The cash crunch in Nigeria is currently getting to retail pharmacies. The sales of a lot lot of retail pharmacies have been dropping drastically. The cash crunch in Nigeria has also been made worse for retail pharmacies because competition is becoming stiff.
However, there are ways you can grow your sales in the midst of the crunch.
The first is for you to hit your shop floor to get actively involved in taking excellent care of your customers. A pharmacist came all the way from the south east to my office to know what to do about his dropping sales. My suggestion to him was that he should become the person that patients coming into his premises interact with.
Second, fire all average staff. What a lot of pharmacy business owners have not done in this cash crunch in Nigeria, is to assess the financial contribution of each of their staff. This is what you must not do. You must critically analyse the financial contribution of all the staff you have, and fire those that are just average.
Third, your personal and staff packaging is critical. You must dress to look like a top executive if you want top high paying customers to start coming into your pharmacy. Your staff must also appear like people working in top end businesses.
Fourth, acquire financial knowledge, You must attend trainings and read a lot about financial management in this point in time to avoid the cash crunch in Nigeria seriously affecting you. What you don’t know will easily and readily kill you. If you want to build your finance, you must know a lot more about business finance.
FIFTH, effectively manage your stock and restock levels. Is only those that have the right stock readily available that can sell to make money. You must pay personal attention to your stock level. Have a system that ensures that the minimum reorder level for each product is adhered to. You must not allow any product to run out before you restock. Set a minimum reorder level. Once that reorder level is hit, reorder those products.
There are a lot of other ideas for growing business which you can acquire by registering for the upcoming courses on KANSELOR UNIVERSITY on building a profitable business in the midst of a cash crunch in Nigeria
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