Pharmacy 101| Trust is the new core in leadership.

Trust is the new core in leadership.

Let’s get back to your roots when you decided to purchase your first pharmacy. Was it for better patient outcomes and how you can help your community? Or was it to become financially independent and build a comfortable life for your family? For some it just seemed like a good idea at the time.

Everyone has their own reasons why they want to be a pharmacy owner. But talk to any pharmacy owner and they will all tell you how hard it can be. I have had conversations with some in the first year after they became an owner for the first time, to hear them say they had no idea it would be this hard. There would be multiple reasons as to why but I assume that it wasn’t to feel isolated or running yourself to the ground. Unfortunately based on current market conditions and conversations, we know some owners are experiencing exactly that. Emotionally, some owners are finding it really hard at the moment.

That is why I am continually baffled that some owners are placing all of the pressure on their own shoulders.

They are doing the books, working 50 hours a week at the rostered on pharmacist, ordering the stock, managing staff, working the weekends and trying to make it to their kid’s footy game and ballet concerts. They are trying to be the jack of all trades with no result. Like a hamster on a hamster wheel. They are working really hard for little result, or to find their business going backwards.

I also think some owners feel stuck, and not sure what to do, how to change or what to change. Ownership can become a lonely business at times, and that fear, procrastination and inaction tend to take over. We all spend so much time in our own businesses we can see the forest through the trees. That was certainly an experience I had. The best pharmacy owners I know are constantly pushing, challenging, asking questions and finding ways to do things better. They seek advice and aren’t afraid to push themselves to greater heights.

At Peak Strategies we truly believe that as a leader, one of the most important skills you can have is knowing when to let go and place your trust in someone else.

You need to know your strengths, know your weaknesses, and surrounded yourself with people who are better than you. This means to trust your team, your advisors and ultimately yourself to grow your business. Just because you own the business doesn’t mean you have to control every function. This also doesn’t mean putting your feet up and delegate everything so you can book a holiday. It is your business and you need to be a leader. It means that you surround yourself with a network of people that you can rely on to help improve your pharmacy’s bottom line.

At Peak Strategies we thrive off working closely with our clients to assist with growth in their pharmacy. Sometimes you need an outside opinion to truly understand what is happening within your business. We aren’t afraid to challenge and force you to think outside the square. But we are also there to handle the functions that are our strengths which aren’t necessarily yours like bookkeeping, tax returns and KPI reporting. Together with our knowledge we would reach new heights in your business.

Throughout history we’ve seen that the most successful people aren’t afraid to ask for help.

Every elite sportsperson has a coach, doctors, physiotherapist, dietitian and probably they’re own accountant! So why as a pharmacy owner wanting to succeed, why don’t you reach out? Whatever the reason, it’s time for change. Create a solid network that will not only help build your pharmacy but help you grow personally.

For our Perth readers, today is the start of the Pharmacy Forum. This is the perfect opportunity to build your network. Speak with the wholesalers, supplier, other pharmacy owners and members of the Guild. This is the opportunity to learn new ideas, and remind yourself of last years ideas that you failed to implement. An old idea that you failed to implement is still a new idea.

Most importantly come visit Peak Strategies at Booth 40 so we can brainstorm ideas for your pharmacy. Make sure you come and say hello to the team.