The Pharmacists First Guardian

Community Pharmacy in America: What Will Our Legacy be?

Posted by Benjamin Coakley on Tue, Nov 12, 2013 @ 03:24 PM

We hear the word legacy much more today than we did in the recent past.  In fact, we had one pharmacy owner tell us that legacy is being thrown around more than the word "love" was in 80's teenage romance movies.  

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Tags: community pharmacy owner, community pharmacy benefits, community pharmacy independence

Community involvement: good for your town, your pharmacy and you!

Posted by Matt Coakley on Mon, Sep 30, 2013 @ 08:50 AM

Among the many reasons we love taking care of independent community pharmacists is they represent all that is great in small town America. Few, if any other community members are as entrepreneurial, work as hard, or are more dedicated to the community than owners of a hometown pharmacy.

While it may seem I am preaching to the choir, our very best clients have found getting more involved in the community where they do business – and on many cases – where they live, is a great way to meet more people and, indirectly, increase their customer base.

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Tags: community pharmacy owner, community pharmacist, community pharmacy benefits, Community Pharmacist Lifecycle, business, vision, profitability, pharmacy value, family business owner, family business, behavioral economics

Community Pharmacy Owners: How Well Do You Know Your Employees?

Posted by Benjamin Coakley on Wed, Aug 07, 2013 @ 08:54 AM

In today's constantly changing pharmacy environment, there is increasing pressure on community pharmacy owners to ask employees to do more. Often, employees are asked to do more without the promise of increased compensation. For better or for worse, doing more with less is now part of the pharmacy culture.

Hopefully, increased compensation is an option when you ask your employees to do more. However, when more pay is not a viable option, there is something you can do to help offset their extra effort. Understanding what employees want in the workplace can help you create an environment where asking them to do more is not seen as unreasonable. 

Have you ever asked the employees what can be done to help improve their working environment? Asking this question may open up a great conversation and change what you have been assuming they want. The example below illustrates employees may want something completely different than you, the pharmacy owner, may think.

According to numerous surveys, this is what employees say they want (starting with what's most important to them):

  1. Full appreciation for work done

  2. Feeling "in" on things

  3. Sympathetic help on personal problems

  4. Job security

  5. Good wages

  6. Interesting work

  7. Promotion/growth opportunities

  8. Personal loyalty to workers

  9. Good working conditions

  10. Tactful discipline

Now take a look at what business owners THINK employees want (starting with what they think is most important): 

  1. Good wages

  2. Job security

  3. Promotion/growth opportunities

  4. Good working conditions

  5. Interesting work

  6. Personal loyalty to workers

  7. Tactful discipline

  8. Full appreciation for work done

  9. Sympathetic help with personal problems

  10. Feeling "in" on things


You will notice there are very distinct differences within these two lists. Employees value more qualitative things while business owners think they value quantitative (higher compensation) things. We are not saying higher compensation is not important, we are just trying to reiterate the fact that qualitative things are an important part of the workplace.  

This is played out in a recent story from one of our clients. It was a typical review session with the client, and he stopped in the middle of it and said, "I have a business owner friend who recently had a key employee die during a recreational soccer match. He just collapsed on the field and was gone. My friend found out the employee did not have life insurance. This guy was young and successful, and he assumed he had protection for his family. He asked me if he should have talked to him about protecting his family?" 

It is heartbreaking to hear stories like the one above. All this business owner had to do was ask the employee if his family would be taken care of if he unexpectedly died. This is an example of taking an interest in the employees' lives. This is an example of just one of many qualitative benefits that can be a part of your business culture.

 

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Tags: community pharmacy owner, community pharmacist, community pharmacy benefits