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In fewer than 10 years, the Pharmacy 4 Less discount chemist group has grown into a successful franchise across two states. Performing regular SWOT reviews is a part of its success, as the company’s managing director explains.
Prescription volume, physical size, location, franchised or independent – in fact, for any model or measure – knowing what your pharmacy stands for and what you are good at will provide a platform for the initiatives you could embrace and promote to your community. How is your pharmacy different and why should people see you for their healthcare needs?
Identifying the areas where you simply are never going to be the best, or areas where opportunity exists, are equally important, because it provides groundwork for improvement. Some improvement goals may be short term and others may be longer term.
SWOT for success
As a pharmacist and pharmacy owner, nothing is more powerful than the results of a well-constructed 'SWOT' analysis. Every single pharmacy will have different strengths, weaknesses, opportunities and threats. Documenting our SWOT has helped our Pharmacy 4 Less franchise plan and deliver more healthcare value to the communities we serve.
Owners and managers at Pharmacy 4 Less were asked to develop a SWOT analysis of their pharmacy and execute a plan for improvement. As part of the process, they were encouraged to reflect but also ask others – patients, pharma company representatives and pharmacy owners – what they thought were the key characteristics of the pharmacy. While some results were expected, it also garnered outside perspectives highlighting new strengths, weaknesses, opportunities and threats.
New opportunities in becoming a healthcare destination became clear, as did ways to improve our relevance to the communities we serve, and improve clinical and patient outcomes. The results also provided clarity on the things that often occupy valuable time and how we could refocus this energy on the productive strengths and opportunities.
Conducting a regular SWOT analysis and review, especially in times of constant change, are excellent practices that deliver results.
While some results were expected, it also garnered outside perspectives highlighting new strengths, weaknesses, opportunities and threats.
- Bespoke Health Services
- Setting Expectations
- Value-Added Health Services
- Holistic Health Awareness and Adherence
- Your Local Community Healthcare Needs
- Health Services and Value in Pharmacy
- Communicating With Your Customers
- Understanding Yourself and Your Customers
- Embedding Change
- Actioning Change
- Preparation for Change
- The Need To Change