A pharmacy is a fantastic business venture, and the growth potential is enormous. As with any type of business though, it’s important that you take the right steps for sustainable and profitable business growth. Whether you’re looking at buying a pharmacy, or you already own one and you are looking to grow, here are some tips to help you get started.
- Build your business skills
If you’re a pharmacy owner, the chances are that you already have some pretty great business skills and that you understand your business implicitly. To grow your business you will need to take these skills to the next level. Invest in online courses, read books, and seek out as much information as you can about being an effective business owner.
- Expand your customer base
Most people think that the only way to serve more customers is to open a new location in a new area, but if you can think outside the box and be creative, there are several ways to expand your service area and your customer base without having to spend millions of dollars on new infrastructure. You can offer click-and-collect or delivery services to surrounding suburbs, which will bring in new business, and introduce more people to your pharmacy.
- Focus on increasing customer spend
Because pharmacists are medical professionals and not salespeople, it’s easy to overlook the influence they can have with customers. We are not suggesting that pharmacists push unnecessary products onto customers just for the sake of profit, but helpful recommendations can go a long way in increasing customer spend. For example, some medications cause side effects and nutrient deficiencies, so letting customers know this and recommending a solution can easily increase each customer’s spend significantly.
- Make customer service your top priority
Your customers are your number one resource, and there are several easy ways to turn anyone who walks through your doors into loyal customers. Training your staff in customer service and having a customer-first mindset when it comes to service, disputes, and any other type of interaction will go a long way. Implementing a loyalty program with great rewards is another great way to show your customers you value them, and keep them coming back time and time again.
- Make sure you have the very best team behind you
People like bankers, accountants, and business analysts who specialise in pharmacy are invaluable to have behind you when securing business loans or just for when you need advice on things like R&D grants or business valuation. Beyond that, your pharmacy business will have a far tougher time growing if your staff aren’t 100% behind you. Make sure that your team are all on the same page about your growth plans before you even get started.
If you are looking for a local Brisbane business accountant, who understands the pharmacy industry and can give expert advice and pharmacy accounting services, come and chat with our team at MSI Taylor. Our specialised team has extensive pharmacy knowledge and will provide the skills and tools required to successfully compete in an environment that requires increasing efficiency, productivity and innovation.