“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.
Ken was one of the first potential coaching clients that actually interviewed ActionCOACH! He had all these other business consultant and coaching company proposals laid out in front of him and he said, “Tell me why ActionCOACH is different.”
After owning the pharmacy for 2 years, Ken’s moment of truth arrived with the possible deregulation of the pharmaceutical industry and the introduction of discounting. It became apparent that discounting had to be done in volume for the business to survive. So he decided against discounting, opting instead for a policy of adding value. This meant he needed help.
Ken had just read Brad Sugars’ book Instant Cashflow and responded to an advertisement that ActionCOACH had placed in the local newspaper.
Health Information Pharmacy is a retail pharmacy located fight next door to a medical centre. It is situated away from a shopping centre, and it’s a stand-alone business with hardly any traffic flow. Many of its customers are middle to high-income earners, families, some baby boomers and the elderly.
When Ken first took over the pharmacy, it looked tired and was run as a traditional pharmacy - there was very little delegation and the Pharmacist did everything. The business needed a good injection of business skills.
It also needed merchandising to be introduced.
Will Davies compares the ActionCOACH franchise (which charges a flat rate) to other coaching programs that take a percentage of a client’s profits.
