Let us learn about your business and see how we can help.

 

Wellness Capital Management is pleased to offer an in-depth complimentary 30-minute Wellness Business Consultation.

 

Vision: Revision!

 

How's that business plan working? Are you on track operationally and financially? If you are, fantastic! If you aren't where you should be, one of two things occurred. Either you didn't follow the plan or you didn't have an exit strategy. Actually, something else could have happened. You could have followed your plan so stringently that you didn't allow yourself the ability to change your vision. The business you opened may not be the same business you are operating today. From time to time, business vision requires alteration but seldom requires a full scale makeover. Freshening and re-tooling? Yes. Drastic, to the bones re-dos? Probably not - unless you were so far off your initial concept that you didn't know your market. Business planning is an on-going process and does not stop. Regardless of how you got here, here you are. Now, what are you going to do?

Forces are occurring in today's industry that requires we rethink how we do things. Our industry is changing and if you are not moving towards prevention and wellness, you will find yourself chasing the pack.

Our guest is changing. Our clientele is aging and getting younger at the same time. These diametrically opposed groups have different needs that can be delivered on a common palate. Both have money, some from retirement savings and the other with disposable income from wages. Our older clientele is looking for services that help them age gracefully, pain free, and healthfully. Our younger clientele is looking for faster but relaxing and value conscious services. Are you providing a suite of services that is mutually exclusive or all-inclusive? All clientele are looking for results and value. Service prices are being driven down. Groupon and Massage Envy are affecting prices and showing what the mid-market is willing to pay.

Spa is changing. Medical Boards are confused. We have this fusion thing happening as we all try to find our place. Medicine is changing. The ability to operate a medical spa is going to be an extension of medical practices. Doctrepreneurs are seizing the opportunity. Preventive care and Complementary/Alternative Medicine is becoming more accepted and finding its way into spas and wellness facilities. Medi- spa services (injectables and lasers) are becoming more regulated and are moving more to Medi- spas which are in turn becoming extensions of medical practices. There is increasing contradiction in what state medical and nursing boards are saying in terms of what services can and can't be provided by nurses and non-medical estheticians. Couple this with the fact that many hospitals are adding integrative wellness centers and we have an industry that looks a bit like a tornado. In our search for affordable health care, we are learning the power of preventive care and how it can alleviate the onset of medical conditions such as heart disease, diabetes, stress, arthritis, and sleep disorders. Sounds to me like a collaborative effort between spa, primary care medicine, naturopaths, dermatologists and cosmetic surgeons could help everyone. Reach out and get creative.

Keep it fresh. The vibe of the facility often determines the comfort of the clientele. Are adjectives like classic or timeless appealing to your audience? Or, is an upbeat, contemporary, high energy facility more appropriate? Whereas we have created amazing environments for rest and relaxation, the opulent Taj Mahal environment works better in destination and resort spas. Although it would be nice to provide these fantastic environments in a day spa, square footage is expensive real estate. Providing non-revenue producing relaxation areas must be balanced with profitability in day spas and medical spas. Staying fresh and relevant is important and you have to budget for it. Growth isn't just about sales volume. Profitability can't be created by adding volume. Are your services profitable and do you have enough profit margin to cover your overhead expenses and debt? You can build your business if you are profitable and profitability includes paying yourself for the services you are providing. Growth can happen through collaboration with others. All healthcare and wellness practitioners are experiencing the same type of uncertainty that spa operators are experiencing. Don't be afraid to reach out and find some new friends to play in your sandbox. This could be one way of re-inventing yourself.

Don't stop taking some risks (little, calculated ones.) If you decide to change your vision, don't do it without a plan. Assess where you are. Acknowledge what you've accomplished, re-connect with your business plan and identify what you want to change. Now, connect the dots. Map it out financially. Your budget is your roadmap, but it is nothing more than numbers on a page unless you step back, read it and define your mission. If you get of course, allow yourself some flexibility to change and reinvent. Ready, set, go! The target may have moved, so adjust your aim.

I'm available if you want to talk about your revised vision or other business issues. You can call me or I'll be in Dallas speaking at the International Congress of Esthetics and Spa May 5th-7th, I'd be happy to meet with you there. As always, the first call is free.

 

Call 888.727.5489 or e-mail us atMonte@WellnessCapital.com 
or Skype: MonteWCM.