Pharmacy Testimonial – B Payne & Sons
Pharmacy Testimonial – Sales up by £108,000
Net profit increased by 53.5%
What the client had to say about working with a Business Coach…
Nick from ‘B Payne & Sons’ gives a Pharmacy Testimonial on his experiences working with a Business Coach…”My business dates back to the 1930s when my Grandfather, Benjamin Payne, purchased the pharmacy in Market Place Wirksworth. Interestingly the building, from which the business still operates today, is one of the oldest pharmacies in the UK – it was established in 1756!
Running a small chain of pharmacies in this day and age is very challenging. I have to compete with the larger chains and, of course, the supermarkets. I also have to balance two different types of business – retail sales and dispensing. The latter is wholly reliant upon NHS decisions regarding funding, cost of goods and margins.
The business had been stagnating for a while and I attributed that primarily to the economic climate and the difficulties of getting payment from the NHS – at any one time I can be owed as much as £300k which makes ensuring steady, healthy cashflow very difficult.. I knew I needed some help and so I turned to a Business Coach.
What my Business Coach made me realise very quickly was that most of the problems were actually down to a lack of systems and processes, particularly in respect of the financial side of the business. For example, I had no reliable or up-to-date information about current cashflow and no means of compiling cashflow projections or forecasts. And the few systems and processes that I had in place were not up to the demands of a 21st Century business.
My Business Coach has really put me through my paces in the time I’ve worked with him, but it’s been worth it. I’ve systemised almost all aspects of the business and brought it right up-to-date. I now have a ‘financial dashboard’ in place, which provides me with all the key performance indicators (KPIs) that drive my business. This ties in with the goals I have set for each branch and for the business as a whole. I’ve also invested in new technology and embraced e-Commerce, social media and new marketing techniques. All of these have made me very happy to supply a Pharmacy Testimonial.
The setting of goals and has had a major impact upon the business – and I am now confident to set ambitious targets. I want to create a successful business based on the values of a traditional pharmacy that I grew up with and incorporate new and innovative ways of growing the business.
Goal setting and better time management have also had a very positive impact on my personal life because I am no longer immersed “IN” the business.I am now focusing on developing my team who I trust and will be delegating day-to-day operations to, so I can now spend a lot more quality time with my family.
But, although I don’t allow it to run my life anymore, business is never too far from the front of my mind and my wife is now running a traditional sweet shop next to the Wirksworth Pharmacy. It’s going to be a great success”.
- Team is Aligned to Pharmacies Business Goals
- We conduct Business Quarterly Planning
- Better Working Week
- Increased Sales
- Professional Marketing now being conducted
- Loyalty Scheme in place with clients
- Excellent Stock Control
- Fantastic Customer Service
- Healthy Cashflow
What the Business Coach says about working with B Payne & Sons…
When I first met Nick, his well-established, 3rd generation pharmacy business was struggling. Traditional ways and values were at odds with the demands of the 21st Century business world, and a lack of systems and processes meant Nick had little control over finances and cashflow. The business was stagnating and Nick decided he needed help to turn things around.
The first step was to identify the challenges the business faced and work on strategies to address them. The main issue was the lack of financial systems and controls. Nick had no idea of what his current cashflow was and no projections or forecasting either. If he didn’t know his numbers, Nick had no prospect of successfully turning the fortunes of his business around.
We’ve taught Nick how to read and understand critical numbers in his business and introduced Key Performance Indicators (KPIs) to enable him set goals and track progress. With the help of an accountant, I’ve also shown him how to benchmark his business against other pharmacies. Nick and I have also worked on systemising many other areas of the business and introduced effective time management systems for him and his team.
Nick has a great appetite for learning new techniques for growing his business and has become extremely disciplined in the way he focuses his time and energy to ensure he chooses the right ones to apply. He has embraced new technologies, introduced innovative ways to market his business and now has a web and social media presence. It’s taken him outside of his comfort zone, but he now has a clear vision of where he wants to take his business.
It is very much to his credit that he has managed to combine traditional values with contemporary business methods and make such marked progress in doing so. I am very proud of him for what he has achieved.