Community Pharmacy and KBIs
In your busy working day do you ever think about your Key Business Indicators (KBIs)? If not why not? Pharmacy consulting can help you determine these. You need to have a clear strategic plan which feeds into your business plan which then drills down into staff’s Key Performance Indicators (KPIs). All your objectives should follow the “KISS”, Keep It Simple Stupid, and “SMART”, Specific, Measurable, Achievable, Realistic and Timely principles.
Once all the KBIs and KPIs have been set then you need to be a good leader with clear vision to drive them, and optimise the outcomes. Pharmacy consulting can help you develop your leadership skills.
Many Pharmacy owners do focus on their financial business indicators such as
- Sales
- Expenses
- Profits
- Cash flow
- Capital expenditure
- Margins
But KBIs can be much more powerful and can show you where to focus your efforts to grow your business. If you have a new pharmacy you may need to focus on gaining new customers to obtain your practice allowance. An existing pharmacy may focus on retention and link selling, or they could be under threat from their nearest surgery moving further away . Internet pharmacies may be trying to minimise their delivery costs. All pharmacies will be trying to maximise the services they are trying to provide and all must keep their focus, customer centric and maximise their consent to service and nominations.
