Article
The Pareto Principle Can Make a Pharmacy Owner Wealthy
One of the most valuable guidelines in the world of business is the Pareto principle, which is also known as the 80/20 rule.
One of the most valuable guidelines in the world of business is the Pareto principle, which is also known as the 80/20 rule.
I have discovered 23 applications of this principle that are specifically pertinent to independent pharmacies. Each one can be make the difference in your sales, profits, and the amount of money you take home for yourself and your family.
This is not just another marketing tool for pharmacy owners. It is a total business solution for those who truly want to become wealthy, which means having the ability to come and go from your pharmacy as you please while it brings in more and more profits and operates like a well-oiled machine.
This is one of my most powerful secrets that create maximum performance and wealth for you as an independent pharmacy owner.
How Can I Apply This Information Now?
The answer to that question is determined by the fact that the entire world of independent pharmacy is in turmoil. Many wicked problems exist, yet successful solutions can be found.
The Pareto principle can show you how to overcome:
- The continued downward spiral of insurance payments
- Government interventions
- Where to put your time to get more results
- Working far too many hours
Examples of the Pareto Principle at Work
- 20% of your products produce 80% of your profits. However, the poorest performing 20% of your products are sucking profits out of your bank account. Get rid of them.
- One-fifth of your pharmacy’s revenue turns into four-fifths of your profits. In fact, 1% of your customers may be contributing to 50% of your profits. Do you know which patients comprise this 1%?
- Obsession with attracting more customers leads to more and more marginal customers. Costs rise and returns fall.
Success still comes from practicing proven principles within the realm of the business world. Master them and put them to good use, as they can make a huge difference in your future.
The Pharmacy Sage can be reached at (518) 346-7021 or Lester@ThePharmacySage.com.
