Business is a concept focusing on efforts that may lead to rewards, failure, or both.
It entails risks, hard work, planning, and collaborative efforts. Forgo one aspect of business and you may lose in the competitive market.
There are forecasts of growth in the following years for the medical aesthetic industry. This forecast introduces positive potential outcomes for your medical spa.
However, a growth forecast does not ensure growth for your business. As you may have known, a business is not only excelling in your services or understanding your products. It also entails business-related activities. These business functions may be beyond your expertise.
Some companies would succumb to the competition for mismanagement. Moreover, some businesses would surrender to competitors for ineffective marketing and sales efforts.
One of the factors contributing to these failures is stubbornness and turning a blind eye. Some business owners may already feel the need for help.
However, they are stubborn enough to relieve their struggles through additional staff or outsourcing.
There are other factors affecting business growth.
There are different lifecycle stages of businesses.
These stages include the introduction stage, growth stage, shake-out stage, maturity stage, and decline stage.
The introduction stage includes the period you started communicating your business to your target market.
In this stage, you witness low sales volume.
Slowly, it increases if the business performs well in the market.
Business losses are common during this business life cycle.
Do you feel like you need more information about market segmentation? It can be a sign that you may need the help of experts.
The next stage of the business lifecycle is growth. In this stage, your business experiences faster sales growth.
It is also the stage where your business experiences positive cash flows. It means you get more cash than you spend.
The following stage is the shake-out phase.
It is a phase where your business continuously reports positive cash flows. However, the pace of growth is slower than the growth stage. The slower increase in cash flows and sales may result from new entrants in the market.
Alternatively, your competitors may have upgraded or shifted to better marketing tactics. Also, your competitors may have new equipment offering faster and safer treatment to patients.
The maturity phase of the business life cycle includes slow-movement or stagnant cash flows. It also entails slowly decreasing sales.
At this phase, capital spending may be the reason for slow cash flow growth. Capital spending may include business expansion.
An example is the establishment of a new branch in a different city.
The maturity phase can be a wake-up call for changes within your company. It may include purchasing new equipment for your medical spa. Furthermore, it entails changing your organizational structure. You can do this by adding a new department or team.
Use your steady cash flows and industry knowledge to your advantage during this stage. Grab opportunities with your available resources. It is the position you planned for before your introduction to the medical aesthetics market.
If you fail to overcome your stagnant sales and cash flows, your business may reach the decline phase. The decline stage of the business lifecycle includes a drop in sales and cash flows. It is the stage where you lose a significant position in the competitive market. Possible causes for reaching this stage include failure to upgrade equipment.
Ineffective marketing efforts may contribute to the failure of your business.
Failure to resolve the continuous decreasing sales and cash flows leads to bankruptcy.
Here are some factors to take note of for continuous growth and preventing your business from reaching the decline stage:
Money is a sensitive topic.
However, it is essential for the survival of your medical spa business.
Not all businesses have the liberty of unlimited funds.
Many businesses turned to creditors, family members, or investors for funding.
It is okay to take a loan. However, taking a liability entails costs and risks. One of those costs of loaning money is interest expense.
In Accounting, the expense is a component of your financial statements deducted from your sales. It is a reduction in sales. It reduces the profits of your business.
For liabilities, you risk the credit rating for unpaid loans or late payments.
For your accounting function, ensure you get updated cash flow statements. It helps identify if you have extra cash to pay your debts.
On the other hand, investors also ask for something in return for their share in the business. These returns may take the form of dividends. There is no entitlement to common shares stockholders for scheduled and regular dividend payments.
However, non-declaration of dividends may mean poor business management. It may prevent your potential from getting funding for expansion when you reach maturity.
Business growth will always entail changes.
Change may come in establishing a new department in your business. Moreover, it may entail hiring new employees.
Change may also take the form of more funding-related decisions to maximize the maturity stage.
Moreover, building new networks can help with business growth.
Empowering your medical aesthetic team also includes training. Some schools allow network opportunities.
The Aesthetic Immersion offers an opportunity to network with its one-hour monthly question and answer activity.
Aside from learning from other practitioners, you can grab the opportunity to expand your network.
The opportunity may lead you to future investors, mentors, employees, and business partners.
Other businesses that cannot keep up with the needed changes get help from agencies.
For example, some companies may outsource their accounting function.
An advantage of outsourcing some of your administrative functions is cost savings. Moreover, it helps give you more time for other significant business activities.
For example, you will have more time to oversee the performance of your medical team.
Other companies outsource their human resource management, marketing, and project management functions.
One of the helpful qualities of excellent business leaders is their expertise in decision-making.
These leaders understand the significance of timely decision-making. Late decisions entail the potential for lost opportunities.
For example, take the standpoint of an opportunity to earn in the digital landscape.
The COVID-19 pandemic did not only introduce the weak points of the healthcare system of varying nations. It also introduced the opportunities provided by modern technology.
During the earlier parts of COVID-19, people relied on face masks, shields, PPES, and social distancing for protection. However, the alarming COVID-19 cases in the country led to many lockdown orders.
The lockdown orders resulted in lost jobs, postponed business operations, and closed entrepreneurial ventures.
Many businesses survived the challenges of the lockdown orders with the help of the internet and the digital landscape.
With more people doing work-from-home setups and citizens staying at home, they invested significant time in their digital devices.
These activity shifts resulted in significant growth of the online community.
Zoom and Google Meet are some of the digital communication platforms. Companies also used these applications for conferences.
This shift in communication methods is an opportunity.
With more people in the online environment, there is a fresh med spa market that may need your services.
Pursuing this opportunity as early as possible increases your chance of getting a significant share in the market.
One of the decisions to grab this opportunity is a change in marketing strategy.
You can shift the focus of your marketing efforts. For example, invest efforts in digital marketing instead of focusing only on giving brochures.
Marketing includes communication efforts inducing a target market to purchase products and services of a business.
Additionally, it entails efforts to gain long-term and in-depth loyalty among existing clients.
Moreover, it also helps you know your market.
You can also use pricing as a strategy. It can influence customer perception. For example, higher-priced products and services may induce a high-quality image in the competitive market.
Additionally, product and service introduction to clients and leads impacts sales outcomes. For example, better presentation of services on medical spa websites may induce leads to try the offer.
Another factor that may affect the success of your overall marketing efforts is your location. The place of business in the marketing mix is not only the physical store or location of your clinic. It may pertain to the platform to attain your service and additional information. For example, it is convenient that your patients can communicate with you through your website or social media.
Moreover, your limited resources limit your promotional efforts. There are many options to market your medical spa services. Do not overwhelm your team and yourself with doing everything.
Focus on a strategy ideal for the current situation of your market.
Do marketing correctly for positive outcomes.
However, incorrect marketing efforts result in wasted time, effort, and money.
It is one of the reasons many medical spas and other businesses outsource their digital marketing function.
Digital marketing can help your business reach a larger market.
The digital shifts induced by the COVID-19 pandemic allow an opportunity for businesses to reach a bigger market.
Additionally, digital marketing works as your automated sales agent.
Really Good Content helps medical spas and clinics attain many benefits through professional digital marketing efforts.
Moreover, Really Good Content helps clients use medspa content and med spa website design as a communication tool. This communication tool is as effective as sales lead generation specialists in converting patients.
Moreover, the Really Good Content team includes medspa content writing specialists, graphic artists, social media managers, and SEO experts. These experts create valuable content for various digital platforms.
Additionally, medspa content and medspa articles can help your social media or website visitors understand your business and services.
Another helpful service offered by Really Good Content you need for your medspa business is digital accessibility.
Accessible websites allow disabled audiences convenience in content access.
Really Good Content can help you attain more lead conversion opportunities with its digital accessibility service.
Digital accessibility allows your online audience with disabilities to get convenient access to your websites and other content.
Another benefit of digital accessibility is the chance to instill an image of focus on corporate social responsibility.
Corporate social responsibility encompasses entrepreneurial efforts benefiting a community or a group in society. For example, it can be donations to the homeless. Alternatively, it may include events supporting a charitable cause.
Digital accessibility serves as a strategy for instilling a corporate social responsibility image of efforts for the disabled.
Really Good Content is your partner overcoming business challenges.
Challenges occur for every business.
The best way to overcome it is to face it. Instead, review your current business strategies. It may need a few tweaks to meet the changing demands of your target market.
Really Good Content can support your digital marketing efforts to reach your target market.
Really Good Content has significant experience in the medical spa and healthcare industry.
These experiences help attain relevant and updated industry information.
This information helps your digital marketing efforts. It turns into an automated sales agent.
An automated sales agent in the form of digital marketing does not need commissions. Moreover, it will not go on strike for a salary hike.
Another benefit of partnering with Really Good Content is its digital accessibility service. It empowers your digital marketing efforts.
Also, it does it through expanding your market reach to the disabled.
Moreover, it allows easy access to digital content to your disabled audience or website visitors.
Many Really Good Content clients received positive outcomes for their digital marketing efforts. Their websites reached their target audience. Moreover, other clients attain a significant position on the first page of Google search with the help of Really Good Content SEO experts.
Transform your digital marketing efforts into an automated sales agent. Book an appointment now to get your free website audit and more!