networking 101 for pharmacy owners...networking 101 for pharmacy owners let’s be honest. very few...

NETWORKING 101 FOR PHARMACY OWNERS

TABLE OF CONTENTS

Using this eBook

The Benefits of Networking

What Networking Is and Is Not

How Networking Improves Your Pharmacy

Top 6 Reasons You Need to Be Networking

Identifying Ways to Network

• Networking for Professional Contacts • Networking for New Patients • Networking for Industry Connections

About PDS

The idea of networking can seem like a walk in the park for some, but for others, it’s a huge challenge. Most of us can use a little guidance when it comes to presenting ourselves at networking functions. Believe it or not, even pharmacists and pharmacy owners should be out there networking.

Yes, that means you. This eBook was created specifically forpharmacy owners, principals, and managers of independently owned community pharmacies. In it, you’ll learn about the true benefits of networking, ten tips you can use at your next event, and where you should be networking.

Take notes if you’d like, but you can also print off the tipsheet - don’t worry, we won’t tell anyone!

Networking 101 for Pharmacy Owners

NETWORKING 101 FOR PHARMACY OWNERS(Bonus: 10 Tips You Can Use At Your Next Event)

NETWORKING 101 FOR PHARMACY OWNERS(Bonus: 10 Tips You Can Use At Your Next Event)

USING THIS eBOOK


Let’s be honest. Very few people enjoy networking. It can be uncomfortable, nerve-wracking, or downright awkward. Just the thought of talking to perfect strangers about your business, their business, or business in general is enough to make anyone want to crawl under their desk...

You can ask ten different people what networking is, and you’ll get ten different answers. For the sake of ensuring that we’re all on the same page, let’s define what networking is and what it is not.

BENEFITS OF NETWORKING

Networking IS… • …an investment in your pharmacy - Time, money, energy. View the resources you spend while networking as an investment in the future growth of your pharmacy. • …an opportunity to grow personally & professionally - It could be a new customer, vendor, business partner, or mentor. You’ll also find opportunities to further your own personal growth. • …a chance to practice - The more you refine who you are and what value you and your pharmacy offer, the more comfortable you’ll become with sharing it with the world.


WHAT NETWORKING IS AND IS NOT

Networking is NOT… • …about hard selling - Do not corner attendees so they can’t escape your pitch. • …about telling your entire life story - Every moment of your life is special...to you. Keep your conversation simple, politically correct, and to the point. Use compelling stories to spark conversations – there is no need to over share. • …a quick fix - You may not see your first referral or customer for some time after attending a networking event. You must have patience.

It’s easy to understand how networking benefits other types of business models. Accountants, financial advisors, marketers, plumbers - are the types of workers you expect to network and pass along referrals to each other. But, what about pharmacists and pharmacy owners? It’s not as common to hear of doctors or health care providers heading out to their local networking groups to attract new business or to discuss the latest trends in their industry.

Uncommon or not, the reality is that networking is essential for independent pharmacy owners. Not only will you strengthen your social skills, but you’ll….

HOW NETWORKING IMPROVES YOUR PHARMACY


The phrase, “If you build it, they will come” is not one that’s used to describe opening a business. You can’t expect that by opening your pharmacy’s doors, people will instantly know your name or that you will automatically have new customers. Building your community reach and customer base isn’t easy. It can be quite frustrating if you have been trying to grow for several months (or even years) only to have little to show for it. With each new person you meet, you have an opportunity to introduce your pharmacy. Even if, at the moment, they are not interested in switching to your pharmacy, you’re now on their radar. If you want people to know you exist, you have to tell them that you’re there for them. Networking helps you grow your reach exponentially just by focusing a few hours of your time to meet new people.


Increase Your Pharmacy’s Reach and Customer Base

You’ve heard the phrase “It’s not about what you know, it’s about who you know,” and although cliché, this sentiment still holds true when it comes to your pharmacy’s success. If you want to grow your business, implement new programs that drive revenue, run successful promotions, and gain new customers, you need to know the right people. The most significant return on investment from networking will be the connections you make and the referrals you receive.

Expanding your list of contacts can open opportunities for partnerships, more customers, referrals, and events. Having a wide network of people to contact can be the difference between growing your business or remaining stagnant. By engaging in meaningful conversations, you’re planting seeds for future business. You never know what may come from a simple conversation.


Make Connections in Your Industry and Community

As a pharmacy owner, you’re involved in the operations of your pharmacy every single day. You have so much invested in your business that it can be difficult to step back and look at your pharmacy objectively. Networking is great for sharing ideas and knowledge. Whether it’s asking for feedback or just talking about your business goals, networking allows you to see and hear things from another perspective.

You may not have realized it previously, but there’s a wealth of knowledge out there waiting to be tapped into. There are other pharmacy owners that have been or are currently in your position. Connecting with them allows you the opportunity to learn from their mistakes and avoid common pharmacy business pitfalls. Business owners who attend networking events want to help others achieve success. So, don’t be afraid to ask questions and pick their brains.


Gain Access to Expertise and New Ideas

If you aren’t already the most confident person in the world, it’s okay. Networking is a great confidence booster because it pushes you to grow as a person. Although it may be uncomfortable at first, the more you do it, the more natural it will feel to you. Engaging with people you don’t know on a weekly (or even daily) basis is one of the best ways to boost your confidence.

The more confident you become in networking, the more confident you’ll become as a leader, as a pharmacist, and in your personal life. So, go on, get out there.


Increase Your Confidence

There probably aren’t many people in your life who understand exactly what you face on a daily basis in your business. Wouldn’t it be nice to interact with people who get you and your role as a pharmacy owner?

Even with the world at your fingertips, there are some things Google just can’t solve for you. For example, are you looking for information on what’s best for your specific business or how to overcome pharmacy industry challenges? Discussing these situations with other business owners opens the door to valuable suggestions and guidance. Your peers can help prevent you from making ill-advised decisions and help get you back on the right track. They will be the people you can rely on for honest answers and down-to-earth conversations. They will support you when you’re down, and they will cheer for you when you succeed.

You need this kind of support and you can’t expect to be successful without it. Pharmacy ownership doesn’t have to be a lonely journey.


Receive Support From Others (And Offer It, Too)

Another common phrase that rings true is “Show me your friends and I’ll tell you who you are.” If you spend time with people who don’t support you or encourage you to grow, you will never improve. On the flip side, if you surround yourself with the right people, their attitudes and habits will be contagious and you will feel accountable to them.

Attend networking events and make it a point to talk to the most successful people in the room. Learn about their habits and the way they run their business. Find out their greatest challenges and how they worked to overcome them. Learn from them, and find ways to emulate their behavior in your own business.

The people you surround yourself with will have a profound impact on your work and life. They will either help you grow or tear you down. So choose wisely.


Embrace Positive Influence

You already know that becoming more visible and getting noticed is a major perk of networking. When you regularly attend business and social events, people will begin to notice you. Over time, more people will greet you and continue their last conversation with you from a prior event.

Even if you haven’t achieved the level of success you’re striving for (yet), you still have a lot to offer others. By sharing your experience and insights with others, people will see you as knowledgeable, reliable, and an invaluable resource. Others will begin to gain confidence in you and think of your pharmacy when they need something that you can offer, such as advice about which medicines to take when someone in their family is sick.

The benefits of networking for your pharmacy far outweigh that of a night spent curled up on the couch watching reruns or eating lunch at your desk. Following is a quick recap of the top six reasons you should be networking:


Increase Your Pharmacy’s Credibility and Visibility

TOP 6 REASONS YOU NEED TO BE NETWORKING

Schedule your on-call pharmacist for the night, hang up your lab coat, step out from behind the counter and get out there and help your pharmacy by:

1. Increasing Your Visibility Many independent pharmacies are located in small towns where nearly everyone knows each other. However, there are still opportunities to meet new faces and share information about the specialized services you offer. No matter how you slice it, networking helps increase your pharmacy’s reach and builds meaningful relationships.


2. Keeping Yourself in the LoopThings change fast. Very fast. Keep your pharmacy relevant to the times, the industry, and your community by keeping your ear to the ground. Through regular networking, you’ll know what’s happening, what’s next, and where you need to position your pharmacy.


3. Become a SocialButterflyEven if you identify as an introvert, you’re still a human. And human beings are social animals. If you are a bit shy, try to enjoy your networking opportunities and realize you have nothing to lose and endless opportunities to gain. Try to relax among others who understand the struggles and stresses you face in your business each day. When you attend professional events, it’s best to keep the drinking to a minimum and err on the side of caution to keep your reputation intact.


4. Getting Inspired By the Best Speakers

You can read Start With Why by Simon Sinek a hundred times, but watch him discuss it live, and you’ll feel like you are hearing it for the first time. Attending networking events gives you the opportunity to hear motivational, educational and entertaining speakers. Learn from the best.


5. Rubbing Elbows with the Elite

Every industry has their rockstars, and pharmacy is no different. You may not know them by name or face yet, but there are pharmacy owners who are absolutely knocking pharmacy ownership out of the park. These are the people that you want to know. These are the people that you want to talk to.


6. Building ProfitableRelationships It could be a new vendor, product, service, business partner, mentor or maybe even a spouse. You never know who you could meet while networking. Go out there, build relationships.


IDENTIFYING WAYS TO NETWORKBy now you’re probably thinking, “Okay, I know why I need to network, but who should I be connecting with?” There are three different networks that you should be building:


Professional:• Doctors• Midwives• Hospital administrators• Vendors, etc.

Patients:• Families• Older adults• Anyone who could become

a customer of your pharmacy

Industry:• Niche experts• Business coaches• Mentors• Peers• Industry leaders, etc.

Networking for Business ContactsMuch like other business models, as a pharmacist and/or owner you should make professional contacts with related businesses such as; local doctor’s offices, health systems, independent hospitals, and alternative health care providers such as midwives and chiropractors.

Remaining an active voice in the medical community helps you build and maintain awareness for your pharmacy. When a physician’s office is looking to recommend a pharmacy, give them a reason to distribute your referral card over one of the chains. If a hospital board is seeking to expand services to their patients to increase their ratings, develop a Bedside Delivery program and partner together to make it successful.

While not all health care providers can write prescriptions, they can all refer their patients to you for non-prescription related products. The vast majority of your professional connections will center around large areas of referrals, new program offerings, and new suppliers.

When approaching new professional contacts, follow the ten rules tip sheet found at the end of the eBook, and remember that contacts will be more interested in the details of your work than a customer might be. Be comfortable talking about your pharmacy’s capabilities, share that you offer special services such as custom compounding and immunizations, or that you’re willing to develop new programs to support your local health system.


The Best Places to Network for Professionals • Local health fair • Charitable events • Health related special events • Community events and ceremonies • Professional networking organizations

Networking for New PatientsThe secret to networking for new pharmacy patients is to realize that nearly everyone is a potential new patient and customer. When you’re running errands, picking your children up from school, hitting the gym, or going for a massage, remember that these are all opportunities to build relationships and to “network” with new customers. Even though you may not be in a conference room surrounded by professionals the ten rules from the tip sheet still apply.

Your customers care far less about how you do what you do and much more about how your service provides them value. Highlight the offerings of your pharmacy that matter most to the person you’re talking to. For example, mention your extensive breastfeeding supply area to a new mom you see nursing, share that you offer free diabetes consulting to someone who tells you they are diabetic, tell the world-traveler that you have her shots covered. Welcome them into your pharmacy, they’ll appreciate it.


The Best Places to Network for New Patients• Parenting fairs• Farmer’s markets• Online parent communities (be sure to join and participate)• Anywhere you are

Networking for Industry ConnectionsUnlike professional and patient networking, the benefit of networking with other pharmacy owners may not be as obvious. Your initial reaction may be to see them as competition and to be avoided, not trusted, and even as enemies. Much like the days of the apothecary, the independent pharmacy industry sometimes faces steep competition. From ever increasing regulations to corporate giants that hold more spending power than small countries–the independently-owned community pharmacy faces many oppositions. But, you as a pharmacy owner don’t have to face them alone.

Choosing to connect with other pharmacy owners, industry experts, and the elite of pharmacy brings you out of your city, your state, and maybe even your country. It positions you to watch and learn from the brightest minds in pharmacy. Understand the current state of your industry and help shape the future.

Networking is an investment. It requires your time, energy, focus, and maybe even some money. The true return you’ll

see from your networking investment isawareness. Your professional peers, thecommunity, and the leaders in independent pharmacy won’t just see you, they’ll know you.


The Best Places to Network for Industry Experts• Trade shows, PDSadvantage (free industry

message board used by owners, managers, and pharmacy leaders)

• The PDS Super-Conference

ABOUT PDSPharmacy Development Services (PDS) was founded by President and CEO, Dan Benamoz, R.Ph in 1998. It is the leading membership-based service provider of top-tier business education for independent pharmacy owners nationwide. Through personalized coaching, customized training, and easy-to-implementprogramming, PDS provides its members with innovative and effective business solutions to help them achieve growth, sustainability and profitability.

With access to experts in pharmacy finance, team building, compounding, Bedside Delivery, and Medication Synchronization our members don’t react to industry changes, they stir the movements that lead to industry evolution.

To learn more about PDS, our membership, or to check out our blog dedicated to independent pharmacy ownership visit: www.pharmacyowners.com.

networking 101 for pharmacy owners...networking 101 for pharmacy owners let’s be honest. very few...

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