
In many cases, entrepreneurs usually create a business plan when they first decide to start a business and/or when they are applying for a loan.
Once they achieve that goal and open their business, the business plan usually gets filed somewhere and rarely comes out for an update.
What about you? When was the last time you updated your business plan?
Do you have the same vision and strategic plan you had when you first opened your business or has your business evolved, but not your business plan?
Time for a business plan check-up! Pull out your business plan and update the following 7 Strategies to Ensure Success for the second half of 2013!
1. Your VisionAll businesses are continually evolving and so should your Vision. You may start with one vision, but, after a few years, your business probably has changed. What is your Vision for your business now? How clear is it? One of the most important parts of being a leader is to have a very clear Vision and to share the Vision with your team! When the Vision is shared and understood, the team will help make your Vision a reality.
2. Market AnalysisA business plan should always include a market analysis. Have you visited the census.gov website lately? You can gain all sorts of information regarding demographics and other statistics. Also, you may want to consider a focus group to gain knowledge about your target market or learn about their likes and dislikes, needs and more.
3. Your Guest Experience and Spa MenuFor years the spa industry focused on pampering and indulging, but now the focus should be on wellness and healthy aging. When was the last time you assessed and made necessary changes to your guest menu and the experience? There are many wellness options you can participate in to help you tap into new revenue streams.
4. Marketing and SalesI know people usually say Sales and Marketing. The more accurate order is Marketing and Sales. You have to do Marketing to gain Sales. How effective are your Marketing Strategies? Have you looked into your Space Capacity Rate? If not, now is the time to plan for effective spa marketing to drive traffic into your spa. Then, make sure your team is ready to generate sales and increase revenue.
5. Financial PlanningIt is vital to have a healthy, financially sound business. To do that, you need a Spa Budget. If you have one, great, but if you don't, you must.
6. Spa and Salon OperationsOperations can be easily managed if you have systems, structure, and a plan. Every department should have its own manual to provide the team operating guidelines to deliver a great spa experience and do it profitably for them and for the business.
7. Team BuildingSuccess cannot be achieved alone. Your plan should include a DREAM TEAM. How effective is your team? Maybe it's time for a Fresh Start or to recruit some new team members.
Dori Soukup – Founder & CEODori's work encompasses consulting, coaching, and educating spa entrepreneurs, executives, and leaders globally. Major brands such as Pevonia Botanica, Sandals Resorts, Life Time Fitness and Life Spa, Massage Envy, and more have greatly benefited from her expertise. Dori's passion is developing innovative, effective educational programs and business strategies leading to exponential growth and profits! She delivers clear, concise blueprints with easy to implement methods, addressing challenges and ensuring success. Prior to InSPAration Management, Dori held key leadership positions in the hospitality industry for 18 years; her last role was VP of Sales for Wyndham Resorts.She is the recipient of the American Spa Preferred Educator award and is a sought after speaker within the spa and wellness industry. Dori is a published author, her articles and insights are often featured in national and international trade publications.