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Back to the Basics of Business

Author(s):  Waddill Russell A

Issue:  Sep/Oct 2005 - Pain Management
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Page(s):  380-381

Back to the Basics of Business Page 1
Back to the Basics of Business Page 2

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Abstract:  The majority of the issues and struggles that independent pharmacies face on a daily basis are not unlike those faced by any independent business each day across the US. Entrepreneurs and small business owners face competitors who are consolidating, an ever-changing regulatory environment, and a constant barrage of information, thanks in large part to the Internet and recent enormous leaps in wireless communication. With that in mind, it is valuable to revisit the fundamentals of what makes a business successful. The fact is that businesses, both start-ups and seasoned success stories, must have a very keen understanding of their business model, or how they make money. Many believe that this is a simple process of selling a product or service for more than what it costs to produce or deliver. While this is true, it is just the beginning. Running a successful business means combining a number of interrelated parts that all need to operate in a codependent, not independent, state. Business owners should define

Related Categories: BUSINESS

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