New Year, New Plan: Goal-Setting Tips for Pharmacies

As you prepare to close out the year, it’s the perfect time to check in with your business. Not only to reflect on the successes and challenges you’ve encountered over the last 12 months, but to develop new goals for the year ahead as well. To help, we've put together goal-setting tips for pharmacies:

First, begin by reviewing what’s happened over the past year.

This includes:

• Where your business has grown – whether that’s prescription volume, sales or expanding your service.
• Where your store fell short of expectations – and how you responded.
• The challenges you’ve encountered – and if you were able to overcome them.
• What you’d like to do differently moving forward.

Then, use this information to determine what you’d like to accomplish in the year ahead.

Be sure to use clearly defined goals, commonly referred to as SMART goals, to build your plan. These goals should be:

• Specific: Outlining exactly what you want to achieve.
• Measurable: Including how you will monitor your progress and how you define success.
• Attainable: Make sure your goal is realistic.
• Relevant: Goals should support your bigger, long-term business goals.
• Time-bound: Don’t forget to set a timeframe for when the goal should be achieved by.

From there, select the metrics you will use to monitor your progress.

Keep in mind, the metrics you select will depend on the type of pharmacy you run, and your goals. However, some of the most used pharmacy metrics include:

• Annual revenue
• Prescription volume
• OTC product sales
• Service volume
• Incoming calls
• Website traffic
• Patient reviews

It’s important to regularly review your performance metrics – quarterly is ideal. This way you can ensure you are progressing towards your goal. If you are falling behind, this will allow you to develop a plan to get back on track as well.

Plus, you can leverage your BestRx software to help you keep tabs on pharmacy, too! From operating expenses and fees to sales and profit margins, the BestRx software includes a wide range of reporting. Using our Scheduled Reports feature, you can even have reports generated and delivered right to your inbox automatically. Just select which reports you’d like to use and indicate how often you’d like to view them. From there, BestRx will take care of the rest and ensure you never miss a vital report.

Don’t have the scheduled reports feature yet? Request more information.

Not a BestRx customer? Learn more about how BestRx can help you achieve your pharmacy goals and request a free demo today!