Pharmacy U news

The new year – still fresh – presents an opportunity not only to look back at all that was accomplished over the past 12 months, but also to look ahead and set priorities for the new year. That is especially the case if you are preparing to put up your pharmacy for sale within the next five years or so, because that is how long a successful business sale transaction can take in the pharmacy industry.

In a world where vaccine discussions are often laden with misconceptions and mounting tension, have you found it challenging to maintain productive conversations in your practice? If so, you’re not alone.

Compartmentalization permits risk management. Viewing your pharmacy down into its pieces can bring tremendous advantage. Structuring workflow or systems such that if disaster happens, only pieces are lost instead of the whole may sound tedious, but after one disaster the value will be evident.

Ever find yourself working harder than you need to in the process of buying something for your pharmacy? When choosing a vendor, I have learned that I prefer to do business with those I can communicate with, which is a nice way of saying that I do not have to babysit them.

Two chronic afflictions can kill your pharmacy business – too much inventory and high overhead. If they get out of control, either one can ruin your business. With today's relatively affordable computerized business systems, there's no excuse for losing control.

The RRSP deadline looms the end of February, and the new year brings an additional $7,000 of contribution room for Tax-Free Savings Accounts. Ideally, it would be great to maximize contributions to both RRSPs and TFSAs, but in some cases pharmacists can’t afford to do both every year.

With social media firmly established as a viable online marketing opportunity, how can you use technology to promote your pharmacy and its products and services? First of all, you don’t have to leave it to the big boys with the big budgets.

We know that emotional decisions rarely end being up the right ones. When this happens, great leaders have the ability to zoom out, resist the urge to be swept away by the details and focus on the overall broader situation.