Consistency in Charting
We explore why consistent practices matte when it comes to patient charting and photography, how consistent practices can protect patients, the practice, and go a long way toward supporting operational effectiveness.
One Trick Pony
It is no secret that industry trends can drive business and lead to an increase in demand. However, just as trends can drive up demand and subsequently boost profitability, trends can also have a devastating impact on business. In emerging industries changing demand can lead to volatility, especially for those who are one trick ponies that put all their eggs in one basket. Medical aesthetics is one such industry.
Advertising Brand Names Can Be Bad for Business
Advertising a brand name can be good and bad. If people have a positive opinion about the brand, then you may see a positive response to your marketing efforts. However, the opposite is also true. Before you invest in high-cost technology, do your due diligence. Do not let a salesperson sell you. If it needs to be sold it likely can’t stand on its own merits.
It’s Time To Sweat The Small Stuff
Where our attention goes is where our energy flows. Where our energy flows is where we see true change. By directing our attention to specific areas, we ignite exponential growth. To sustain or enhance outcomes, we must concentrate our efforts. In both business and life, prioritizing what truly matters is essential. Embracing Pareto's Principle and emphasizing the critical 20% that yields 80% of the results can lead to transformative achievements. The key lies in recognizing and nurturing that crucial 20%.
Separation Season
Achieving great success in business is not easy, especially in medical aesthetics. Average and below is everywhere. However, it does not need to be that way. Attending to the little things in the off season can lead to reaping a fruitful harvest in the growth seasons!
Stay Compliant, Stay Confident!
Beyond patient safety, there are many reasons for a medical aesthetics practice to stay compliant. Unlike most things, recovering from regulatory compliance sanctions can be difficult. Worse than the potential fines, the reputational damage can be devastating to a practice. Here are some areas to reflect over as you assess the compliance of your practice.
5 Reasons Med Spas Struggle
Over the past twenty years medical aesthetics has risen in popularity among those who seek age defying and life extending solutions. As is the case in any emerging industry, growing popularity among the masses has brought with it growing competition and great interest from investors. The industry is amid an evolution. Loosely run and unsophisticated practices will have to change or find themselves faced with the unfortunate realization that comes with operating in a high demand industry. Here are 5 areas to focus on as you seek to grow your med spa in an ever evolving industry.
Key Considerations for Successful Med Spa Expansion
Deciding to expand and committing to multi-unit growth is one thing. Knowing when, where, and how to expand effectively is another. If it were easy, everyone would do it. If it were easy, so many that try wouldn’t fail as often as they do. So, how is it done successfully? Here are some thoughts to consider and suggestions for easing your way into it.
The Future of Medical Aesthetics
To stay relevant in an ever-changing industry like medical aesthetics, a practice owner must continue to offer effective and innovative service solutions to its clientele. In this “new” era where self-care and holistic well-being are taking center stage, it's crucial that medical aesthetics practice owners stay ahead of the curve by embracing emerging trends.
Virtual Consults...
Virtual consultations have become an invaluable tool for aesthetic practices looking to enhance patient care, convenience, and accessibility. A practice that offers virtual consultations for aesthetic treatments not only caters to the needs of tech-savvy clients (which are becoming the majority) but also opens a world of possibilities.
Why Med Spa Memberships Matter
Membership programs can be a strategic initiative designed to drive revenue during the good times, but also stabilize revenue during recessionary times. If your med spa doesn’t have one, you should strongly consider adding one. If you have one but are not realizing the benefits initially envisioned, then maybe it is time to revisit the structure and start reaping the benefits.
Key Considerations when Starting Your Own Med Spa
The medical aesthetics industry is booming and interest is at an all-time high from investors and entrepreneurs alike. Those looking to open a medical aesthetics practice should consider some key factors before diving into such a venture.
Back To Profitability
Medical aesthetics practices are businesses just like any other. Even though they provide a service that is clinical by nature, they are still a business. If you struggle with the idea that a medically based practice is a business, the odds are you are either not a practice owner or if you are, the chances are your practice is either struggling to stay afloat or stagnant.
Up your Upsell Game
One of the most expensive aspects of running a medical aesthetics practice is new client acquisition. It is also one aspect of the business that can feel out an owner’s control. It can also be difficult to pin down the actual return on the investment of time and money. However, there is hope. An easier way walks through your door every day.
Springtime Is Growth Time
Spring not only brings with it great opportunities help clients look and feel their best, but also a chance to boost business while fulfilling your client driven purpose. By helping clients prepare their skin and bodies for summer fun you can also help your practice grow by expanding service offerings to existing clients and acquiring new clients through focused springtime prep and summer ready marketing campaigns.
Downtime Growth Strategies
Whether you're an owner of a medical spa, an aesthetician, injector, or wellness provider, maximizing your time is essential for operating efficiently and effectively. Downtime between clients should be viewed as opportunities to elevate your practice and differentiate yourself in the highly competitive medial aesthetics industry.
The Founder’s Dilemma
The founder’s dilemma is this, when is the right time to take on a partner or exit completely, and who is the right partner to do either? Those unfamiliar with all it takes to build and grow a business may not understand the dilemma. However, such a decision is not that easy for a founder who has taken on great risk and poured their heart and soul into nurturing and growing a business that was at one time on outer edges of what now appears to be a no brainer industries.
The Culture Difference
Culture is probably the most influential factor when it comes to achieving high-performance. Most practice owners know this. However, many struggle to develop a high-performance culture for many reasons. Some simply do not have the time necessary to nurture a high-performance culture. For others, there may not be a strong appreciation for culture. Others may lack an understanding of what culture is, why it is important, how to develop and nurture it, and how it impacts results.
Smoothing Out The Effects of Overreacting to An Economic Downturn
Is the medical aesthetics industry impacted by recessionary forces? That’s a question that has been asked by many investors and want to be entrepreneurs who are looking to get into the sector. What we have learned recently is that the medical aesthetics industry does experience retraction during recessionary times.
Dissecting The Key Attributes of a Flourishing Medical Aesthetics Practice
A flourishing medical aesthetics practice requires much more than passion, a desire to do good, and the willingness to work hard. While all these traits are necessary and a characteristic of all great organizations, they are table stake attributes. Those that are required to enter the game. It is the next level attributes that separate the good from the great.