Team dynamics, how the community perceives your store, how your team responds to failures, challenges, the effectiveness of systems, how procedures are executed, health focus pharmacy offering, and most importantly, how your team and your business grows and evolves.
The reality is, how successful your business is (and success is not just defined by $, it is more than that) comes down to culture.
The most common entry point for pharmacists into the world of pharmacy business ownership is via a partnership interest. It is an exciting time, but a very nervous time. One where you often have little knowledge about what you need to do, what’s involved, and what advice you need. Having the right team around at this point is vital.
Another important point of reflection is these challenges provide opportunities to learn, and learn we did. I have the best team, family, friends, and the best mentors around me. With this support, challenges become learning opportunities. Learning opportunities turn into periods of uncomfortableness. This is your zone of self-discovery and growth. As a great mentor once told me, be comfortable with being uncomfortable.
I think the last time I was in Sydney was a very long time ago. From having spent most of my life in Perth, I feel Sydney is a very busy and noisy place in comparison. A far change from my home where I wake up listening to the birds. Anyway, I came to Pharmacy Connect this year to meet new people, build relationships, look for opportunities for my clients, and of course to learn.
One thing that really stood out for me this year and became apparent is pharmacy is really at a cross roads. I believe pharmacy is on the cusp of a new wave of community-based pharmacies that are more health focussed than ever before and less retail focussed. The worth of a pharmacist at present is being played out on a pricing battlefront and a turf war being pharmacy, corporates and GP’s. Let us look at some of the facts that were spoken about at the conference. 17% of pharmacies are operating at a loss. GP’s earnings are on average 3 times higher than pharmacists. The public don’t view pharmacists as primary healthcare providers. Unfortunately, they are viewed as retailers.
