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Pharmacies big and small struggle for profit

Jason Poquette Pharmaceutical

Accounting, legal services, dentists and physician offices are frequently listed as some of the most profitable U.S. businesses. Noticeably absent from any such list is pharmacy. But when it comes to specialty pharmacy, maybe they are the exception to the rule? It doesn’t appear so. Large revenues don’t compensate for incredibly thin margins, and therefore making a profit is challenging for them as well. I guess when it comes to making a profit in pharmacy, size really doesn’t matter at all.

Healthcare mergers, transactions down by volume, but still very active

Scott E. Rupp Healthcare Administration

Even if the stock market seems to be tipping into bear territory, healthcare investors may still be in the full gallop of a bull economy. According to new reporting by PwC, the third quarter of 2018 continued the streak of at least 200 deals each quarter since the end of 2015. Pleasantly, or surprisingly, there have been at least 250 quarterly deals since Q3 of 2017. Despite the glowing report, it’s not all roses in healthcare for investors. The quarter saw the fewest number of deals in a quarter since Q1 2017 and there were declines in value compared to both the previous year and quarter.

Do your employees even know your name?

Simma Lieberman Business Management, Services & Risk Management

Do your employees even know your name? Do they even know why your organization exists? If the answer to one or both of these questions is "no," you cannot possibly have an inclusive culture in your organization. And if that's the case, you’re not leveraging the skills, talents and experience of everyone in your workforce. Three revealing interactions with employees in the last month caused me to ask these questions.

Q&A: Employing workers in Canada

Catriona O'Kane and Inna Koldorf Business Management, Services & Risk Management

For growing businesses looking to expand, Canada presents some attractive prospects and plenty of potential opportunities. But while there are similarities in employment law between the U.S. and Canada, it’s important to be able to navigate the differences compliantly to avoid penalties. Precision Global Consulting's Catriona O'Kane asked leading employment lawyer Inna Koldorf, a partner at Canadian national law firm Miller Thomson, what her advice is on employing workers in Canada.

There’s a sales talent crisis — but it’s solvable

Terri Williams Business Management, Services & Risk Management

According to the 2018 Sales Talent Study, a new report by CSO Insights, only 16 percent of sales leaders think they have the talent they need to be successful in the future. However, the global survey of more than 320 sales organizations also reveals that only 22.6 percent of companies are making changes to hiring profiles. On average, it takes over a year to find and onboard a new salesperson to full productivity. According to the survey, it takes 3.7 months to find and hire someone, and an additional 9.2 months to train that person.

U.S. economy adds 250,000 jobs as unemployment remains at 3.7 percent

Seth Sandronsky Business Management, Services & Risk Management

Nonfarm payroll jobs rose 250,000 in October versus 134,000 in September while the rate of unemployment remained at 3.7 percent, a 49-year-low, the Bureau of Labor Statistics reported. In October, the number of jobless workers was 6.1 million compared with 6.0 million in September. October’s upbeat jobs report could bolster President Trump and the Republican Party in the Nov. 6 midterm elections. Apparently, the 3.7 percent unemployment rate is spurring a rise in workers’ hourly wage-income.

What encyclopedias, cellphones and the circus can teach us about business…

Steven L. Blue Business Management, Services & Risk Management

One of the important things I tell CEOs is to embrace, not deny, the impending change that is coming to their industry. Because if they don’t, their business is on a path to failure. When you think of important business lessons, I’m sure an encyclopedia, cellphone, and circus company wouldn’t be the first thing to come mind. But each of these examples showcase a company that has either succeeded or failed during a radical business transformation.

Strategies to help your team members become more proactive

Lisa Mulcahy Business Management, Services & Risk Management

It's a familiar scene: you explain the general outline of a project to your team — but no one takes the immediate initiative to contribute fresh ideas to the plan. If your employees routinely seem to hesitate when it comes to jumping into a new task, it's probably not a lack of motivation — it's most likely because they don't know how proactive you really want them to be. Yet you no doubt want your employees to bring you their A-game when it comes to giving each project their all from the start — so let them know it and help them do it!

Commonly confused words that can cost you credibility

Hank Boyer Business Management, Services & Risk Management

A homonym is a word that sounds roughly the same as another word but is very different in meaning. We’ve already covered the importance of using the spellcheck function when completing all job search documents, and the use of grammar, word choice, and slang applying to the written as well as the spoken word. Here are some commonly confused homonyms that sound the same but are often confused when writing.

Instill confidence in new board members

William D. Pawlucy and Robert C. Harris Association Management

"Welcome to the board, we’ll see you at the meeting next week!" These are scary words for a new director. Questions (or fears) quickly arise. "What is expected of me? Will I be prepared? Are there meeting protocols? Am I ready to vote on important issues?" It causes some directors to freeze. A common response of new directors is, "I won’t say anything during my first six months of meetings; I’ll just be an observer."

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