Over the past few months one of the things we hear time and time again from our clients is that they just do not have enough free time. Being a community pharmacy owner is tough. The number of hats you have to wear is ridiculous. Besides being an expert in pharmacy, something that takes as […]
Over the past few months one of the things we hear time and time again from our clients is that they just do not have enough free time. Being a community pharmacy owner is tough. The number of hats you have to wear is ridiculous. Besides being an expert in pharmacy, something that takes as long as a doctor to learn how to do, you also have to be an expert in business. If you manage to somehow master both hats, you can’t leave your store without hiring someone who makes 4 to 10 times what your tech makes to watch it while your gone. Free time is a scarce resource for the community pharmacy owner.
The way to deal with this is outsourcing. What you have to do is figure out:
- What do I want to be spending my time doing
- What do I not want to be spending my time doing
- What is my time worth
- What should I outsource
The most important question to ask yourself is what do I really want to be doing. Is it working with and helping more patients? Is it growing the business so it runs itself and you are only in the office a few days a week? If you could map out your ideal week, how would it look? Think both personally and for the business. If you have a map or framework of what you are striving for, you can work backwards from that and figure out what the next steps are.
So, now that you know what you want to do with your time, what is it you don’t want to do with your time? Why don’t you paint your own home? It’s something you could do if you really wanted to. It’s not a super technical level skill, me and Jon, the CEO here, painted houses together in college with no professional back ground in painting. Yet somehow two of my best friends, two of the other people we painted with in college, have managed to grow an empire out of painting houses. The reason is because it is just not a good use of your time. While you can paint it yourself, it would take you 3 weeks to do something the a organized crew of professionals could do in 3 days. Also you would have to buy equipment you are not familiar with using, learn how to use it with out any experience in it. It’s make since to hire someone who is an expert on it even though you could do it yourself if you really wanted to.
Third you need to look at what your time is worth. As a pharmacist the value of your time is high, very high. People need you, and if you wanted to right now you could go, close your doors, and go work for someone else making six figures out of the gate. That is a rarity and a great skill to have. You earned it by the hard work you put in during your college years. Sometimes in the burden of running your own business you forget to look up and see that, and end up spinning your wheels focusing on things you could give to other people,
So the best way to get more time is to figure out what to outsource. Look at how your spending your time on a daily basis, really look at it. I think you will find there are some things you are doing that you could easily outsource to someone, paying them less than what you make an hour at the pharmacy, and things you could outsource, because it is not worth your time to become expert, and they can deliver superior results than you could, even though you could do it if you wanted to. Creating this list will help bring clarity as to what to focus on, and if you really go through it and look at how you spend your time I think you will find a lot of things you are doing right now could be given to other people to do for you, and free up at least 5 hours a week without loosing any income.
By focusing on what you do best, and make the most at, and outsourcing the rest to what others do best, and can help you the most at, you will find that you actually feel more in control of your store, and that growth naturally occurs.
For more reading check out our blog here on laying out your pharmacy space!