How to avoid recession depression

As part of his business masterclass series in partnership with Aesthetic Medicine, Philip Elder from Exceptional Aesthetics looks towards the year ahead.

The news and media are full of negative thoughts, feelings, and a very pessimistic view of what lies ahead, but we need to remember that can help to sell and get clicks, likes and subscriptions to channels. The reality of the situation is that we are in a fantastic industry, a resilient marketplace and, in these times, opportunities exist for those of us who are willing to strike out.

Historically, more millionaires are made/created in a recession than at any other time, so history shows us that opportunity lies ahead. In our masterclass session, we looked at: *What we have learned from 2022 *How to take those lessons with us into 2023 *The business strategy we will be using through 2023, including a roadmap for quarterly growth *How to adapt new revenue streams to ensure stable income and cash flow *Adopting systems and processes to free up time so you can work ON your clinic, rather than just IN your clinic.

These topics will help you to stand out from the crowd, build sustainable foundations or secure the existing ones you have and grow. The reality is that many will not follow these tips, and I welcome this. Many of those clinics or practitioners we have seen sprouting up offering cheap treatments, operating on the fringes of what is ethically safe and correct will fall in these coming months or years. Failure to have already built a value and depth in their brand, simply competing on price, will leave them squeezed on price margins along with increased cost. The result for many will be that it becomes uneconomically viable to proceed and continue. The costs of marketing online are increasing and, in turn, the cost of acquisition of new patients will result in many falling by the wayside. This can only be a positive for those of us who operate quality treatment and patient care-focused practices and clinics, as the reduction in competition will give us the chance to gain a greater market share.

Do not worry if you missed our session – you can check out the recordings online. Also, as part of Aesthetic Medicine’s strategy to support you in the coming months and year, the team and I at Exceptional Aesthetics will be running monthly masterclass sessions on the key areas you will need to focus on in the coming months, along with an incredibly exciting programme of live events and expos – 2023 is going to be an incredible year.

It is the end of an era, the beginning of a new one, and that’s ok! Be ready – have a strategy and focus for 2023.

PHILIP ELDER

Philip Elder is a multiple business owner whose portfolio includes Neos Clinic, Aesthetics Clinic (owned alongside his wife), Accountancy Practice and Finance Company, as well as a substantial property portfolio.