3 Ways Pharmacies Can Start the Year Strong

Posted on Nov 25, 2024

A new year means 12 months of untapped opportunity for your pharmacy. It’s the perfect time to reflect on what’s been working well, identify the areas you’d like to improve, and set some performance goals. Although you may not be able to control or predict everything your business will face in the road ahead, there are steps you can take to ensure you put your best foot forward,

Here are three ways pharmacies can start off strong in the new year:

1. Get to know your community

For your pharmacy to be successful, it’s important to understand the needs of your existing patients and the larger community you serve. Start by evaluating your current patient population, looking at factors like age, ethnic background, chronic health conditions and average number of recurring scripts per patient. This will help you determine what your pharmacy can do to provide added value, including which vaccines, care services, and OTC items you offer and other languages to have educational materials available in.

Then, you can assess the surrounding community, considering whether your current patients reflect the makeup of the broader area, or if there are other populations you haven’t yet tapped into. If so, what things could you do to bring them into your store? Both the BestRx and BestPOS systems have tools that can help you attract and retain customers, including electronic messaging, a patient app, loyalty program and customizable sales promotions.

2. Size up your competition

Next, turn your attention to other businesses in your area. The number of competitors in your area is another factor that impacts the success of your business. Start by identifying the number of other pharmacies nearby – whether they’re other independent stores or part of a retail chain.  Next, evaluate who else may be competing for your business, such as mail order pharmacies, hospital and out-patient facilities.

Then, look at the services each competitor offers. This will help you determine how your pharmacy can differentiate itself, including any care gaps you may be able to fill. Ultimately, finding ways to stand out from the crowd will help your store become indispensable to patients. BestRx also has several advanced features, including remote payment and delivery options, to help your pharmacy stand out from the competition.

3. Evaluate your business model

Finally, examine your pharmacy itself and how you’re operating today. This includes everything from your hours of operation and staffing levels to the services you offer and your buying patterns. All these factors impact both the patient experience and your bottom line.

Look for ways you can reduce overhead costs, whether that’s reducing the quantity on hand for more expensive, slow-moving medications or adjusting your hours if you frequently experience “dead time”. Then evaluate the services you offer – both for patient care and those intended to offer patients added convenience. This will enable you to identify ways to lower your operating costs while simultaneously increasing your revenue opportunities. It’s important that this isn’t a one and done activity, too. That’s why BestRx offers an extensive range of pharmacy reports. That way you can easily track how your pharmacy is performing throughout the year – and adjust when needed.

By following these simple steps, you can ensure your pharmacy starts the new year off strong. Request a free demo and learn more about all the ways BestRx can help support your pharmacy and achieve your goals in 2025 and beyond.