5 Characteristics of a Good Business Partner
Posted on Aug 28, 2023
When you’re selecting pharmacy vendors, it’s important to evaluate both the product/service and the company itself. In fact, the way each company you partner with operates can affect the success of your store. Surprised? We’ll explain! Here are five characteristics of a good business partner – and the impact on your pharmacy.
Whenever you’re evaluating a new business partner, make sure they are:
This is a must for any vendor you work with. For example, if your wholesaler constantly experiences shipping delays, it will be difficult for you to maintain your inventory. Plus, your customers will become frustrated if their prescriptions or OTC items are frequently out of stock, whether it’s your “fault” or not.
Similarly, if your pharmacy software is prone to issues, it will negatively impact your workflow and productivity. Ultimately, selecting unreliable vendors can not only be frustrating for your staff, but it can cost you customers in the long run as well.
This is another big one. When a vendor is transparent, they will keep you informed of anything that may impact your store. This could be as simple as proactively communicating price changes or holiday closures to sharing their organizational goals. Transparency is important because having insight into what’s coming will enable you to make any operational adjustments that may be needed on your side.
Otherwise, you may end up with a partner whose priorities don’t align with yours – or a surprise on your billing statement.
Working with reputable partners is also critical. While it may be tempting to go with a newer or less expensive vendor, make sure you’ve thoroughly vetted the company. Be sure to spend some time researching all potential vendors before moving forward. Reading customer and employee reviews and evaluating how they’re regarded among their peers and in the industry are a great way to do this.
That way, you won’t risk being burned by an unknown, untested vendors, or collateral damage to your pharmacy’s reputation either.
Regardless of whether the product is amazing, what happens when an issue arises? Being able to quickly access support when you need it is vital. Otherwise, a company’s poor service can lead to operational disruptions at your pharmacy. You can gauge how accessible a company will be by evaluating:
- The number of ways you can access support (phone, email, chat, website, etc.).
- Where their support team is located (and if they utilize an overseas call center).
- Their average wait times and support hours.
When you have a line at your pharmacy counter, the last thing you need is to be placed on an extended hold or wait days for someone to respond to a help desk ticket.
Utilizing vendors with extensive experience means you’ll be able to leverage their industry knowledge. This is helpful whether you’re an established pharmacy or just getting started because they’ll be able to share best practices to help your pharmacy operate more efficiently and profitably.
Having knowledgeable partners by your side will make it easier to navigate existing market conditions and quickly adapt to challenges in the future as well.
As you can see, the way a company conducts itself is just as important (if not more so) than the product or service you’re purchasing. Selecting partners that possess these characteristics will ensure you’re aligning your pharmacy with vendors you can count on to help your business grow.
For nearly 40 years, BestRx has been committed to providing independent pharmacies like yours with the tools needed to succeed. Read what some of our happy customers have said about our award-winning, user-friendly software and our leading customer support team and request a demo today.