Pharmacy Daily | It is all about Control

Recent research that we have conducted assessing the retail performance of a group of forty ‘typical pharmacy businesses’ highlighted some really interesting insights and suggests that of all factors affecting pharmacy performance those you CAN control have more effect on profitability than those you can’t (competitive set, distance to doctors etc). From deeper assessment there are several key things to focus on so that you can improve performance: Retail sales dollars per prescription: This is a key measure and, through effective and appropriate solution selling, is something that you can directly control and can change your business fundamentals (dispensary:retail split). Set a target and track it. Stock assortment and density: The data showed that stores that had the right mix of stock (both by key category and range) were turning over their stock three times more often than those with a poor stock mix. It freed up cash flow for new initiatives. Staffing: Stores that had enough trained and engaged staff members on the floor saw a much better return on their wage spend than those that did not invest in their service levels. Focus on what you can control and ensure you are single minded in your execution. This week’s contributor is Shannon Kerr, Marketing Manager at instigo.

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