“How much should I expect to increase my business on an annual basis?”
First, I have to clarify some things. It’s very easy to increase your business exponentially, if you’re a brand-new business. Picture an airplane taking off, you’re gaining momentum and you start going up very quickly, until you get up to 30K or a certain level of cruising. Now, in that type of business, if you have a brand-new business, it’s easy to increase your business by a lot. You need to be doubling and tripling and quadrupling…
Now, if you have an existing business that’s been open for a while, then it might be a little bit more difficult but doable to increase your business exponentially. So, it really depends. But either way, we definitely need growth.
The other thing you need to take into consideration is the capacity of your space. How many rooms do you have? What is the growth potential for your medical spa, or anti-aging clinic, or wellness center? So, if you have rooms sitting empty, you have a lot of potential to increase your capacity to 80% or 90%. Then you should do everything you can to increase your business exponentially.
But if you don’t have that ability, if your place is already at capacity, then to increase the business is definitely something that you should still focus on. But it would be by opening another location, or expanding so you can continue to grow.
Alright. So, having said all that … Taking those things into consideration you still need to grow your business. I think in any kind of business you need to grow about 25% — 20% at least year over year.
Last week I was speaking at a conference in Las Vegas, and in early January I was doing on-location business training with Dr. Leeman in Texas. He is an ear, nose and throat doctor, and he also has a Medi spa component to his business.
So, I went to do a Fresh Start. He is also a CoachMe Platinum member. Him and his management team came to the Leap Ahead seminar, and there he invited me to come on location. I was there on the 8th and 9th of January. So, we did the training — armed everybody with the business tools they need to grow the business and improve the guest experience. We set a goal for them to increase the business by 25% over last January. So, while at the conference, I ran into them. And he came up to me with Becca his practice manager and a couple of other team members and they were so happy to tell me they reached their goal. Not only did they reach the goal, but they exceeded it also by $15,000! So, they did 25% and $15,000 on top of it. So needless to say, they were very excited about that.
It’s easy actually to increase 25% if you implement a proven-effective business model and certain strategies to really help your team achieve them. And one of the strategies that we implemented here is called the Daily Success Planning. That’s where every day you should meet with the medi spa team, discover your opportunities for success and be able to implement it for that day. This is something that we teach during the Leap Ahead seminar. It’s one of the strategies that we teach.
If your team buys-in on the change, buys-in on the actual increase, and then you implement strategies to show them how to achieve that increase, and then you set up bonuses based on that increase, now everyone will be working toward that same target and achieving the goals.
So, I would encourage you to do at least 20% or 25% and more. We have clients last year that increased by 50%, 55%, 60%, 70%. So, anything is possible! You just have to do the work and implement strategies to help you achieve it. So, I would like you to think big. I want you to think big!
See what your capacity is right now and try to make goals that are within those capacity capabilities. It doesn’t do you any good to set goals if you’re already at a certain capacity level and you can’t grow. Then it’s time to expand to a new location if that’s the case.
Alright, so hopefully that answered your question. If you need more help, you can always reach out to us. If you have a question, you can always email it to Dori@InSPArationManagement.com.and we will answer the question for you.
These questions can be viewed on YouTube or on InSPArationManagement.com . Keep them coming, so I can keep helping you. Until next time, stay inspired.
Learn more at https://www.insparationmanagement.com or call 386-226-2550.