Biology, chemistry, organic chemistry, biochemistry and physics. Sound familiar? These are some of the courses that make up the core curriculum for pharmacists.

While it takes a strong mind and determination to master the challenging science courses required to earn your Pharm.D., the one thing you might be missing from your education are courses necessary for nurturing the business-savvy mind needed when running a successful small business. However, some pharmacists (like you) have gone on to become independent pharmacy owners.

So, what now?

First, don’t worry too much. Over the years you’ve begun the process of accumulating the business knowledge you need. You also understand (already) that running a business requires an entirely different skill set than what you learned while training to be a pharmacist.

The good news: Your battle is half over.

But now you’re setting your sights on finding a way to keep your independent pharmacy a viable, profitable, and necessary community institution. You may find yourself asking: Do I have the business skills necessary to accomplish that goal?

To help answer that question, we’ve put together this list of the top five business skills necessary to run an independent pharmacy. Read on!

1. Networking

The healthcare marketplace is complex and continues to grow. Whether you’re looking to build new working relationships or just hoping to be more informed about industry trends and insights, networking is your answer.

And don’t just look toward your vendors and patients when networking. Think outside the box and look for doctors and employers in your area. What services and discounts can be offered (and reciprocated) that could benefit both your pharmacy and your chosen network organizations?

By networking with, and nurturing relationships with partners that fall outside of the usual and customary offered pairings, you can very well set your pharmacy up for continued success.

2. Ingenuity and Vision

Usual and customary. Status quo. Do either of these phrases excite your senses in any way? We’re going to go out on a limb and say: No. Why? Because they’re predictable. And sometimes the difference between success and failure in business is the difference between going the historical, tried-and-true route, or looking more toward the future.

Progress isn’t a four-letter word. And, without it, your business will remain rooted firmly in the past. Patients keep a keen eye on emerging trends and services that make their lives easier. Services such as:

• Online refills
• Medication synchronization
• On-site vaccinations
• Specialty vaccinations (travel-required, for instance) or
• Mobile apps

These services are becoming the norm and, if you’re not offering them, you’re going to lose your customers to the pharmacies that do.

By keeping your vision open to possibilities and employing keen ingenuity to how the trends are playing out, your independent pharmacy can stay ahead of the competition and grow its customer base.

3. Marketing Skills

Every business needs some level of consistent marketing. Marketing is an ongoing practice, not one that’s done when the mood strikes.

In order to grow your business, keep your current customer base happy, and grow that base even further, you’re going to need to put some serious time into marketing. If you don’t stand out from your competition, you’re not giving your customers any reason to choose your establishment. And, you can’t catch a customer’s attention without marketing. It’s a cyclical endeavor, and one that can pay off big.

Marketing isn’t Mad Men. In fact, today’s marketing encompasses so much more than simple advertising, such as:

• Establishing buyer personas
• Branding your business
• Building a social media footprint
• Understanding your target markets
• Performing market research in order to make the biggest financial impact
• Creating actionable marketing plans
• Reviewing and updating those plans as marketing trends change

Marketing can be daunting to say the least, and you may have enough on your plate, so it’s normal (even encouraged) to hire an employee well versed in marketing strategies and/or to outsource your marketing needs to a professional marketing company.

4. A Head for Finance

Finances can produce anxiety for even the accountants among us. Managing a pharmacy’s finances can be even scarier.

Whether you’re trying to juggle invoices, rebates, third-party reimbursements, or inventory, things can get very complicated, very quickly.

Just because a head for finance is necessary, that doesn’t necessarily mean it’s your head that has to possess the skill. If you’re unsure of a procedure for billing, accounting principles, or even deadlines, hire a professional. A CPA with knowledge of pharmacy finances is worth the expense if it results in clean books and increased business!

5. Customer/Patient Service

Whether you call it Customer Service or Patient Services, focusing in on your customer/patient needs, wants, and desires will be one of the more equitable business skills you can acquire.

The independent pharmacy, local pharmacy, and community pharmacy industry is already very strong in customer service and awareness. And now is the time to take it just a step further.

Listen to everything your customers say – in the store, to your pharmacy techs, and even online. If they criticize, fix the issue. If they commend, ask them for a testimonial. This exercise will go far to help you to improve your community standing.

Closing Thoughts

They may not have taught you these business skills in pharmacy school, but that doesn’t mean it’s too late to learn them, expand on them, and put them to use.

By continuing to build your business knowledge – including networking, keeping a keen eye on emerging trends, utilizing and participating in marketing activities, keeping your dollars lined up, and always, always listening to your customers, you’re increasing your independent pharmacy’s ability to compete in a changing market, stay relevant and – most importantly, stay profitable.

Has your pharmacy used any of these skills in its daily business? Have you found one of them particularly helpful? How has your pharmacy benefited –– or not –– from utilizing these skill sets?

We’d love to know and may even share those experiences in future blog posts, white papers, and e-books. If you’d like to add your experience, please contact Jessica Gardner.

And, of course, be sure to subscribe to our blog for more tips, insights and bulletins that can help grow your pharmacy and save you money – all from your partners at AlliantRx.