The InSPAration Management theme of the year is scaling-up! Now, is the time to develop your medical aesthetics success plan. Let’s start with defining Scaling-up. Scale-up is when your company is experiencing exponential growth and is super profitable. Scaling-up is when revenue increases without a substantial increase in resources.
Here are ten key business principles to scaling-up your medical spa.
1. The Big Picture
Clarify the desired outcome you want. Plan three years out. Break the years into quarters. Smaller sprinters are sweet spots. Make the picture as clear and straightforward as possible. Use a large calendar and plan each quarter. Get the team involved in the planning process, and you will have an easier time implementing.
2. Commit to Scaling-Up
It truly takes a commitment from everyone to scale up. Meet with the medical spa team to share your commitment, training investment, and objectives. Gain a commitment from the group and communicate the value each person will contribute to scaling up. Be honest, be present, be focused, and be humbled. Make a commitment statement and get everyone to buy into it and get ready to scale-up.
3. Your Successful Medical Spa Business Model
To scale up, you need a proven, effective medical aesthetics business model like the one we teach on Med Spa Biz University. It includes the 4 S’s – Systems, Structure, Strategies, & Solutions will lead to Success! When you have a proven, effective business model, scaling up will become effortless. You want success without more efforts.
If you attempt scaling up without the 4 S’s, you will take the long way home. Don’t waste time reinventing the wheel. Implement what works, and you will scale up much faster.
4. Revenue Generating Business Model
Your revenue model must include ways to generate new sales from new clients and recurring revenue from membership enrollment.
When you focus on both, your scaling-up efforts will be executed faster.
Many focus on new sales only, that will only help you grow so far. By having a recurring revenue model, you can increase lifetime client retention and reduce marketing costs. Not to mention your clients achieving better results.
5. Hire and Build a High-performing Team
Sometimes medical spa owners walk around with a fire distinguisher putting out fires and being reactive instead of proactive. Not a good plan.
It’s time to put away the fire distinguisher and empower your nurse injectors, estheticians, laser techs and other providers by offering business and clinical training to produce value for the clients and you. This is easily achieved when you focus on team training and coaching. When each team member has position clarity, ownership, accountability, and a scorecard, they will manage themselves instead of you micromanaging. This will help you scalp-up.
6. Marketing Innovation
Marketing and sales are part of the main reasons medical spas or businesses, in general, go out of business. Your marketing department is responsible for generating qualified leads. Your sales department must convert the leads into clients. Many spend thousands of dollars per month on marketing, but don’t have a system in place to convert leads into clients. To convert, you must have protocols and automation and sales funnels to turn a lead into a phone call and into a reservation. Check out a complimentary presentation I did for attracting the affluent to help generate qualified leads. Go to Free InSPArationManagement.com
7. Experience & Expertise
You can’t position your business for scaling up without perfecting your guest experience and team expertise. The business model is the foundation, but the guest experience and team expertise are the glue that keeps everything together. Make sure your experience delivers a five-star experience, and always invest in training to elevate the team’s expertise!
8. Score Card
If you don’t have a daily scorecard to measure performance, you won’t scale up and will barely make it. We always recommend posting the scorecard in the team lounge for everyone to see and monitor their performance. You need to identify excellent performance and best practices and let them monitor and improve. Give them access to Med Spa Biz University, so they can continue learning.
9. Reward and Recognize
Our industry has a big problem with injectors leaving, resigning from medical spas, and going out on their own. To overcome that challenge, medical spa owners must introduce benefits, rewards, and recognition programs to keep the team engaged. Host monthly rewards meetings to acknowledge top producers and recognize them.
A quick tip is when you hire someone, have them fill out a survey to tell you about them. Identifying things they like, such as their favorite restaurant, team, hair salon, parks, hotel, vacation destination, etc., will allow you to give them meaningful gifts and make the recognition more meaningful.
10. It Takes Business Guidance to Scale-Up
You know the phrase it’s lonely at the top. It is, but having a mentor, a business advisor, or a coach makes the scaling-up process much easier. That’s what we do best. Help people like you scale up. My company growth because I practice what we preach. I invest over $50K per year in my and my team’s education. It’s a very important business principle to practice if you are serious about scaling-up.
We invite you to be part of the MD Business Advisor and InSPAration Management community and let us help you Scale-up effectively and quickly.
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Until next time, stay inspired!