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4 Tips for Maintaining a Small Pharmacy Business

4 Tips for Maintaining a Small Pharmacy Business

Not only has there been a huge increase in the number of large corporations offering pharmaceutical services in their stores, but online pharmacies are also becoming a staple of the online shopping world. With all this competition, it can be difficult to keep your small business running, so that’s why we’re here to help. With these four useful tips, you can not only maintain your small pharmacy business but also greatly increase your profits. 

Make Sure You Advertise 

One of the best ways to maintain your small business is to make sure that you advertise your services to as many people as you possibly can. However, since you don’t have as much money as large corporations, you more than likely won’t be able to afford TV, newspaper, or radio advertisements. Don’t let this deter you! The best way to advertise your business is actually the most inexpensive–social media. Social media advertising is one of the most common, cost-effective, and easy ways to advertise your business. All you really need is a Facebook business page. By setting up a Facebook page, your customers can essentially do your marketing for you. They have the option to rate your business out of five stars, leave promising reviews, and even share your business page to their list of firends, ultimately gaining you a great reputation and increasing your clientele.  

Cut Costs Where You Can Afford to 

If you’re finding that you’re losing more money than you’re making, your business could be at risk of shutting down due to loss of profit. Therefore, it is important that you cut down on costs wherever possible. If supplying necessary medication is deeming to be too expensive, try a different way of supplying these much-needed drugs. Try filling empty capsules with the right amount of medication and filler rather than buying pills. Empty gelatin capsules are fairly low-cost, and the process can cost much less than purchasing medication outright. Another way to cut down unnecessary costs is to monitor when your pharmacy is regularly at its least busy. Make sure that you have a minimal amount of staff necessary for these times. You don’t need to have three employees working if there are barely any customers, you will only lose money. 

Find Out What Your Clients Actually Want 

As your business wouldn’t have been able to flourish without them, it’s vitally important that you treat your customers with respect and, most importantly, communicate with them. If you are selling something that your customers are finding sub-par, there is no way that you will be able to find this out without actively seeking customer feedback. There are many ways in which you can gain customer feedback, such as leaving slips on the counter for them to fill out as they’re waiting for their medication to be ready. The best way by far, however, is to ask your customers to sign up for an email list when they make a purchase so that they can receive offers. Once you have their information, you can also send them customer satisfaction surveys. If you don’t find out what your customers actually want from you, you run a high risk of losing them and, consequently, your business. 

Create a Healthy and Harmonious Workplace 

One of the biggest pitfalls that even large businesses fall into is failing to create a healthy and harmonious workplace. There are two aspects of your business that keep you afloat, your customers and your employees. Therefore, if your employees aren’t happy in the workplace, you’re going to have a problem. A great way to make sure that all of your workers are content in your business is to ensure that everyone feels included and has their opinions heard by holding regular employee meetings. During these meetings, everyone should feel comfortable enough to raise any complaints or concerns that they may have about the workplace. If you work through these issues while they are just beginning, you limit the risk of them escalating further, and then creating a much larger problem-which can negatively affect your business. After all, happy workers are productive workers

In this age of large corporations and online shops, it can be difficult to make it as a small pharmacy business. While this is true, hope is not lost! Try out some of these tips to ensure that your small pharmacy is not only well maintained but able to thrive. 

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by Brian Perry // Brian Perry is a contributor to Businessing Magazine.

Opinions expressed by contributors are their own.