Business planning for 2020: Top tips for success
Creating a yearly business plan can seem like a daunting prospect, but it is an essential step if you want to achieve your goals. Business plans need to cover a number of different areas, from financial to marketing. Every year it is worth thinking carefully about where you are now, where you want to be and how you are going to get there. The decisions you make now will significantly influence your chances of future success.
When it comes to the financial component of business planning, begin with defining what success means for your business – for example return on investment (ROI), increase in new patients, number of paying patients per month, average spend per patient and so on – whatever you consider most valuable. Next set up Key Performance Indicators (KPIs) relating to your success criteria and monitor them on a regular basis to ensure that you are on track. Working collaboratively is key to meeting KPIs, so share your financial goals with the wider team, making sure everyone knows what they need to do to achieve them. You should then record and reassess how you are progressing against these pre-determined targets – a financial monthly review is a good way to do this, so that you and your team can assess where you are up to, and the areas you need to improve on to reach your KPIs.
As an aesthetic practitioner, it is important to be aware of any new trends and treatments your patients may enquire about in the next year, while also adhering to the latest standards in the aesthetics industry. Continuously researching the industry and market environment will help ensure you are up to date with the latest trends and any issues that may affect your business. From legal and economic regulations to social and cultural developments, there are range of areas with which you need to stay updated. This should include familiarising yourself with the latest guidelines from the JCCP; understanding new regulations in the aesthetics industry; ensuring you are up to speed with guidelines on social media in aesthetics and being aware of any new campaigns that may impact your business, for example the government’s ‘Clued up on cosmetic procedures’ campaign. Looking out for new trends will allow you to identify gaps in the market and emerging opportunities for your company.
Marketing is an area many practitioners struggle with – you are, after all, a clinician, not a marketer. However, it is important to have a marketing strategy in place for the year ahead – and if it is something you do not feel comfortable planning and managing yourself, or you do not have an internal marketing team, you can employ a marketing consultant to take on this responsibility.
You should look to deploy a range of marketing tactics such as digital marketing, advertising, networking and awards, in your 2020 business plan. Our guide, Marketing for aesthetic practitioners, contains lots of useful information to help you develop your marketing strategy. It is also a good idea to diarise any significant days, months or seasonal events to base your marketing around. For example, you may wish to run a digital campaign around Valentine’s Day or perhaps create a series of advertisements leading up to a big event like the Aesthetics Conference and Exhibition (ACE) or the Clinical, Cosmetic and Regenerative (CCR) conference. With ever-evolving technology, it is also important that your website is fully optimised for desktop, mobile and tablet, to ensure your customers can source information and get in touch without any difficulty, providing a seamless customer journey.
When business planning for 2020, growth should be at the forefront of your mind. Whatever barometer of growth you choose – be it profit, new customers, units sold, data collected – the number needs to be getting bigger. And to do that teamwork, marketing and measurable outcomes are key to a successful year ahead.
Read our guide and watch our video for more detailed advice on Creating an aesthetics business plan. The Aesthetics Business Conference (ABC) is also a great place to find out more information on how to run a successful aesthetics business with key advice and top tips from leading industry experts. Find out more about how to take your business to the next level here.
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