Pharmacist Financial Blog

Exiting Your Pharmacy: Can You Leave It AND Keep It? (Part 4)

Posted by Rick Coakley on Nov 7, 2018 9:30:00 AM

 

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A WaypointRx Company 


 

So far in this series, we have looked at three separate factors for whether or not you, as a pharmacy owner, are able to leave the pharmacy and keep it too. 

pharmacist dispensing pills webThis month we will be delving into the strength of your systems. 

 

When referring to your systems, it doesn't necessarily mean your dispensing system. Rather we are focusing on the systems in place that keep your pharmacy running - such as inventory management, program implementation and management, standardized job descriptions/responsibilities, opening and closing duties, and other operational type systems.

 

Systems, Systems, Systems.

  1. Are your systems getting you the results you want?
  2. Do you have clearly defined Standards of Operation procedures?
  3. When is that last time you reviewed your systems of operations and updated them?
  4. Lastly, are these procedures written and in a place that your employees can refer to when they have questions or do they came to you?
The book E-myth is a great book to help you understand the importance of systems. Its guiding theme is to develop your business and systems as if you where going to franchise it. Could you hand someone your systems manual and could they use it to start their own pharmacy?

If you had your systems so clearly defined and in writing that your team could use it to manage themselves, how much time would that free up for you?

Example: 

One way to streamline your systems is be having each and every one of your employees write down what they do daily/weekly/monthly. Once that has been completed, compile the results and look for places where you have gaps or overlaps that could be causing efficiency issues. It's also important to find where employees have dead time to see if they can take on additional responsibilities.

 

Additionally, it is important to make sure all of your employees are cross trained - meaning that more than one employee can do each and every job your business requires. This prevents serious issues should an employee be out sick or need extended time off.

 

Lastly, it is also recommended that you consider your employees' strengths and weaknesses when assigning tasks. By assigning specific roles to those people who enjoy and succeed at them, you ensure a happier, more efficient workplace.

 

To get some help with streamlining your systems, download our contingency planner today. This tool will help to review processes, back up employees, training needed, and more. 

 

Download the Contingency Planner

 

For questions or help getting started, feel free to contact one of our advisors today.

 

Contact TransitionsRx

 


We have also developed several tools to help you prepare yourself, your team, and your store. Click on the Visit The WaypointRx Store button to download the tools. 

 

Visit the WaypoinRx Store


At TransitionsRx (a WaypointRx company), it is our mission to ensure you enjoy the greatest possible personal, ownership, and financial success. As champions of independent pharmacy ownership across America, we have amassed a tremendous amount of experience along with the most comprehensive toolbox of resources and solutions you can imagine. Our Inspired Independence Program has helped hundreds of pharmacy owners take full advantage of all their opportunities inside, outside and after their life in pharmacy.


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Tags: Blog, life after pharmacy, exit planning, pharmacy exit strategy, transition planning