Pharmacy: Financial Analysis, Team Development, Leadership, Marketing, and Motivation

This document discusses various topics related to pharmacy, including financial analysis, team development, leadership, marketing, and motivation. It provides insights into the importance of financial analysis in managing a pharmacy, strategies for developing a team environment, the role of servant leadership in pharmacy management, marketing strategies for attracting customers, and the job characteristic model for improving employee motivation.

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PHARMACY
by [NAME]
Course
Professor’s Name
Institution
Location of Institution
Date

Pharmacy 2
Pharmacist-in-Charge
Accounting/Finance
The success of a business depends on how well its finances are managed. It is important to make
good financial decisions in any business and this is made possible by understanding data
financial analysis. Financial analysis is used to examine historical financial data of a business or
company to get a clear picture of the current situation of the business and its future financial
health
(Williams and Dobelman, 2017, p. 110). As a new pharmacist-in-charge, I must continuously
analyze the performance of the pharmacy. I must additionally compare this performance with the
pharmacy’s historical figures handed over to me by the previous pharmacist-in-charge.
The previous pharmacist-in-charge alludes that the pharmacy is performing tremendously well
and that they realized a profit of $100,000 with assets worth $1.5 million. According to my
analysis of these figures, I believe that the pharmacy is doing well. This is confirmed by
calculating the return on assets which is defined as the ratio of profitability that shows the
amount of profit that a company generates from its assets. Therefore, it measures the efficiency
of the management of a company in generating income from the available assets on the balance
sheet. It is a ratio between the net profit and average total assets according to the balance sheet
(Khadafi et al., 2015). The higher the percentage of the return on assets the more efficient the
company is being managed. A return on assets of more than 5% is normally considered a good
value (Jewell and Mankin, 2011, p. 84). According to the values presented to me by the previous
pharmacist-in-charge, the return on assets is calculated as 6.6667%. This is a good value
implying that the previous pharmacist-in-charge was right that the pharmacy is doing well.

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However, other factors may be required to properly assess the efficiency of the pharmacy in
terms of the profits it makes. I would need the accountant to provide me with the cash flow
statements. A cash flow statement is a very important financial statement that must never be
ignored. This is because it reveals the inflows and outflows of cash in the pharmacy monthly
(King, 2019). Cash flow projection is very important if we intend to make the pharmacy grow to
greater heights. Being serious with the cash flow statements and projections can help in avoiding
shortages in cash flow (King, 2019). Additionally, I would require an income statement that
discloses a summary of the pharmacy’s revenues for the previous year after all the expenses were
catered for. This income statement reveals the total revenues, the operating income, gross profit,
income tax expenses, earnings before income, interest income, and the net income to the
pharmacy (Bragg, 2012). Furthermore, I would require the pharmacy’s accountant to provide me
with the entire balance sheet for proper scrutiny. The balance sheet reveals short-term
investments, total assets, accountable receivables, capital leases, and long-term debts among
other financial values. These records are important in properly assessing the success of the
company.
Teams
Any successful organization must have a great team behind it that ensures everything is done
appropriately. A team environment helps in encouraging teamwork at the pharmacy to improve
efficiency, enhance communication, distribute the workload, improve the culture of the
pharmacy, and improve productivity (Fapohunda, 2013, p. 3). As the new pharmacist-in-charge,
I must find ways of developing a team environment that can propel the pharmacy to greater
heights. Everyone in the pharmacy from the pharmacy’s accountant to the other two pharmacists

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must work together to ensure that the pharmacy moves in the right direction. There are several
ways of developing a team environment.
The first way of developing a team environment is by engaging in in-person dialogues that are
meaningful (Fapohunda, 2013, p. 5). As the pharmacist-in-charge, I must make efforts to interact
with the members of my team individually. This is fundamental in establishing a position of
caring to ensure that my team members are motivated to perform excellently. For example, I can
have a personal dialogue with the accountant and create an environment of trust and
understanding that can motivate him to appropriately record the financial statements and ensure
that the books are balancing. It is also important to as the team members about their goals and
career objectives because this makes them focus on a target that they must achieve
(LiquidPlanner, 2019). This kind of in-person communication gives the members of the team the
feeling that they matter.
As the new pharmacist-in-charge, it is important that I show appreciation when a member of my
team performs their duties as required or even when they exceed expectations. Most employees
normally complain that they do not feel appreciated at their places of work and this lowers their
morale (LiquidPlanner, 2019). However, the moment they are appreciated for a job well done
then they feel like they matter and that they are part of something important. It is however
important that the appreciation given is meaningful to make the team members understand what
they are doing well and what they can improve on. For example, when clients are impressed by
how the pharmacists are handling their prescriptions and clarity of their explanations, then it is
only right that I appreciate them so that they can keep up with the good work.
Another way of developing a team environment in the pharmacy is by listening to the ideas of
every member of the team. As a leader, it is important to believe in the ideas that the members of

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the team may have (Thomas, 2011, p. 648). For example, one of the two pharmacists may
propose the use of a digital drug dispenser to make it easier for clients to pick their medication.
Most of the time, one may want to stick with the protocol because they are fully aware of what
works; however, it is important to trust that this member of the team coming up with a proposal
knows how to implement it. Finally, trusting the members of a team also helps in developing a
team environment (Thomas, 2011, p. 649). For example, when one decides to delegate tasks,
then they must trust the team member to whom the task is delegated to appropriately accomplish
it.
Leadership
Servant leadership places the good of the team members ahead of the interests of the leader. This
kind of leadership discourages the glorification of the leader and encourages the development of
the leader (Van Dierendonck, 2011, p. 1228). As a servant leader, one must avoid seeing
themselves as the source of direction, wisdom, and knowledge. They, however, consider
themselves as a resource that is very important to the success of an organization. As a result of
this kind of leadership, the team members develop in their careers and improve the productivity
of the organization (Spears, 2010, p. 27). As the new pharmacist-in-charge at the pharmacy, I can
apply servant leadership to lead the staff that is comprised of two other pharmacists and five
assistants.
Valuing the other staff in the pharmacy is very crucial in the proper running of the pharmacy. It
is inappropriate to use the team members for the purposes of the leader (Boone and Makhani,
2012, p. 88). As a leader, I should value the other members of the staff and help them develop. It
is important to note that members of the staff have an instinctive ability to know when they are
trusted and valued. The other seven members of my team must feel that I value them; this is only

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possible if I focus on their needs and how these needs can be met. Another way of showing them
that I value them is by listening to them without being judgmental.
Additionally, a good servant leader believes that his/her team possesses both current and future
value. It is therefore important as a leader to nurture the other members of the team to ensure that
they can achieve their own potential (Ebener and O'Connell, 2010, p. 317). As the new
pharmacist-in-charge, I have to help the two other pharmacists and five assistants to develop
their skills and careers in a dynamic learning environment where we can use the mistakes of one
member of the team as a learning opportunity to prevent reoccurrence of the same. It is also
important that a servant leader joins in the learning instead of settling for the status quo. The
other members of the team develop in their career when the leader can model appropriate
behaviours (Ebener and O'Connell, 2010, p. 317). As a good leader, I must recognize the
accomplishments of my team members and celebrate creativity.
As the new pharmacist in charge, I must acknowledge the fact that the plans and the vision of the
pharmacy do not entirely belong to me. I must acknowledge the importance of sharing leadership
with my team members. The two pharmacists and five assistants must feel that they share the
responsibility of steering the pharmacy to success based on the vision. Sharing powers in the
pharmacy shows that resources can be appropriately allocated and important decisions can be
effectively made (Ebener and O'Connell, 2010, p. 322). The members of the team, therefore, feel
empowered to work towards the mission and vision of the pharmacy. A good servant leader
should be able to resist any special privileges. An effective servant leader promotes the
development of their team members and builds a community within the organization.
Marketing

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Customers in most cases understand their requirements but they may not seem to understand the
worth of fulfilling these requirements. As a business, it is important to identify this lack of
understanding and use it as an opportunity to persuasively demonstrate the value of the goods
and services offered thus helping the customers in making good purchase choices (Wilson,
2011). It is, therefore, important to identify what my customers’ need, why they need them, and
how they can get these need. It is important to carry out good customer research helps in
identifying the needs of customers and convincing them that they need your products and
services (Wilson, 2011). The first step in ensuring that my activities and services give
appropriate value to the customers is by identifying the customers. Market research helps in
understanding the potential of customers. Additionally, customer research helps in understanding
how to target the customers and highlight their key characteristics (Wilson, 2011). These
characteristics may include age, gender, occupation, disposable income, and residential location
among others. From the provided scenario, my customers are made up of single mothers,
unemployed individuals, drug addicts, and individuals with criminal backgrounds (Wilson,
2011). Performing a customer and market research to identify their potential and what they need
can help in identifying the activities and services that can give them appropriate value.
It is also important to consider the perspective of the customers by seeing the business in the
eyes of the customer (VerticalResponse Blog, 2019). As the new pharmacist-in-charge, I must
consider what is important to my potential customers and how my services and activities may be
beneficial to them. This is made possible by considering the problems these services will solve
and the obstacles that they will help the customers in overcoming (VerticalResponse Blog,
2019). For example, one group of my customers is made up of individuals with drug dependency
issue. It is, therefore, necessary to identify this problem and offer a service that can help them

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overcome this problem and give them appropriate value. For example; creating awareness about
overdependence on drugs and coming up with programs that can help in fighting this problem.
It is also important to evaluate customer satisfaction and know the areas to improve on. An
evaluation of customer satisfaction gives an organization a clear picture on the activities and
services it should offer or improve to give customers the appropriate value of their services (Flint
et al., 2011, p. 224). This can be done by soliciting honest feedback from the customers through
regular surveys. This ensures that the pharmacy to be aware of the needs of their customers and
monitoring the value of their brand in the market. For example, the single mothers may need help
in caring for their children but most of the time they do not have the resources to do so because
most of them are unemployed. Therefore, it may be important to centre your services and
activities on them to make them affordable and improve their satisfaction.
Motivation
The job characteristic model is a theory that argues that the motivation of an employee is based
on the job itself. This can further be described to mean that a boring job that is mostly
monotonous may negatively influence the motivation of an employee, whereas, a challenging
and versatile job can positively influence the motivation of the employee (Ali et al., 2014, p. 46).
From the presented scenario, it is clear that Matt has become demotivated at work and seems a
bit disinterested of late. JCM can be used to improve his motivation and ensure that he becomes
more productive once again. This model has five job characteristics that can be used to improve
an employee’s motivation.
The first job characteristic is skill variety which can be described as the degree at which a
particular job may require different activities to appropriately execute it. In this kind of job, the

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various talents and skills of the employee may be used to improve their productivity (Ali et al.,
2014, p. 48). It is important to note that an employee who performs different tasks are more
satisfied with the job than those who engage in monotonous tasks. A monotonous task like the
one Matt is doing does not allow the employee to develop a range of talents. Performing
different tasks comes with more independence and added responsibilities thus improving the
motivation of the employee (Ali et al., 2014, p. 48). Like in the case of Matt, he seems to have
become bored with the routine of dispensing drugs to clients. He, however, has an interest in
diets and exercising. As the new pharmacist-in-charge, I can try to give him a different task of
advising clients about diets and good exercise programs because this is something he enjoys. The
result may be an improvement in his motivation.
Another job characteristic model to help in improving motivation is task significance which can
be described as the degree of the impact a job has on the members of the pharmacy and the
society at large. Employees become more motivated at work if they can feel the meaningfulness
of their job (Ali et al., 2014, p. 49). For example, because Matt enjoys dieting and exercising; if
he can be given the responsibility of training the customers and advising them regarding healthy
eating habits then he can once again enjoy his job. He, therefore, feels more motivated and
encouraged when he helps the customers in improving their physical and psychological health.
Giving employees some feedback regarding their recent performances is another way of
improving their motivation. An employee must know about the effectiveness of the job they are
doing. According to studies, feedback is believed to have a positive effect on motivation most of
the time. It is further reported that when a manager tells their employees that their job is good
they feel motivated to keep up with the good work (Ali et al., 2014, p. 51). Additionally, if the
employees are told that their actions did not meet the standard requirements they respond by

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improving their performance. From the case provided, it may be important to tell Matt that most
customers are not satisfied with his performance. This may push him to perform better at work.
Trust
A good leader is one who commands trust from the members of his team. Trust, however, does
not simply come with the title one hold in the organization; it must be earned. It is important to
note that trust is the root of all the good relationships in an organization including the
relationship between a manager and his employees (Officevibe, 2019). As a pharmacist-in-
charge, I must build a high level of trust with my team that is made up of two other pharmacists
and five assistants. When this group of people understand that they can trust me and all my
actions are in their best interest then I can build an engaged team. According to studies, trust
affects the impact of the leader in an organization (Officevibe, 2019). There are several ways of
building trust in a company to influence the perception of people towards their leader.
One of the ways is by demonstrating a passion to make the other members of the pharmacy to
also demonstrate passion in what they do to enhance their performance (Officevibe, 2019). As a
pharmacist-in-charge, I believe that by demonstrating passion, the other team members can trust
that I joined the pharmacy for the right reasons and that I care about the pharmacy. Additionally,
through passion demonstration, I can align myself with the mission and values of the pharmacy
and this alignment is a truthful expression of my intentions within the pharmacy.
Another way of building trust is by sharing knowledge. Reports reveal that having adequate
knowledge about one’s organization instils a high level of trust among the team members
because it is an expression that one is aware of what they are doing or talking about (Serrat,
2017, p. 628). Additionally, the other members of the staff improve their trust when they feel that

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their bosses are good at their work and that they have high levels of technical competencies. As a
pharmacist-in-charge, I must prove to the other member of the pharmacy that I am good at my
work and that I understand and know what I am doing or talking about. Once I can make them
know this they can become more comfortable in approaching me for questions and even more
welcoming of constructive criticism.
Another way of building trust is by keeping promises in the organization. A good leader must
never make promises that they cannot keep as this gives out a poor indication of an individual’s
leadership qualities (Serrat, 2017, p. 630). Most leaders always want to gain the admiration of
their team members. It is, however, important to note that as tempting as it may seem, admiration
cannot be achieved through unfulfilled promises. Admiration is gained from respect and trust
(Officevibe, 2019). As a pharmacist-in-charge, I must be careful with my words and
acknowledge the fact that my words resonate with my team members. It is thus important that I
make promises I can keep to ensure that I build trust with the other members of the staff.
Part B
From the six topics, the most important one for a pharmacist is the knowledge about finances and
financial records of the pharmacy. The success of any company depends on finances and being
knowledgeable about the finances of the company enables one to evaluate the financial health of
an organization. The second one is leadership. This is because possessing the right leadership
skills ensures that the pharmacy moves in the appropriate direction. It also ensures that one can
influence his team members to improve performance. The third most important thing is the
ability to build a team. Building a competent team needs good leadership skills. A good team
propels an organization to achieve great things. Number four on rankings is the ability to build
trust with the other members of the team. As mentioned earlier, trust ensures that the other staff

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feels comfortable approaching the leader for questions or advice. The fifth is motivation. A good
pharmacist-in-charge must be able to motivate their team to ensure that they are effective and
that they can perform at the highest level. With motivation, the team can feel more responsible in
carrying out their responsibilities and this may act as a marketing strategy and that is why
marketing is the sixth one.
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