The Outcome
“The pharmacy was making profit before we took over, but we have doubled the net profit in the last 3 years,” Ken says. “Turnover increased by 52% (from a large base), profit by 42% and average dollar sale from $30 to $46.

“And although there were not many targets in the early days, Health Information Pharmacy has now been vigorously setting them for the next 12-months. Ideally the target is domination in the marketplace. We have a strong financial position and a good aggressive group in terms of marketing and pharmaceutical care and how we position of ourselves in the market.

“However, not everything has been a smooth run. There have been several challenges, which include a car going through the front window of the store one week before accreditation and a landlord who tried to close down the store. Then there were some challenges with the Pharmacy Board regarding some of our marketing strategies.”

But the main challenge was discount pharmacies opening in the local area, and in some respects, this is what led Ken and Julia to choose the direction they did. Of course, like every other business, there were also staffing challenges that involved key team members leaving.

The positive here is that other team members stepped up and accepted the challenge.

The end result has been massive. There is now a fully systemized business with over 100 systems. A 6-volume manual has been created that covers all areas of the business from finance to HR, and from dispensing to management and ownership. This has become a turnkey business for many pharmacists. The owners no longer work in-store, but still know what is happening.

A successful business model based on marketing, merchandising and team incentives has been developed.

Health Information Pharmacy has shown that their systems and models can work in Castle Hill, and they are duplicating them throughout their franchise network.

Ken has taken an office in nearby Norwest Business Park, in Baulkham Hills, NSW and works purely on developing the franchise. However, he says this is just the beginning for Health Information Pharmacy, as they are now taking the business to the next level – from state to nationwide before going international.

Taking it to the next level is going to be traumatic, as Ken says he will be stepping out of his comfort zone of being a pharmacist once again to leading pharmacists, some of whom have a lot more experience in the industry than he does.

“But I am looking forward to the challenge of making a difference in multiple areas,” he says. “We will be sharing our values and beliefs throughout the pharmaceutical industry, and it’s going to help patients.”
And what of the future?

“It has been an exciting time with ActionCOACH. I’m looking forward to big things in the future. One thing we have insisted on is that as each franchisee comes on board, they get a Business Coach for at least 3-months to ensure their success. I would recommend this as a must for any franchise out there. Working with ActionCOACH been incredible for the business. Every business owner should take it up because it is an investment in his or her own knowledge and skill development.”