Running a pharmacy without a strategy is like navigating a stormy sea without a compass. As a pharmacy owner, you're often caught up in daily operations, reacting to the chaos of the days, weeks and months. Before you know it, the year has flown by and you're simply celebrating survival. This article explains how strategic planning benefits your practice, including tips to get started. I remember this feeling from my years as an owner. At the end of each year, I had grand plans for the year ahead with big goals in mind. Somehow, even without focused strategic planning, my pharmacy would achieve many of those goals. However, it wasn't until I truly understood the importance of strategic planning that I felt in control and found it easier to achieve and even surpass my goals.

Strategic Planning: The Key to Growth

The relentless pace of pharmacy operations may make you feel there is no time for strategic planning. However, operating without a clear plan leads to missed opportunities, lack of growth and burnout for everyone on the team.

Imagine having clear goals and improved team accountability. Picture your business achieving the big-picture goals you've been meaning to tackle for years, all within the next 1-2 years. What impact would that have on you and your team?

Planning may feel overwhelming, especially in an industry where so much changes quickly. You might wonder, "What's the point of planning when the plan is likely to change?" Planning aligns your goals with action steps and accountability check-ins to ensure you reach your goals. It's okay if some goals change along the way. A strategic plan guides decisions and prioritizes efforts. A team accustomed to working from a detailed plan will be better prepared to pivot if needed.

Tips for Getting Started

1. Start with the End in Mind: What do you want your business to look like in 5 years, 3 years, 1 year? What do you want your personal life to look like in those timeframes?
2. Define Your Goals: Clearly outline what you aim to achieve.
3. Plan Your Path: What needs to be done in order to get there?
4. Identify Key Team Members: Recognize who will help you get there.
5. Outline Action Steps: Break down the goals into actionable quarterly (90-day) increments.

Even in a chaotic environment, it's possible to carve out time for planning. Block off a half-day each quarter for strategic planning. Can you find 3-4 hours per quarter to sit down and create a simple plan? It doesn't have to be elaborate. Start by writing down your top 3 goals for the next quarter and identify a few action steps for each goal.

The easiest part of strategic planning is making the plan. Plans tend to fail if there's no follow-through. You and your team must be held accountable. Regular team meetings to check progress and make necessary adjustments are crucial. Utilizing a strategy worksheet, accountability software or an accountability coach can also be helpful.

Small, consistent efforts can lead to significant results. Like anything, practice makes perfect, so stick with it! If you feel like the captain of a boat in a stormy sea, simply hoping to navigate safely, take the time to work on a plan and take back control of your destiny. The peace of mind a well-prepared and well-executed plan provides is profound. When you look back on your year and see what you've accomplished compared to years without a plan, you'll undoubtedly prioritize strategic planning moving forward.

A successful compounding pharmacy owner for more than 20 years, Laura offers guidance to create strategic plans that take your practice to the next level. See how Business Accelerator can assist you strategically plan for success, engage and empower your staff, improve operations and attain growth.

Listen to Laura as she shares very personal experiences as a compounding pharmacist and pharmacy owner, as well as how investments in the right support system provided a fast-track to success, in this episode of the Mortar & Pestle podcast.