As an owner of a business one of the skills you need is the ability to identify what you’re good at and what you’re not.
Being honest with yourself and being smart about how you use your time and money is a constant decision making process. One of the most important lessons I've had over the last few years is understanding what I'm good at and what I'm not. The things I wasn’t good at, I let go and got other people to do them.
I have spoken to many pharmacy owners, and one common thing that surprises me is not many can answer the question “Where are you going to be in 3 years time?”.
There are not many pharmacy businesses that have a well defined vision, goals and dreams. As you may have heard me say before, “aiming at nothing and hitting it with surprising accuracy”. To be honest it is not surprising at all. But considering the size of the investment in these businesses, and the size of the debt some are carrying, I find it strange there is a lack of vision in the future of community pharmacies.
Previous blogs we have talked about the issues you need to contend with when buying a pharmacy (So You Want to Buy a Pharmacy? and Pharmacy Partnerships – What you need to Know). For most young pharmacist’s keen on ownership, the most common and likely affordable entry point is buying a share of the pharmacy they work in.
Whilst pharmacy is undergoing yet another review, the uncertainty of the future of community pharmacy builds even more. As a pharmacy owner, you would be excused for thinking “how can I plan and think forward when there is so many question marks out there? When so many people are trying to unravel what we have fought so hard to establish”. But I am a firm believer in the saying opportunity presents itself in the form or problems.
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.
