Most people create a business plan when they first start their business. Eventually, this plan is often shoved into a drawer and forgotten about, never to be updated again. This is a huge mistake! It is absolutely essential to update your spa business plan annually. I want to give you Six Steps to Creating Your Business Plan to map out your success!
Here are some things to keep in mind when you recreate your plan:
First Step: Vision, Mission and Value
Whether you have been in business for years or you’re just getting started, it’s necessary to refine your vision, mission, and values. These three things are the foundation of your business. Without them, you don’t know where you are or how you’re going to get there. Make sure you take the time to clearly outline each of these things. The more clear you make it, the greater your chance of it becoming a reality. It helps to describe your vision in detail, writing it as if you have already achieved it. Then, plan on making it a reality.
Second Step: Financial Health
Develop your spa budget and establish monthly goals for all revenue streams and all departments within your organization. Calculate your operating expenses, your compensation/payroll forecast and your profit margin. Know your spa financial ratios to ensure healthy financial planning.
Third Step: Marketing Strategies
Without a spa marketing plan, you’re playing Russian roulette. You may succeed, or you might just kill your business. Know your current spa capacity and set capacity goals for the future. Part of your plan needs to include a lead-generation strategy. Also, determine your Volume Per Guest goal for both service and retail. Once your goals have been established, it’s time to develop your marketing strategies. Create a calendar to help drive traffic into your spa.
Fourth Step: Guest Experience
Outline the programs that your spa offers and which kind of guest experiences you want to offer. Give your menu a refreshing re-design; your spa menu is one of the most important marketing tools you can have! Offer some new treatments, include some new rituals, maybe even surprise your guests. If you haven’t launched your membership program yet, I don’t know what you’re waiting for! All this will help you increase retention rate, referrals and revenue.
Fifth Step: Your Team
Assess your team’s skills, and invest in business training. Determine which positions you need to fill, who you need to recruit. Outline your team’s performance improvements, decide how to evaluate your team, and determine how to reward their positive achievements.
Six Step: Your Spa Operation
Assess your current system, and make a plan on how to improve it. Come up with new systems and structure to help streamline your operation. Create or purchase the spa department manuals in order to run a smoother, more efficient operation.
Leave us a comment and we will be happy to help you with your business plan questions!
