5 Dream Killers Of Pharmacy Growth

Dream Killers of Pharmacy Growth

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Overcome these common dream killers to achieve the pharmacy growth of your dreams.

We all have dreams and desires, and yet, so few of us achieve them. Why? Often we get in our way. It is our thinking that stops us. Your potential for success and pharmacy growth is so much more than we realize ourselves. It is easy for us to see potential in others. Yet, we are so harsh and negative for our potential for achievements. By becoming aware of what may be holding you back, you can better overcome it.

Here are five common dream killers that may be holding back your pharmacy growth:
  • Self-depreciation
  • Complacency
  • Competitionitis
  • Perfectionism
  • Past Failures
Dream Killer of Pharmacy Growth #1 Self-depreciation

The definition of depreciation is a reduction in the value of an asset over time. Pharmacy owners are incredibly susceptible to this. We get weathered down. Our industry chews us up and spits us out. Our brains start to tell ourselves that we are the problem. I can’t; it starts to become the norm. The telltale sign of self-depreciation is you no longer are willing to try new things. You talk yourself out of opportunities instead of looking for ways to make them successful. Everyone else has luck on their side except for you.

Dream Killer of Pharmacy Growth #2 Complacency

In Jim Collins’ book, Good To Great, he says, “good is the enemy of great.” We don’t have greatness in our personal or professional lives because it is just so easy to settle for good. I have spoken with so many pharmacy owners who say things as; I wish I were doing better or I wish I had more money for another location. But I am doing ok, and I guess that’s all I can ask for. The most successful owners are often the ones who almost lost it all. Being at rock-bottom has a way of lighting your fuse for greatness. You do deserve to be doing better. You can do better. It is ok to want more and to go after it.

Dream Killer of Pharmacy Growth #3 Competitionitis

Ok, yes, this is a made-up word, and it fits. Far too many pharmacy owners are focused on what their competition is doing rather than focusing on improving their pharmacy. Recently I have been telling pharmacy owners about Ananda Professional’s new women’s products. Many are excited, but a good portion has responded to me with; I don’t carry Ananda because other pharmacies carry it near me. I stock this other brand, but I don’t sell as much of it as the other pharmacies sell of Ananda.

This dilemma is a perfect example of competitionitis. These pharmacy owners are more concerned about what other pharmacy owners are doing than making the best decision for them. I ask them, are you selling to your patients or your whole community? The answer is always I want to sell to my patients. If that is the case, then why does it matter what someone else has? Your patients don’t go to those other pharmacies; they come to you! This issue goes far beyond CBD products. It can affect professional services, vaccines, delivery, hours, and many other aspects of your business. Are you too focused on what your competition is doing?

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Dream Killer of Pharmacy Growth#4 Perfectionism

This killer hits home. I am a recovering perfectionist, not a cured one! As pharmacists, our professional training is based on being perfect. To never have a misfill is the goal. Everyone expects you to be perfect. As a clinician, this expectation is worth achieving. However, as a pharmacy owner, you must abandon this impossible standard. Business is messy. If you wait until you have everything figured out and know there will be no setbacks, you will never get ahead. I think logically, we perfectionists know this. Yet, we fall back on our need to know it all before taking the first action in real-life situations. It takes time, but you can learn to be ok with imperfections. Imperfect action with help your pharmacy growth trajectory more than waiting for perfect action.

Dream Killer of Pharmacy Growth #5 Past Failures

Failing sucks, especially if you take failure at face value only. Every failure should create a learning moment. Do a post-mortem. What happened that shouldn’t have? What didn’t happen that should have? How can you do better next time? Having a failure is NOT the same as being a failure. The most successful people in the world have failures. The difference is they learned from theirs. If you have tried getting a collaboration agreement with a physician and previously failed, that doesn’t mean you should stop trying to grow your clinical revenue. Perhaps it was bad timing or the wrong doctor. Choosing to get up after a defeat is winning. Most people won’t do that. Try a different approach, perhaps offer to help them dramatically increase their revenue with a program like remote patient monitoring.

Action Is The Cure

No matter what may be holding your pharmacy growth back, the quickest way to overcome any of them is to take action. It doesn’t have to be a “bet the farm” action. Make simple daily goals, and before you know it, you will be on your way. For any help in forming your pharmacy’s action plan, reach out to us at info@diversifyrx.com or through Facebook or LinkedIn.

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    DiversifyRx is dedicated to helping pharmacy owners kick ass and create profitable, thriving pharmacies. We strongly believe the key to success is diversifying your revenue streams and maximizing each opportunity that is right for you. DiversifyRx was created by a pharmacy owner for pharmacy owners. We offer tons of free information and our Pharmacy Badass University membership. This site contains affiliate links to products or services. We may receive a commission for purchases made through these links.

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