The Business Success Triad
The Success Triad: The Formula for Growing a Successful Medical Aesthetics Practice
Millions of people talk and dream about one day owning their own business. Some have stepped out and made their dream reality. Many who have taken the leap have realized the great personal satisfaction, sense of accomplishment, and freedom that comes with building the business of their dreams. Unfortunately, not every wanna be entrepreneur realizes success. Some have lost everything along the way.
Be it a medical spa or boutique fitness, the formula for success is the same no matter the market or industry. You may disagree and believe that choosing the right industry or a strong market has the greatest influence on success. If this were the case every medical spa would be healthy and well. Unfortunately, they are not. Some present themselves well, much like those we all know to well putting forth an image on social media, but when you pull the curtain back the truth is revealed.
We agree that industry and market do factor at some level. However, there are many stories about driven individuals who entered an industry saturated with competition and beyond its peak years, only to rise to the top and succeed. All one must do is look to Southwest Airlines for a shining example.
Success in business requires good business sense, great work ethic, and a relentless pursuit of the dream. Having good business sense is not to say you need to be Jeff Bezos. Many of the most successful in business are of average intelligence. However, all of them were cut from a similar cloth. One that wove together the many threads that led to their success.
For the professional in the medical sector (MD, NP, PA...) with drive, work ethic, and grit that wants to start their own practice but thinks they do not have the business savvy it takes to succeed, the good news is, like IQ, you only need to be of average business intelligence to achieve. Much like a muscle, a good business mind can be developed. You can learn to master business financials, manage inventory, control labor, hire effectively, schedule efficiently, create an execution and client centric culture, and market successfully.
However, to be truly successful in business you must also master the business triad. Every good businessperson has a deep understanding of the triad that is people, product, and process. To see this in action, simply look around when you visit any business. The great ones employ exceptional people, sell products that are in demand, and have systems and processes that deliver consistent results.
The most successful businesses hire great people, develop them, and coach them to deliver the level of customer service and experience that those who frequent the business expect and demand. They hold their team accountable for delivering on the promise that was made to the client the first day they graced the threshold of the practice. The experience and results are never a one-time thing. They are an every time thing.
The products and services offered are not only of high quality but demanded. They meet a need as identified by the client. They solve their problems. Great businesses owners are not limited to what they “think” the clients want. They find out from their clients what they want, need, and demand and they deliver it to them. They solve their problem.
Great business owners also understand that it is their consistent application of strong processes that build the foundation for success. Everything from how the practice is marketed, to how the client is greeted, to how the client is onboarded, to how services are administered, and how the inventory is managed require clear processes. They also require consistency, which once again comes back to accountability. Accountability for execution on the processes as they were designed. Not a shell of the original design.
Business is not complicated but it is hard. However, complicated, and hard are two very different things. It is hard to hold people accountable. It is hard to be consistent. It is hard to be open minded and aware. It is hard to run the same process every time.
Fortunately, executing on well-designed core processes is not complicated. More than anything it is a decision. A decision to make the entrepreneurial dream reality. A decision to commit and do all it will take to succeed, which includes sacrificing short-term comfort for long-term gain. If you are willing to do all of this and more, the odds are in your favor.
💌 Are you ready to take on an investment partner to help you grow your medical aesthetics practice? If so, we are here to partner with you every step of the way. Fill out the contact form or send us an email at info@baraesthetics.com and we will schedule a call to discuss the possibilities.
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