Drugstore Business Tips

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Drugstore Business Tips

Postby deluxeds on Sun Sep 06, 2009 12:20 pm

Raise or Cut Prices?

Use this formula to learn whether your price change will help your gross profits or hurt them. It will help you to brainstorm your pricing strategy more easily.

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Here, GP% is your initial gross profit margin as a percentage, and the Greek letter delta means change.

Please click the link to learn more. http://www.exceluser.com/solutions/prices.htm
deluxeds
 
Posts: 261
Joined: Sat Mar 22, 2008 9:08 am

Re: Drugstore Business Tips

Postby deluxeds on Mon Mar 08, 2010 10:07 am

Brilliant but unemployed
CTALK By Cito Beltran (The Philippine Star), March 08, 2010
http://www.philstar.com/Article.aspx?ar ... egoryId=64

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As a “Motivational speaker” and “Seminar trainer”, I often find people who have a hard time switching mind set from “employee” to entrepreneur. For some it’s just hard to imagine why they should consider giving up the security of a regular paycheck or a job.

Last week, while speaking on the topic of “changing mind-set” I found the perfect reason for people to start considering being their own boss with their own business. It’s called “force of circumstance”.

Based on actual studies, a majority of entrepreneurs or “tinderos and tinderas” in the Philippines are such, by force of circumstance. They have very little education and are therefore unemployable. They do all the work and run their business by themselves. They do not generate employment for others nor do they generate substantial income or profit to finance growth or expansion. Even as entrepreneurs, they are at a “hand to mouth” level.

In short, they had no choice, no know-how, and very little capital. They are generally the Filipinos living below the poverty line. In certain ways, they are the millions of Filipinos who rotate goods or services that ultimately keep everybody alive as long as the chain and the system remains constant or normal.

In the ideal setting, they should be the “employees” who mind the store or run the business because they can be trained to do well and to perform a specific set of responsibilities without the extraordinary burden of following business plans and financial management, which they know nothing about anyway.

In contrast, we have a different set of people who are also in the reverse order of things. Studies now show that, the people with the best training, skill-set and finances are the last and the least to go into business or become entrepreneurs.

They are the ones with the training and the ability to promote and expand from “Mom and Pop” stores to medium size establishments. Most important of all, they are the ones who are well able to create multiple employment opportunities. Obviously they also have better access and choices where to get business capital.

These perfect candidates for entrepreneurship are none other than our children.

Imagine the millions of pesos we invest in their education as well as all our prayers that they will one day become great leaders and visionaries, only to pursue a lifelong career of being “employed”.

I’m not knocking being an employee, but I am challenging the logic behind a major financial investment to send kids to private schools and universities only to settle for “salaries” that is only equivalent to the interest payments for the entire educational cost of that person.

In short, our best assets at creating jobs are tied down to jobs!

But what happens when things get disrupted. What happens when world economic conditions disrupt the supply of OFW padala or fund transfers? What happens when there are no jobs because foreign investors pulled out due to economic, political or environmental instability?

In other words what happens when the jobs disappear?

When Martial Law was declared in 1972, the first casualties of unemployment were Journalists. Not only were you out of a job, some people of evil went out of their way to make sure you stayed unemployed by harassing would-be employers not to give Journalists any job even if it did not involve media.

My Dad Louie Beltran soon realized that just like the Philippine government, you eventually run out of assets to sell. We were now by “force of circumstance”, forced to find another way to earn a living.

We soon fell back on our “pets” and hobbies to carry us through. For many years Cockfighting was my Dad’s favorite hobby and pastime. He was never much of a “betting man” but more of a breeder. But like most hobbyists, you tend to just breed more, feed more and collect more.

Alongside our “Gamecocks” we also had a collection of Dobermans, Boxers, Pugs etc. For the longest time they were guard dogs and house pets. But when Martial Law came, they all became an important part of a chain for our survival.

It did not take long for us to realize how you can easily shift a hobby into a “temporary” or even long-term livelihood. Instead of aimlessly caring for pets, we purposely cared, fed, bred and sold the chickens and the dogs. As a consequence my brothers and I learned about improving the stock, maintaining facilities and the nuances of networking, sales and marketing.

We did not make bundles of cash but it certainly kept my parents from giving up hope. That “force of circumstance” eventually led us from circumstance to opportunities. It took us from little businesses to learning opportunities, from survival to mind set.

While speaking in Tuguegarao City, I had the opportunity to say something that people can or will rarely ever say. I told the crowd: “I have been unemployed for a very long time”. I don’t have an office. I don’t have job security.

I am a “product”. I am the “goods and services”. I am the enterprise. I am an entrepreneur.

By God’s grace this life style allows me to make: God first, family second and life third. It is no longer about wealth creation but the quality of my life and others.

Being an entrepreneur challenges me to apply what I have learned from the sacrifice and investments of my parents and mentors. Being an entrepreneur allows me to create jobs and invest in others. That is where the true profit of the true entrepreneur is found. Not in pesos and centavos, but in discovering our collective wealth and increasing it for all.
deluxeds
 
Posts: 261
Joined: Sat Mar 22, 2008 9:08 am

Re: Drugstore Business Tips

Postby deluxeds on Tue Mar 16, 2010 3:23 pm

Excerpt from The Mindanao Daily Mirror, March 16, 2010
SO IT SEEMS - "A restaurant’s mockery of the Senior Citizens Law"
By FLORENCIO A. RANIDO
http://www.dailymirror.ph/Mar-2010/Mar1 ... nion5.html

"Sad to say, some business establishments, including a number of drugstores and restaurants right here in Durianburg, evade giving of the 20-percent discount to the elderly by employing a number of questionable practices. Some drugstores keep two sets of prices, one for senior citizens and another for non-seniors . Prices for the elderly are higher to make up for the mandatory 20-percent discount."
deluxeds
 
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Joined: Sat Mar 22, 2008 9:08 am

Re: Drugstore Business Tips

Postby deluxeds on Sat Mar 27, 2010 3:27 pm

Using the Senior Citizens Law as a Discount/Loyalty Program

Discount Programs

Discount programs may provide useful competitive leverage for targeting price sensitive sector like senior citizens and families. When applied selectively, discounts can provide an effective lever to boost traffic during slow times. However, discounts may pinch financial returns when applied broadly without regard for overall purchase or the margin of the items purchased

Earn a Financial Return

Profitability remains the ultimate goal, so ensure your evaluation includes an assessment of the potential financial impacts. Successful loyalty programs cultivate spending behaviors that more than compensate for the cost of rewards. Compare the potential revenue opportunities and costs of the loyalty program. Consider how the promotion-led incremental sales gains and companion purchases will balance the anticipated costs of discounts, fulfillment, and incremental labor.

Read more: http://www.paytronix.com/LIS_Articles/ART_Choosing.pdf
deluxeds
 
Posts: 261
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Re: Drugstore Business Tips

Postby deluxeds on Mon Mar 29, 2010 1:20 pm

The History of Rochester Drug Cooperative, New York City

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At RDC we are quite proud of our company's history. Just as many older pharmacies display invaluable keepsakes and memorabilia we have a number of nostalgic photos and records carefully preserved throughout the years.

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RDC'S First Location 1905-1922

Humble Beginnings - 1905
Almost 100 years ago, on February 6, 1905, ten independent pharmacists met at the pharmacy of Bert O. Heath, located at 193 Central Avenue, Rochester, New York. It seems amazing but at that time market conditions for pharmacies were similar to today. According to one of our historical records, "Because of extreme cut-price conditions that prevailed in the drug business in the early 1900's, small, independent drug retailers were threatened with extinction due to their inability to compete with the large, downtown stores who were able to buy directly from manufacturers at wholesaler cost prices."

Thus, our "founding fathers" came together to start a buying group. They formed an organization entitled, "Rochester Drug Exchange" and adopted by-laws, stating that the object of the organization was the cooperative purchase of merchandise for the mutual benefit of the members. Heath, whose store was selected to house the initial inventory, was elected Secretary and Treasurer, and Manager.

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RDC's state-of-the-art facility in Chili, NY.

Read more: http://www.rdcdrug.com/aboutus.asp?iNav=3&sec=3

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