These days, much of what you read about community pharmacy has a negative outlook. Whether is reduced reimbursements, pharmacy benefit managers, cuts to Medicare and Medicaid, the hits appear to just keep coming.

If it is true that stormy weather is approaching, then as we say in the south, "You better batten down the hatches."

We are no stranger to severe storms in our area of the country. I remember one time seeing an approaching storm and the sky turned green. I found out later that meant there was a great chance a tornado would form, but at that moment, I was mesmerized by its beauty. When the storm finally hit, I realized how powerful Mother Nature can be.

I also remember driving through Greensburg, Kansas approximately a month after an F-5 (the strongest on the scale) destroyed the entire town. I had never seen anything like it in my life. I found myself wondering how any shelter could have saved a life in the midst of all that destruction. Then I found out that only a handful of lives were lost because the town had recently installed a warning system. The system gave residents 10 minutes of advanced notice, and combined with the underground shelters, saved hundreds of lives.

I believe that articles with bad news for community pharmacies serve as an advanced warning system. They are telling you it is time to prepare for the storms ahead. Below are a few shelters to help you survive stormy times when they come.

1. Focus on the profit drivers: The pharmacy owners who understand the overall profitability of their pharmacy and the specific profitability of each service they provide, are better able to survive stormy times. It is imperative for you to eliminate services that are not profitable. Carrying services that are loss leaders can be damaging when the profitable services your pharmacy provides get hit with things outside of your control.
2. Focus on your time: Pharmacy owners should keep track of where they spend their time and allocate time to focus on the activities and areas that are profit drivers. Blocking time out in your schedule can help you increase profitability and survive stormy times.
3. Focus on your staff: Being able to delegate administrative things to your staff can free up time to focus on the profit drivers. The more responsibility your staff has, the more time you have to work on the business and not in the business.

Where does this wisdom come from?

The content of this blog is inspired and substantiated by our experience helping independent community pharmacists enjoy financial independence during and after their life in pharmacy. When a pharmacist reaches out to us for information and help, we endeavor to give them as much free value as is possible. In addition to providing educational and strategic planning tools (like the Time Management Planner), we invite qualified pharmacists into our formal discovery process.

The first step of the process is completing The Inspired Goals Workshop. This 90-minute session enables us to provide a detailed and personal Inspired Independence Blueprint. The blueprint provides a personalized roadmap for achieving your goals and enables you to fully understand the value of joining The Inspired Independence Program.

If you wish to learn more about any aspect of our work, the free value we offer, or to be considered for The Inspired Goals Workshop, visit our web site at www.waypointus.com or call 843.873.4420 and ask for Ben or Matt Coakley.

At Waypoint Pharmacy Advisors, we take care of you!