Pharmacy business in Nigeria is one of the most lucrative businesses that anyone can start. Pharmacy business is a business that if you start it well can make you a multimillionaire in a very short space of time. Unfortunately, most pharmacy business owners in Nigeria are poverty stricken and most do not even realise it.
A lot of young pharmacists that want to move into the pharmacy business are the children of pharmacists whose pharmacy business are so poverty stricken that they find it difficult to even pay their rent. There are also other young pharmacists that have been presented with an opportunity to buy a poverty stricken pharmacy business and would want to know what to do to turn the pharmacy business around.
Well, here are a few suggestions that I think will help you turn around a pharmacy business.
1. LEARN PUBLIC SPEAKING – Most pharmacists that run poverty stricken pharmacy business have not realised that the major reason why they are poor is that they have not learnt how to communicate. Your wealth in pharmacy business lies in your ability to talk and make sense to people. This is not just about dispensing pharmacy or drug information. You must learn how to use and understand body language. You must learn how to initiate and maintain conversation. I will strongly suggest you buy the book HOW TO MAKE FRIENDS AND INFLUENCE PEOPLE. It was the book that personally taught me how to influence people and get them to buy what they would not normally buy. I will strongly suggest you join taskmasters club. you can locate one online. If you can master the art of public speaking you have acquired the major skill for turning around a business
2. UNDERSTAND THE DIFFERENCE BETWEEN SALES AND PROFIT – Most pharmacy business that fail are actually making a lot of sales yet they fail. The reason is simple. The people running them do not understand that there is a huge difference between sales and profit. This means you must know the products that give you the highest sales margin and focus on them. If for instance you buy Coartem for N1000 and sell for N1200, you sales will be higher but the person who wants to turn around a poverty stricken pharmacy business needs to understand that its profit that will turn their business around. This means that they must have a set of unknown brands of drugs that are very cheap but effective and which they can mark up by 1000%. For instance, I recently took a brand of diclofenac potassium that is packages exactly like cataflam. It sells for N3000 for 100 satchets. One of the young pharmacists that bought one fixed a price tag of N500 per satchet meaning that she will make N50,000 from what she bought for N3000. That is how you turn around a dying pharmacy. You need a set of unknown brands that you can mark up by 1000% and use your public speaking skills to show the patient that the product will handle their issue which most of these unknown brands do very very well.
3. LOCK UP THE PHARMACIST OFFICE AND TURN THE PHARMACISTS TO THE SALES PERSONNEL – One thing you will find when you walk into a poverty stricken pharmacy business is the pharmacist sitting in his office while the sales girls are selling N10 paracetamol to someone who if a pharmacist had attended to would have spent at least N10,000. To turn around a pharmacy business, you must make sure that only a pharmacist who has learnt how to speak confidently attends to all the customers. This will ensure that the best person that will generate the best sales is the one attending to your patients
4. MAKE THE SALARY OF EVERY BODY BASED ON MEETING A SET TARGET EVERY MONTH – You will be shocked at how effective your sales people will become if you tell them that 50% of everybody’s salary including your your own will be based on the pharmacy business meeting a certain target. Once you set a target and attach it to your people salary, You will be amazed at how your sales will suddenly miraculously shoot up.
5. MONITOR YOUR CASHFLOW BY YOURSELF – Most poverty stricken pharmacy business owners have zero accounting system that gives they daily update of the financial condition of the business or have any check and balance in place to check stealing. For you to turn around a pharmacy business, the first thing you must do is to take an audit of the business, then use the audit as a base line to monitor your money. Once any money can’t be accounted for, someone must pay for it.
There are a lot of other things you can do to turn around a poverty stricken pharmacy business. I hope these five will set you in the right direction.
For more Information on how to turn around a dying Pharmacy business or if you want us to help your dying pharmacy business, contact us on +23480 2362 2171