriving business and just staying afloat. Learning these formulas to calculate these crucial metrics and discovering what you can do to improve them is a must in every pharmacy.