Not every pharmacist is meant to be an owner, because being a business owner is a different way of thinking. But that doesn’t mean you can’t learn how to become a successful business owner. I have no doubt many pharmacy owners and other business owners (like me) went into business not having the faintest idea of what you are doing. We all can learn, adapt and change, it’s a case of choice. To take the leap to make the decision and commitment to change, to learn and to be flexible. Deciding that is the crucial first step, next comes who you learn from.
Through 25 years of dealing with pharmacy owners, if I reflect on the various pharmacy owners I really admire, who run the best pharmacies all embody similar traits. I have listed some of the traits below. (Please note there is no owner that I can think of that possesses all these points):
· High levels of morals and ethics.
They are greatly respected and admired by their team and others in the industry because of how they conduct themselves. Accordingly, the team function better together than most other pharmacy businesses, and their customer/patients feel that as well. For me this is a big one, your actions speak volumes.
· They don’t spend their time doing things they can hire someone else to do.
They understand effort and reward. Yes, they can be rostered on as the pharmacist, but that is not necessarily the best use of their time. Nor are they one of these absent owners who never step foot in the place. They are there and they have a presence, always mentoring and training their team. They are looking for opportunities. Also, ensuring policies, systems and procedures are implemented properly. Lastly, they spend time in the local community generating connections and building relationships.
· They understand what buttons and leavers will make the biggest difference to business performance.
They have an eye for detail, especially financial matters. But they aren’t perfectionists. The real skill though is understanding what key strategies will have the greatest impact on the store’s performance. The design, implementation, and adherence to these systems then becomes a key focus.
· Store culture means everything.
Some pharmacies I visit you can smell the culture in the air. There is just something different about it, you can feel the atmosphere as soon as you walk in. Good pharmacy owners understand that culture and a lot of effort goes into training the team and leading the team to ensure that culture is maintained.
· They spend time building relationships with other business owners
The key here is never stop learning, but especially being flexible enough to want to change and adapt, take advice and seek out the other successful business owners do. They spend time building those relationships, mainly because they want to learn and want to get better.
· They are focused on training and developing their team.
An owner cannot do it all by themselves. I cannot do what I do without my team who are the best at what they do. The talent of your team means everything. And for them to be the best, it is imperative the team are constantly trained and developed and given the opportunities to thrive and grow. You and your business will only be rewarded.
Generally, when something goes wrong, look internally and you will find the answer.
· They have an eye for talent and are mentoring and growing the next generation of pharmacists who could become the working partner for a future opportunity.