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Evaluating the Med Spa Opportunity: First Steps Presented by Peggy Wynne Borgman President, Preston...

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Evaluating the Med Spa Opportunity: First Steps Presented by Peggy Wynne Borgman President, Preston Wynne, Inc. This presentation posted at www.prestonwynne.com
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Page 1: Evaluating the Med Spa Opportunity: First Steps Presented by Peggy Wynne Borgman President, Preston Wynne, Inc. Presented by Peggy Wynne Borgman President,

Evaluating the Med Spa Opportunity:

First Steps

Evaluating the Med Spa Opportunity:

First StepsPresented by

Peggy Wynne BorgmanPresident,

Preston Wynne, Inc.

Presented byPeggy Wynne Borgman

President,Preston Wynne, Inc.

This presentation posted at www.prestonwynne.com

Page 2: Evaluating the Med Spa Opportunity: First Steps Presented by Peggy Wynne Borgman President, Preston Wynne, Inc. Presented by Peggy Wynne Borgman President,

Who ARE you guys, anyway?

Who ARE you guys, anyway?

Spas gone med? Docs gone spa? Investors? Curiosity

Seekers? Innocent

Bystanders?

Spas gone med? Docs gone spa? Investors? Curiosity

Seekers? Innocent

Bystanders?

Page 3: Evaluating the Med Spa Opportunity: First Steps Presented by Peggy Wynne Borgman President, Preston Wynne, Inc. Presented by Peggy Wynne Borgman President,

Who we are…Who we are… Spa

Management Educators

Consultants to the spa industry for 12 years

Spa Operators for 22 years: day spa and hotel spa

Spa Management Educators

Consultants to the spa industry for 12 years

Spa Operators for 22 years: day spa and hotel spa

Preston Wynne Spa, Saratoga, CA

Page 4: Evaluating the Med Spa Opportunity: First Steps Presented by Peggy Wynne Borgman President, Preston Wynne, Inc. Presented by Peggy Wynne Borgman President,

Top 4 Reasons Not to Start a

Med Spa

Top 4 Reasons Not to Start a

Med Spa I love going to spas! Managed Care is

killing us My wife/husband/

daughter/son/ hairdresser wants to run a spa

I just bought this amazing Victorian house

I love going to spas! Managed Care is

killing us My wife/husband/

daughter/son/ hairdresser wants to run a spa

I just bought this amazing Victorian house

Page 5: Evaluating the Med Spa Opportunity: First Steps Presented by Peggy Wynne Borgman President, Preston Wynne, Inc. Presented by Peggy Wynne Borgman President,

Key Ingredients of a Great Med Spa

Key Ingredients of a Great Med Spa

1. A great idea1. A great idea

2. A great team2. A great team

3. A great deal more 3. A great deal more money than you money than you think.think.

1. A great idea1. A great idea

2. A great team2. A great team

3. A great deal more 3. A great deal more money than you money than you think.think.

Page 6: Evaluating the Med Spa Opportunity: First Steps Presented by Peggy Wynne Borgman President, Preston Wynne, Inc. Presented by Peggy Wynne Borgman President,

Your Great Idea…

Your Great Idea…

Me Too Med Spa

Kitchen Sink Spa

Synergy Spa Blue Ocean Spa

Me Too Med Spa

Kitchen Sink Spa

Synergy Spa Blue Ocean Spa

(It’s only a great idea if customers think so!)

Page 7: Evaluating the Med Spa Opportunity: First Steps Presented by Peggy Wynne Borgman President, Preston Wynne, Inc. Presented by Peggy Wynne Borgman President,

Me Too SpaMe Too Spa We need to add

(medical programs, spa services) to keep up with the competition

Dr. Jones just opened a med spa a block away!

Hey, Dr. Smith wants to be our medical director!

We need to add (medical programs, spa services) to keep up with the competition

Dr. Jones just opened a med spa a block away!

Hey, Dr. Smith wants to be our medical director!

Page 8: Evaluating the Med Spa Opportunity: First Steps Presented by Peggy Wynne Borgman President, Preston Wynne, Inc. Presented by Peggy Wynne Borgman President,

Too Much of a Good Thing?

Too Much of a Good Thing?

Saturation is a growing reality

Just “being” a med spa doesn’t differentiate you

The rules of business apply: you must be different, better, special!

Saturation is a growing reality

Just “being” a med spa doesn’t differentiate you

The rules of business apply: you must be different, better, special!

Page 9: Evaluating the Med Spa Opportunity: First Steps Presented by Peggy Wynne Borgman President, Preston Wynne, Inc. Presented by Peggy Wynne Borgman President,

Everything-but-the- Kitchen-Sink Spa

Everything-but-the- Kitchen-Sink Spa

Ayurveda! Botox! Colonics! Eyelash extensions! (You want it, we got it!)

If we keep adding services, eventually we’ll make some money.

Our clients want convenient, one-stop shopping. REALLY?

Ayurveda! Botox! Colonics! Eyelash extensions! (You want it, we got it!)

If we keep adding services, eventually we’ll make some money.

Our clients want convenient, one-stop shopping. REALLY?

Page 10: Evaluating the Med Spa Opportunity: First Steps Presented by Peggy Wynne Borgman President, Preston Wynne, Inc. Presented by Peggy Wynne Borgman President,

Great Ideas are Focused.

Great Ideas are Focused.

Grow rich in your niche! Specialize!

“A little bit medical” Innovation vs.

complexity What’s your Model T

service/product?

Grow rich in your niche! Specialize!

“A little bit medical” Innovation vs.

complexity What’s your Model T

service/product?

GREAT ideas answer the question, “So What?”

Page 11: Evaluating the Med Spa Opportunity: First Steps Presented by Peggy Wynne Borgman President, Preston Wynne, Inc. Presented by Peggy Wynne Borgman President,

Synergy SpaSynergy Spa Our core competency

is complemented by our new services

This combination of services will drive compelling value for our clients/patients

This is a natural extension of what we already do well!

Our core competency is complemented by our new services

This combination of services will drive compelling value for our clients/patients

This is a natural extension of what we already do well!

Page 12: Evaluating the Med Spa Opportunity: First Steps Presented by Peggy Wynne Borgman President, Preston Wynne, Inc. Presented by Peggy Wynne Borgman President,

Blue Ocean SpaBlue Ocean Spa We’re defining a

new market space that makes the competition irrelevant

We’ve created a leap in value for our customers and company

We’re defining a new market space that makes the competition irrelevant

We’ve created a leap in value for our customers and company

Blue Ocean Strategy, W. Chan Kim, Renee Mauborgne

Page 13: Evaluating the Med Spa Opportunity: First Steps Presented by Peggy Wynne Borgman President, Preston Wynne, Inc. Presented by Peggy Wynne Borgman President,

A great med spa starts with a great

plan.

A great med spa starts with a great

plan. What you will be is

based on who you are now!

Understand SWOT for the industry, your market, your venture, and for you personally.

Just because “there’s nothing like it in the area” doesn’t mean you’re a visionary genius

What you will be is based on who you are now!

Understand SWOT for the industry, your market, your venture, and for you personally.

Just because “there’s nothing like it in the area” doesn’t mean you’re a visionary genius

Strengths Weaknesses

Opportunities Threats

Page 14: Evaluating the Med Spa Opportunity: First Steps Presented by Peggy Wynne Borgman President, Preston Wynne, Inc. Presented by Peggy Wynne Borgman President,

1 1 1 1

2 2 2 2

3 3 3 3

4 4 4 4

5 5 5 5

Date

Core Values/Beliefs

Forever

Deadline: Quarter #

Revenues

Profit

Gross Margin

Cash

A/R Days (DSO)

US Utilization

ODC Utilization

Rev / US Cons (/qtr)

Rev / US Empl (/qtr)

Cons Headcount

% Gov't Rev

% New Client Rev

Year Ending

Revenues

Profit

Gross Margin

Cash

A/R Days (DSO)

US Utilization

ODC Utilization

Rev / US Cons (/yr)

Rev / US Empl (/yr)

US Cons Headcount

% Gov't Rev

% New Client Rev

5

4

Threats to making plan

1Q1 Theme Actions

4

3

2

5

3

2

1

2

1

4

3

Purpose (Why) Actions (How)

Rocks & AccountabilityQuarterly Priorities (Who / When)

Brand Promise

1 year

US Utilization

A/R Days (DSO)

Cash

Gross Margin

Cash

A/R Days (DSO)

US Utilization

Elevator Pitch

1 or 2 Critical #s1 or 2 Critical #s Scoreboard Design

Celebration/Reward

Gazelles Inc.www.Gazelles.com

ODC Utilization

Rev / US Cons (/yr)

Rev / US Empl (/yr)

1

BaselineHistorical

Theme

Big Hairy Audacious GoalBHAG

% Gov't Rev

Check box when assigned

5

ActionsTo Live Values, Purpose, BHAG

% New Client Rev

Key InitiativesAnnual Priorities

US Cons Headcount

Rev / US Empl (/qtr)

% Gov't Rev

% New Client Rev

% Gov't Rev

Goals (What)

3

US Cons Headcount

Quarter / Year

2

Rev / US Cons (/qtr)

ODC Utilization

Opportunities to exceed planWeaknessesStrengths

Sandbox / Market

Mkt Cap

3-5 years

Revenues

Profit

Annual Theme Name

Key Thrusts/Capabilities3-5 Year Priorities

5

4

Smart Numbers / KPI

Profit

Gross Margin

Measurable Target/Critical #Revenues

Profit

Revenues

10-30 Years

Quarter #Year Ending

1-Page Strategic Plan S.W.O.T. Analysis

Confidential

Quarter

Targets (Where)

Future Date

1 1 1 1

2 2 2 2

3 3 3 3

4 4 4 4

5 5 5 5

Date

Core Values/Beliefs

Forever

Deadline: Quarter #

Revenues

Profit

Gross Margin

Cash

A/R Days (DSO)

US Utilization

ODC Utilization

Rev / US Cons (/qtr)

Rev / US Empl (/qtr)

Cons Headcount

% Gov't Rev

% New Client Rev

Year Ending

Revenues

Profit

Gross Margin

Cash

A/R Days (DSO)

US Utilization

ODC Utilization

Rev / US Cons (/yr)

Rev / US Empl (/yr)

US Cons Headcount

% Gov't Rev

% New Client Rev

5

4

Threats to making plan

1Q1 Theme Actions

4

3

2

5

3

2

1

2

1

4

3

Purpose (Why) Actions (How)

Rocks & AccountabilityQuarterly Priorities (Who / When)

Brand Promise

1 year

US Utilization

A/R Days (DSO)

Cash

Gross Margin

Cash

A/R Days (DSO)

US Utilization

Elevator Pitch

1 or 2 Critical #s1 or 2 Critical #s Scoreboard Design

Celebration/Reward

Gazelles Inc.www.Gazelles.com

ODC Utilization

Rev / US Cons (/yr)

Rev / US Empl (/yr)

1

BaselineHistorical

Theme

Big Hairy Audacious GoalBHAG

% Gov't Rev

Check box when assigned

5

ActionsTo Live Values, Purpose, BHAG

% New Client Rev

Key InitiativesAnnual Priorities

US Cons Headcount

Rev / US Empl (/qtr)

% Gov't Rev

% New Client Rev

% Gov't Rev

Goals (What)

3

US Cons Headcount

Quarter / Year

2

Rev / US Cons (/qtr)

ODC Utilization

Opportunities to exceed planWeaknessesStrengths

Sandbox / Market

Mkt Cap

3-5 years

Revenues

Profit

Annual Theme Name

Key Thrusts/Capabilities3-5 Year Priorities

5

4

Smart Numbers / KPI

Profit

Gross Margin

Measurable Target/Critical #Revenues

Profit

Revenues

10-30 Years

Quarter #Year Ending

1-Page Strategic Plan S.W.O.T. Analysis

Confidential

Quarter

Targets (Where)

Future Date

GREAT ONE PAGE STRATEGIC PLAN: Mastering the Rockefeller Habits, Verne Harnish

Page 15: Evaluating the Med Spa Opportunity: First Steps Presented by Peggy Wynne Borgman President, Preston Wynne, Inc. Presented by Peggy Wynne Borgman President,

Recipe for a Real Business Plan

Recipe for a Real Business Plan

Management Team Financial projections

and key metrics Current Status,

accomplishments to date, timeline, source and use of funds

20 pages, max!

Management Team Financial projections

and key metrics Current Status,

accomplishments to date, timeline, source and use of funds

20 pages, max!

The Problem (Need) Your Amazing

Solution The Business Model

(how do you make money?)

Underlying Magic (Your Secret Sauce)

Marketing and Sales Strategy

Competitive Analysis

The Problem (Need) Your Amazing

Solution The Business Model

(how do you make money?)

Underlying Magic (Your Secret Sauce)

Marketing and Sales Strategy

Competitive AnalysisFrom THE ART OF THE START by Guy Kawasaki

Page 16: Evaluating the Med Spa Opportunity: First Steps Presented by Peggy Wynne Borgman President, Preston Wynne, Inc. Presented by Peggy Wynne Borgman President,

Sizing up Competition

Sizing up Competition

Who is selling the services and products you sell--regardless of the business model?

Who’s not on the radar yet?

Core (profit-driving) customers come from within a five mile radius

Who is selling the services and products you sell--regardless of the business model?

Who’s not on the radar yet?

Core (profit-driving) customers come from within a five mile radius

Page 17: Evaluating the Med Spa Opportunity: First Steps Presented by Peggy Wynne Borgman President, Preston Wynne, Inc. Presented by Peggy Wynne Borgman President,

A Great Spa Business…

A Great Spa Business…

Solves a problem Fills a Need Does it consistently

better than everyone else

Is passionate about customer service

Continuously improves

Solves a problem Fills a Need Does it consistently

better than everyone else

Is passionate about customer service

Continuously improves

Page 18: Evaluating the Med Spa Opportunity: First Steps Presented by Peggy Wynne Borgman President, Preston Wynne, Inc. Presented by Peggy Wynne Borgman President,

Thank you for your attention!

Thank you for your attention!

This presentation is posted at www.pwsuccesssystems.com

For more business development tools and techniques: subscribe to Preston Wynne’s complimentary e mail business update

This presentation is posted at www.pwsuccesssystems.com

For more business development tools and techniques: subscribe to Preston Wynne’s complimentary e mail business update


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