PLANNING FOR SUCCESS

As part of their business masterclass series with Aesthetic Medicine, Seb Brantigan and Philip Elder from Exceptional Aesthetics look at the importance of a business plan

Did you know that 88% of aesthetic practitioners and clinic owners do not have a business plan? Here’s why business planning is key when it comes to growth and performance in 2023 and beyond.

Business planning is an essential process for entrepreneurs and business owners alike. It involves a comprehensive analysis of the business’s goals, resources, and strategies, and it helps the business to develop a roadmap for success.

Business planning is critical for businesses of all sizes, as it provides a framework for decision-making and helps to identify potential challenges and opportunities. The first step in business planning is to establish a clear understanding of the business’s goals and objectives. This involves defining the business’s mission statement, outlining its core values, and identifying its target market. It is important to be as specific as possible in this phase of the planning process, as it will help to guide all future decisions.

Once the business’s goals have been established, the next step is to assess the resources that are available to achieve those goals. This includes an analysis of the business’s finances, staff, equipment, and any other resources that may be required.

It is essential to be realistic in this phase of the planning process, as overestimating the business’s capabilities can lead to unrealistic goals and potential failure. With a clear understanding of the business’s goals and resources, the next step is to develop a comprehensive strategy for achieving those goals.

This involves identifying the key drivers of the business’s success, such as marketing, sales, product development, and customer service. It is important to prioritise these drivers and develop specific tactics for each one. The business plan should also include a detailed financial analysis, including a projection of revenues and expenses.

This will help to identify potential cash flow issues and ensure that the business has sufficient resources to achieve its goals. It is important to be conservative in this phase of the planning process, as unexpected expenses and market fluctuations can impact the business’s financial performance.

Finally, the business plan should include a timeline for achieving the goals outlined in the plan. This should be broken down into specific milestones, with clear deadlines for each one. It is important to regularly review and update the plan as the business progresses, to ensure that it remains relevant and effective.

In conclusion, business planning is essential for clinic owners, aesthetic practitioners and all business owners alike.

It provides a framework for decision-making, helps to identify potential challenges and opportunities, and guides the business towards success. By following these steps and developing a comprehensive business plan, businesses can achieve their goals and thrive in today’s competitive market.

Are you a clinic owner or aesthetic practitioner who wants to know more about business planning? On Tuesday, April 18 at 7pm, Philip Elder from Exceptional Aesthetics is going to host a live webinar all about how to do business planning the right way – so you can avoid being part of the 88% who plan to fail by failing to plan. It’s complimentary to attend this 60-minute online training session.

Register here: events.exceptionalaesthetics.co.uk/register

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.