Pharmacy- Who is in your corner?
Being a pharmacy owner can sometimes feel tiring and overwhelming. Some owners have said it can be a lonely existence at times too. There is so much stress and issues to deal with. In one day, you can take on various roles- pharmacists, IT, marketing, merchandising, leadership, finance experts etc. There is a lot you need to deal with, a lot of decisions need to be made, which is all part of your busy day.
Not only do you have to worry about your pharmacy and team’s livelihood but also your own. That is why it is so important to create a team of trusted advisors to support you. That way you can share the wins, losses and stress that comes with being a business owner. Rather than feeling like a lonely existence, you will have people to share the journey with. Having a support team around you is vitally important.
Some of the trusted advisers I recommend you have:
- Accountant – having an accountant who understands your industry is a great asset to have. There will be times when you need to talk to someone and get advice about business matters. We all have problems we need to address. But to have someone on your side who can give you feedback on industry trends and experience of others is a great advantage to have.
- Lawyer – again a vitally important component to have, especially one who knows pharmacy well and knows you well.
- Wholesaler – a strong relationship here is a great asset to have.
- Contact at the Pharmacy Guild.
- Business Mentor – we all need guidance on how to be a better leader, someone who can push us when we can’t push ourselves, someone who can get more out of ourselves than what we can get out of ourselves on our own. If you are serious about progressing professionally and personally you need a mentor on your side.
- Bank Manager – again I cannot emphasize enough the importance of a bank manager who understands pharmacy.
You could even add on financial planner and finance broker as well to this list.
Now formulating such a team shouldn’t be a quick afterthought.
Each member of this elite club needs to be willing to help you in times of need and most importantly understand the industry. Yes, that is right, people who understand pharmacy. Many a mistake has been made by ill-informed professionals advising pharmacy owners.
You need to be able to unload information or issues that is happening within your business and have your advisors comprehend what you’re talking about. For example, your accountant needs to well be versed in the current 6th Community Pharmacy Agreement and the current industry KPI’s. Your lawyer needs to aware of the current Pharmacy Act, location rules and pharmacy board requirements.
Those little factors which may seem obvious to you are not be to those who don’t have much experience in the pharmacy industry. One of the prerequisites I have when referring my clients to other service providers is they must understand community pharmacy. That way I know my clients will receive a quality service and their needs met.
Now another why to minimise the stress of business ownership is through personal development.
Sometimes it is quite easy to go through the motions of everyday life and not really evolve. However, I firmly believe that you need to take the time to reflect and learn on ways to grow your business. Self-development and leadership skills are a must for any business owner serious about growth.
In this digital age, there is plenty of webinars, online videos and forums that you have access to. The Guild also has some amazing resources available to guild members. Next week in fact I will be working alongside the Guild to deliver the first Future Pharmacy Program workshop. Attending workshops like this is the perfect opportunity to self-reflect and learn.
In conclusion, as a business owner it’s imperative to create a network of trusted advisors. You will then have a professional and efficient sounding board for both yourself and your pharmacy. The successful owners that I have seen, always have a team behind them helping their pharmacy grow. Don’t be afraid to share with others, what you’re going through as you never know what their perspective will bring.