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The Profit Vault January 2025
Build a Dream Team
The Secret to a Stronger Pharmacy? Invest in Your People First
Between managing prescriptions, building relationships with patients, and keeping the business running smoothly, it can feel like there’s never enough time. But if I’ve learned one thing, it’s this: Investing in your employees is the single most impactful thing you can do for your pharmacy. I get it — you always worry: What if I invest in my employees, and then they leave? But here’s the real question: What if you don’t invest in them, and they stay? That thought keeps me up at night, and it should concern you, too. WHY EMPLOYEE DEVELOPMENT IS NON-NEGOTIABLE When you invest in your employees, you’re doing more than just offering training or sending them to a conference — you’re building the foundation of your pharmacy’s success. Well-trained employees lead to happier patients, better profits, and stronger team culture. They create a ripple effect of excellence you cannot ignore.
starts to rise. On the flip side, bad employees don’t just drag down performance — they destroy morale, erode your culture, and monopolize your time. And let’s talk about that time for a second. When you spend all your energy trying to fix struggling employees, you inadvertently send the wrong message. You’re telling your good employees that bad behavior gets the attention. It’s like parenting — remember the “trouble child” who always gets all the focus? The same principle applies here. The negative feedback loop is real, and it’s damaging. NURTURE THE GOOD EMPLOYEES Here’s the magic of flipping the script: Spend your time nurturing your high performers. When you dedicate time and energy to your best employees, you create great ones. And guess what happens when you have more great employees? Your pharmacy becomes unstoppable. Turning bad employees into good ones is rare. Turning good employees into exceptional ones is far easier and far more rewarding. Imagine a team where everyone is inspired to be their best because they see you value their hard work and potential. That’s the kind of team that drives growth, improves patient care, and makes your pharmacy a standout in the community. HOW TO INVEST IN YOUR TEAM Investing in your employees doesn’t have to mean writing big checks; time and attention go a long way, too. Here are some ways I’ve found to support my team: • Offer access to resources and events: Send them to events like the Pharmacy Profit Summit or provide memberships with organizations like the National Pharmacy Technician Association (NPTA). These opportunities help them grow professionally and bring back valuable knowledge to the team.
A high-performing team naturally supports other high achievers. When one person raises the bar, the whole team
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Encourage Feedback Without Fear
WHY LISTENING TO YOUR EMPLOYEES CAN TRANSFORM YOUR PHARMACY
ACT ON THE SMALL STUFF TO BUILD BIG TRUST When employees make suggestions, following through is crucial — especially when you’re just starting to build this feedback culture. Even the smallest ideas matter. I’ll never forget one of the first suggestions I implemented: a box of red pens. One of my technicians loved making notes in red ink and asked for her own stash of red pens. At first, it seemed trivial. But I bought the pens, and when I handed her the box, her excitement was through the roof. You’d think I’d given her a winning lottery ticket! It taught me an important lesson: It doesn’t have to make sense to me to be meaningful to them. Acting on these small suggestions shows your team you’re listening and that their input matters. This builds trust and opens the door for more ideas that may eventually lead to transformative changes for your pharmacy. THE RIPPLE EFFECT OF EMPOWERING EMPLOYEES When employees know their voices are heard, something incredible happens. They start to take ownership of their roles, become more engaged, and collaborate better. A team that feels valued creates a culture of mutual respect and shared success. Over time, small suggestions like red pens evolve into more significant contributions. Employees feel comfortable sharing ideas about efficiency, customer service, or even substantial operational changes. And when they trust you with the small things, they’ll start trusting you with the big ones.
I’ve learned that empowering employees to speak up can completely transform your business, but it’s not always easy. Encouraging them to share ideas, suggestions, and even frustrations creates a collaborative environment where everyone feels valued. Yet, how do we get employees to speak up? Over the years, I’ve developed a few go-to strategies to ensure my employees always have a voice, and I can’t overstate how much it has improved morale and performance. UNLOCK IDEAS WITH THE MAGIC WAND GAME One of my favorite tools for encouraging feedback is what I call the Magic Wand Game . I’ve been doing it with my employees for years, and it works like, well, magic. Here’s how it goes: I ask, “If I gave you a magic wand, what would you change, or what would you want?” The beauty of this question is that it removes all the blame, pressure, and fear that can come with traditional feedback. Employees don’t feel like they’re criticizing anyone, worrying about limitations, or risking an awkward conversation. Instead, they’re free to think creatively and dream big. For example, one employee once said, “If I had a magic wand, I’d replace all of our computers with new ones.” They hesitated initially, though, worrying it might be “too expensive.” Except, that’s the magic of the wand — it lets people set aside those hesitations, whether it’s time or money, because we’re talking about a magic wand. The answers can be simple or ambitious, but they almost always provide valuable insights. NAMED OR ANONYMOUS: GIVE EMPLOYEES OPTIONS While the Magic Wand Game is excellent for open, low-pressure conversations, I know not everyone feels comfortable speaking up directly. Some people are shy, while others may fear retribution, even if it’s unwarranted.
So, start small. Ask your employees what they’d change if they had a magic wand. Create pathways for feedback, both
named and anonymous. Act on the little things, and watch how quickly trust and collaboration grow. Your employees have incredible ideas — give them the
That’s why I provide multiple ways for employees to give feedback, including anonymous suggestions. Whether through a suggestion box or a digital form, this option allows everyone to share their thoughts without hesitation. The combination of open dialogue and anonymous submissions ensures I hear from everyone, not just the most outspoken team members.
voice they deserve, and your pharmacy will thrive.
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FROM ATTA BOYS TO SHOUT-OUTS Why Every Independent Pharmacy Needs an Employee Recognition Program
With so much on our plates, it’s easy to overlook one simple but powerful tool for improving morale and performance: employee recognition . If you’re not ready for — or simply can’t afford — a bonus program, don’t worry. A recognition program can be just as impactful. Employees don’t just want a paycheck; they crave acknowledgment and encouragement. THE FOUNDATION FOR EMPLOYEE ENGAGEMENT We’re big fans of bonus programs here, but let’s face it — not every pharmacy can offer one. That’s okay! Recognition programs
are an affordable and highly effective way to show your team you value their hard work. Think of it as the foundation for building a positive workplace culture. Recognizing employees doesn’t have to be complicated or expensive. Sometimes, a simple “thank you” or acknowledging a specific action can make all the difference. For example, saying, “I saw how you helped Mrs. Smith earlier, and I really appreciate that,” can go a long way toward making an employee feel seen and valued. THE MANY WAYS TO SAY ‘GREAT JOB’ You can acknowledge employees in countless ways, and the best programs use a mix of methods: • Verbally: A quick, heartfelt comment in the moment. • Written: A thoughtful note, email, or card expressing your gratitude. • Publicly: Shout-outs during team meetings or a bulletin board for employee accomplishments. • Privately: A one-on-one conversation showing your appreciation.
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TAKE A BREAK
BEGINNINGS BLANKETS CARNATION CAPRICORN GARNET HEALTHY
ICICLE PENGUIN PLANNING
RESOLUTION SNOWBOARD SOUPY
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Simple Steps to Empower Your Staff How Responsibility Builds Confidence and Growth
We often wish our employees would step up, take initiative, and contribute more to our business’s success. But here’s the thing: If you want more from your employees, you have to allow them to do more. Entrusting employees with responsibilities isn’t just about lightening your own load — it’s about empowering them to grow, building their confidence, and creating a team of high achievers. Let’s explore how you can effectively increase employee responsibility, one step at a time. GIVE EMPLOYEES OWNERSHIP For many employees, their sense of status at work plays a significant role in how engaged they feel. Status doesn’t just come from a title or paycheck; it’s about being entrusted with leadership, management, and responsibilities that make them feel valued. A great way to build this sense of status is by letting employees own a program in your pharmacy. It doesn’t have to be big or revenue-generating right away (though that’s a fantastic goal to work toward) . Start with something manageable that allows them to make decisions and see their ideas come to life. BIG AND SMALL IDEAS TO ENTRUST The scope of responsibility can vary, but the key is letting employees take full ownership from start to finish. Here are some examples: • Big Initiatives: Managing a point-of-care testing program, increasing vaccinations, organizing health clinics, or working with weight-loss patients. • Small Projects: Monthly decorating, hosting a kids’ coloring contest, or creating a schedule for pharmacy uniform rotations. Even something as simple as a coloring contest involves multiple decisions — choosing a theme, printing the materials, and posting the artwork. These seemingly small tasks develop confidence, decision-making skills, and a sense of accomplishment. BABY STEPS BUILD CONFIDENCE Immediately handing over a big project is tempting, but employees need time to build their confidence. Start small. Let them own a smaller initiative and support them as they work through the details. For example, if an employee suggests a seasonal decorating project, encourage them to think through every step: What’s the theme? How will they set it up? What supplies do they need? If you allow them to take the lead, you’ll help them
develop their problem-solving skills and boost their confidence in a low-pressure way. That sense of ownership encourages them to take on bigger responsibilities in the future. DELEGATION IS KEY TO HIGH ACHIEVERS If you’re dreaming of a team of high achievers, you have to let them achieve . Micromanaging or requiring approval for every little thing stifles growth and creativity. True delegation means allowing your employees to make decisions and take ownership of their work. This doesn’t mean you’re hands-off entirely — it means you’re trusting them to figure things out while offering guidance when needed. When employees know you trust them, they’re likelier to step up and go above and beyond. BREAK THE CATCH-22 We’ve heard from countless pharmacy owners who want their employees to do more without giving them the freedom to try. It’s a classic catch-22: You want them to take the initiative, but you’re holding them back by not delegating responsibility, so no employee can ever step up to the plate. The solution is simple: Give them the opportunity to prove themselves. Start small, celebrate their successes, and gradually entrust them with bigger and more impactful projects. FROM SMALL PROJECTS TO BIG PROGRAMS More extensive revenue-raising programs won’t happen unless you start with smaller initiatives to build confidence and trust. Letting employees own their projects — regardless of size — creates a positive feedback loop. They learn, grow, and gain confidence, benefiting them and your entire pharmacy. If you want more from your employees, give them the freedom to do more. Start small, support their growth, and watch as they develop into high achievers who drive your pharmacy’s success. Because here’s the truth: When your employees grow, so does your business. Let them step up — and prepare to be amazed at what they can achieve.
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Entrepreneurial Facts and Fables Dispelling Deceptive Business Myths
FICTION: DISAPPOINTING A CUSTOMER IS DISASTROUS. FACT: Many factors can cripple a business, but few obstacles have more potential to cause harm than the dreaded bad online review. Although no one wants to read negative comments about themselves or their businesses, it’s actually a fantastic litmus test. Will you respond with a public attack against that commenter or use their words as a learning opportunity? Bill Gates famously said, “Unhappy customers are the best customers.” If the reviewer’s grievances are legitimate, hear them out and fix your mistakes. If handled properly, your reaction to a complaint could be the best marketing tool you’ll ever have.
The roads to entrepreneurial success are varied, but common philosophical potholes can knock any profitable journey off course. Here are five standard pieces of fiction from the business world — and the facts that will set owners free. FICTION: BEING AN ENTREPRENEUR IS ALWAYS EXCITING. FACT: While taking the reins of your own enterprise is thrilling, you may find your aspirations becoming stale once routine sets in. If you’re lucky enough to experience prolonged comfort — and perhaps boredom — at your business, it’s time to shake things up. Being open to new ideas and challenges will invigorate your spirit and lead to new opportunities for expansion. Pro Tip: If you’re feeling stagnant in your day-to-day work, your employees likely feel the same way. Welcome their input to refresh your services and goals and take your operation in new directions. Of course, boredom can be an excellent motivator for existing entrepreneurs. For example, legendary celebrity cook Ina Garten (“Barefoot Contessa”) bought a food shop while feeling restive at her White House job. Sometimes, following your heart — even if it means exiting an accomplished role elsewhere — is the key to successful entrepreneurship. FICTION: BEING YOUR OWN BOSS IS A BLAST. FACT: Even though you may have gone into business for yourself because you didn’t like answering to others or wanted to set your schedule, you likely had a rude awakening once the gears started spinning and you became the one calling the shots. There’s a world of difference between being an employee and being the one responsible for everything that keeps a business afloat. If entrepreneurship were easy, everyone would do it.
FICTION: THERE’S NO ROOM FOR FAILURE. FACT: In the words of the great
philosopher Yoda, “The greatest teacher, failure is.” True entrepreneurs are never afraid to fall on their faces; every misstep is a lesson learned. After all, it took Thomas Edison more than 1,000 attempts to perfect the light bulb. Mistakes are inevitable in all facets of life, but what matters is how we adapt to those situations and progress. FICTION: YOU’RE THE BEST PERSON FOR THE JOB. FACT: You may have been the one to drive your entrepreneurial concept forward, but that doesn’t mean you have all the answers. Whether driven by pride or perfectionism, business owners often risk being too reluctant to let others take charge. If you insist on wearing all the hats, this lack of delegation can lead to burnout at best and complete economic disaster at worst. You can be the head of your company and still let others carry the weight — and tell you when you’re wrong or need to change your perspective.
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SET THE TONE FOR 2025 January is a fresh start for everyone, including your employees. Use this time to have those goal-setting conversations and think about how to support their growth in the months ahead. Whether funding a training program, allowing time off for professional development, or simply giving them more of your attention, every step builds a stronger, more cohesive team. Your pharmacy is only as strong as the people who run it. So, don’t wait. Start building the team you’ve always dreamed of, and watch your pharmacy reach new heights in 2025. Because here’s the truth: A great team doesn’t
• Provide hands-on training: Programs from organizations like PCCA and Medisca offer excellent compound training to enhance their skills. • Engage in regular conversations: January is a crazy time for pharmacies, but it’s also the perfect opportunity to ask your employees: “What do you want to accomplish this year, and how can we support you?” Even quick chats during busy shifts can spark inspiration and help you connect with your team. • Celebrate their achievements: Recognition matters. Highlight their wins, encourage growth, and let them know their contributions are valued. WHY THE ROI IS ALWAYS WORTH IT Investing in your team is never a waste. When employees are well-trained and supported, their performance improves. A happy, high-performing team reflects positively on every aspect of your pharmacy, from customer retention to efficiency behind the counter. I know how tempting it can be to push employee development to the back burner — something more urgent always demands your attention. But if you want your pharmacy to thrive in 2025 and beyond, now is the time to prioritize your people.
just happen — it’s built. And the investment you make today will pay dividends for years to come.
HAVE A LAUGH
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A WIN-WIN SOLUTION How $20 and a Competitor Visit Can Enhance Your Pharmacy
What if there were a simple, cost-effective way to spark innovation, improve service, and engage your employees all at once? Enter the Secret Shopper program, a creative approach that motivates employees to learn from competitors while promoting continuous improvement. This isn’t your average training initiative. With just 20 bucks and a trip to a nearby business, employees gain fresh perspectives, discover actionable insights, and develop a sharper eye for what makes a business thrive. It’s a win-win that transforms employees into critical thinkers and your pharmacy into a powerhouse of innovation. WHAT IS A SECRET SHOPPER PROGRAM? A Secret Shopper program is precisely what it sounds like: Employees shop at a competitor or similar business to observe their strengths and weaknesses. Here’s how: Give each participating employee $20 in cash and send them to a competitor. They could spend the money on anything they wanted, but there was one condition: employees had to come back with a list of what the other business did better than us, what they did worse, and any ideas they got during their visit. The best part? Employees can keep whatever they bought with the money, and you get insights into how your pharmacy can improve. All it takes is $20 to boost your team’s creativity, morale, and critical thinking skills! TRAIN EMPLOYEES TO SEE OPPORTUNITIES First things first, you need to understand that recognizing what’s “good” or “bad” in another business isn’t always intuitive. Employees need practice to develop their eye for improvement. We recommend running the program monthly at first, giving employees frequent opportunities to practice observing and analyzing. Over time, their skills will grow stronger, and your team will become better at identifying actionable insights. After about a year, you can slow the frequency but never stop entirely. The key is repetition — employees need to exercise this muscle regularly for it to become second nature. TURN IDEAS INTO ACTION One of the most exciting parts of the Secret Shopper program is what happens when employees bring their
ideas back. Because the suggestions come from them, employees feel a sense of ownership and responsibility.
For example, if someone came back saying, “The other store had music playing, and it made the atmosphere feel more inviting,” your response could be, “Great idea! You’re in charge of implementing that here — figure out what music we should play and make it happen.” This approach creates a positive feedback loop: Employees identify improvements, take ownership of implementing them, and feel rewarded for their contributions. It’s employee development disguised as fun, and it strengthens their sense of responsibility. The Secret Shopper program does more than just generate ideas; it changes how employees think. They start looking at every aspect of your pharmacy — customer interactions, merchandising, atmosphere — with a critical eye. This mindset shift naturally improves their performance on the job. ENDLESSLY EFFECTIVE YET FULLY FOOL-PROOF Running a Secret Shopper program might sound like a small initiative, but the impact is enormous. It creates a simple yet self-sustaining cycle of improvement, boosts employee engagement, and gives you valuable insights into how to stay ahead of the competition. So, why not give it a try? Empower your team, improve your business, and have a little fun along the way. Your pharmacy — and your employees — will be better for it.
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INSIDE THIS ISSUE
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Why Investing in Your Team Is the Best Decision You’ll Make Your Employees Have Great Ideas — Here’s How to Hear Them Recognition Programs Matter More Than You Think The Secret to Developing High Achievers in Your Pharmacy
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Business Truths vs. Tall Tales
Turn Competitor Insights Into Innovation With a Secret Shopper Program
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require consistency . If you only recognize employees once in a blue moon, it won’t have the same impact as a steady stream of encouragement. Make it a habit to thank your team regularly. Whether it’s daily shout-outs, weekly updates, or a monthly “Employee of the Month” spotlight, mixing it up keeps things fresh and engaging. Don’t forget the little moments. A private “thank you” after a busy day can be just as meaningful as a formal award. WHY RECOGNITION SHOULD BE YOUR FIRST STEP If you’re overwhelmed by the idea of creating an elaborate bonus program, start small. Recognition is the foundation. Once you’ve built a culture of appreciation, you can layer on bonuses or other rewards down the line. The truth is that most pharmacy owners are so busy that saying “thank you” to their team often falls by the wayside. But taking just a few moments to recognize your employees’ efforts can transform your workplace culture and, ultimately, your business. So, here’s our challenge to you: Start today. Look for one small thing an employee did well and acknowledge it. You’ll be amazed at the ripple effect it creates. Because, at the end of the day, a little recognition goes a long way.
• Peer-to-Peer: Encouraging team members to recognize each other. • From Patients: Share positive feedback you’ve received about an employee. A robust recognition program combines these approaches into a continuous, ongoing practice. Don’t settle for a one-time pat on the back. Create a positive feedback loop that motivates your team and reinforces the behaviors you want to see more of. ‘ATTA BOYS’ MATTER Let’s be honest: Even as adults, we all need “atta boys” (or “atta girls”) every now and then. Recognition isn’t just a nice-to- have — it’s a fundamental human need. Employees who feel appreciated are likelier to stay engaged, perform better, and stick around longer. High performers, in particular, thrive on positive feedback. Recognition programs can help you retain these star employees while encouraging others to step up their game. When your team knows you notice their efforts, they’re far more likely to keep going above and beyond. KEEP IT SIMPLE, CONSISTENT, AND MEANINGFUL The beauty of a recognition program is that it doesn’t have to cost you a dime. The thought truly counts. However, it does
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