What hat are you wearing today, and why?

When starting a pharmacy business, it can be quite overwhelming how many different roles the owner needs to play. Small business owners must wear multiple hats. Your hats may not fit well in the business if there are too many, and new business owners face challenges they don’t often see coming.

The Hats:

Owner
Manager
Pharmacy Technician
Pharmacist
Administrator
Patient Care
Book Keeper
Operations Manager
Marketing Consultant

These are a lot of hats and soon you will realize your losing control of the operations of the business and spending more time on areas that have less value in your business. This can lead to frustration and resentment for the business itself even though it’s something that was created. You will hear that ticking time bomb counting down in your head. Too many hats can do that to. So how do we combat this?

Don’t grow the business too big, too fast, as small businesses are often unprepared. Grow at a sensible pace with measured plans. Get the right advice and make the choice on how the business will grow. Don’t do too much when you are not ready to take on that extra responsibility. Learn to prioritize time and delegate some of the hats to others who have the expertise in those roles. I know I have the potential to grow our company to a large one but only at a comfortable pace. Just because you have a small business doesn’t mean it can’t be profitable and successful. Success is not growing a massive company with a huge profit margin. Success is an achievement of desired visions and planned goals.

Effective management, owners must learn to delegate effectively. Delegate roles to people that possess those skills. This can be hard when first starting out and knowing who is the right person and what you can afford. When choosing the right person, make sure they are capable in filling the role. Delegate the entire job. You need to give them 100% responsibility. Make sure they understand the task. This person is going to free you to work on higher valuable tasks within the business. To work on what you’re good at. Delegation will improve efficiency and development in your business.

Focus on your clients. Always remember, Patients put food on the table. The most important role is customer service. This hat must never be taken off in the pharmacy or in your private time. The business owner should never lose sight of client needs. Patient focused relationship strategy built on trust is what works. This is not easy to do. Building a trusting relationship starts with you, not the client. Someone in your business must wear the Director of Customer Experience hat. You only get one chance to make a first impression. The client will form a mental image of your business from the very first phone call. You don’t get a second chance.

Your brain needs down time. I cannot stress how important that time away from the business is just as important as working in it. Do not feel guilty when you need a break. Think of it as gaining new focus and motivation. To develop new ideas for the business you need to have a clear mind. Booking two whole days off is all you need to see things with a new set of eyes and envision a new plan. Spending time with your family means turning your mobile off during important moments. Learn to switch off. Down time gives you time to think.

Stress! Yes, we all get stressed at times and it can bring out the devil in you. Running a business can be hard to figure out and most of us don’t know how to deal with the stress that comes with it. Rethink your approach to stress. Most of us assume that when we get stressed it means we are not coping. Try and think of stress as your body and mind strengthening to meet the challenges ahead. Make stress a friend. Stress is not there to hurt you. For me, I find mentoring and helping friends and people within my community, especially those in business, a big stress reliever. It often puts my business and experiences in perspective. I quite often get requests for assistance for simple advice. I love uncovering people’s potential in business. Remember you don’t need to get rid of stress, simply learn to manage it better

We all know a business owner wears many hats. Know the responsibilities of each hat. Know how much time you need for each of them and schedule time for each of those roles. If you run out of time, you’re wearing too many hats and need to delegate. There are not enough hours in the day, so don’t waste time on tasks that hold you back. As your earnings increase, gradually outsource roles to people with specialist skill sets who can perform some of the tasks that don’t utilise your greatest strengths.

As a business owner, you will never know everything. Accept advice and help from our industry’s best. The more you learn, the stronger you will become. Let me help you wear the right hat.

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