Seven Steps to Refresh Your Business Plan
In many cases, entrepreneurs usually create a business plan when they first decide to start a business and/or when they are applying for a loan. Once they achieve that goal and open their business, the business plan usually gets filed somewhere and rarely comes out for an update.
What about you? When was the last time you updated your business plan?
Do you have the same vision and strategic plan you had when you first opened your business or has your business evolved, but not your business plan?
Time for a business plan check-up! Pull out your business plan and update the following 7 Strategies to Ensure Success for the second half of 2013!
1. Your Vision
All businesses are continually evolving and so should your Vision. You may start with one vision, but, after a few years, your business probably has changed. What is your Vision for your business now? How clear is it? One of the most important parts of being a leader is to have a very clear Vision and to share the Vision with your team! When the Vision is shared and understood, the team will help make your Vision a reality.
2. Market Analysis
A business plan should always include a market analysis. Have you visited the census.gov website lately? You can gain all sorts of information regarding demographics and other statistics. Also, you may want to consider a focus group to gain knowledge about your target market or learn about their likes and dislikes, needs and more.
3. Your Guest Experience and Spa Menu
For years the spa industry focused on pampering and indulging, but now the focus should be on wellness and healthy aging. When was the last time you assessed and made necessary changes to your guest menu and the experience? There are many wellness options you can participate in to help you tap into new revenue streams.
4. Marketing and Sales
I know people usually say Sales and Marketing. The more accurate order is Marketing and Sales. You have to do Marketing to gain Sales. How effective are your Marketing Strategies? Have you looked into your Space Capacity Rate? If not, now is the time to plan for effective spa marketing to drive traffic into your spa. Then, make sure your team is ready to generate sales and increase revenue.
5. Financial Planning
It is vital to have a healthy, financially sound business. To do that, you need a Spa Budget. If you have one, great, but if you don’t, you must.
6. Spa and Salon Operations
Operations can be easily managed if you have systems, structure, and a plan. Every department should have its own manual to provide the team operating guidelines to deliver a great spa experience and do it profitably for them and for the business.
7. Team Building
Success cannot be achieved alone. Your plan should include a DREAM TEAM. How effective is your team? Maybe it’s time for a Fresh Start or to recruit some new team members.