Skytale Group Recap of Aesthetic Next 6.0
In case you missed us at Aesthetic Next 6.0
Last week, our team spent time with top medical aesthetic industry leaders in our hometown of Dallas, TX, at Aesthetic Next. We were honored to share our business expertise with ambitious business owners and entrepreneurs. If you missed us, here’s a recap of what we shared at Aesthetic Next 6.0.
From Startup to Scale-Up: Strategic Growth for Aesthetic Practices
In this session, James Turcott, Partner at Skytale Group laid out a strategic plan for scaling an aesthetic business. Attendees of this session took a deep dive into the process. Below, we highlight some high level takeaways:
- Growth starts with a clear vision. First, set holistic goals. Create a clear mission, vision, and values, define financial and operational success, consider your own future role in the business, and keep the end (your business’s potential size and whether you plan to sell) in mind.
- Next, formulate a plan. With a clear definition of your company and brand, build out a strategy for both winning new business and retaining existing patients. Then, consider a timeline for growth, whether through expanding your current location or opening additional locations. This is your blueprint for scaling.
- Execute. Next, put the processes, people, and systems in place to grow effectively and efficiently. Consider crucial roles and a timeline for hiring, how you’ll build and maintain culture as you grow, SOPs for each role, and ongoing training. Create efficient processes, and track data to measure the productivity and health of your business.
- Continually seek opportunities for growth. With the foundations of a clear vision, a plan, and the right people and processes, you’re on track to propel your business ahead. As a leader, seek new opportunities and troubleshoot when you find areas that need to be improved. Know that systems that worked in one location won’t work in three, seven, or fifteen. Continue to reinvent processes and evolve with your business as you scale.
From Vision to Value: Steering Your Aesthetics Business to a Bright and Thriving Future
This in-depth workshop made growth strategy tangible through real-life case studies, actionable strategies, and financial fundamentals. Led by Skytale’s CEO and Managing Director Ben Hernandez, Director of Investment banking Tedd Van Gorden, and Vice President of Investment Banking James Wimpress, this session brought together our firm’s multiple capabilities: private capital solutions, management consulting, and investment banking.
Here’s an overview of the insight we offered workshop attendees:
Real Life Client Success Stories and Strategies:
Just as there are no two identical businesses, there’s no single metric to measure growth or success. That was a key takeaway from our management consulting team, who shared the way we customized tactics to drive transformation for our clients. Our team presented the data, execution strategy, and outcomes of these case studies to illustrate the various ways a practice can accelerate growth:
- We helped a med spa client in the midwest ramp up their monthly marketing spend that effectively added a revenue lift to drive a higher EBITDA margin.
- A multi-location practice deployed our pre-opening marketing playbook in advance of opening its newest site, resulting in $42k production revenue in month two.
- A third business adopted technology and incentives in order to increase customer rebooking by five percent in three months.
- Finally, we helped a practice heavily focused on spa services shift the service mix toward opportunities in the injectable side of the business, leading to additional growth opportunities.
Financial Fundamentals
If you’re trying to achieve maximum value in your business, it starts with a true understanding of your financials. Your financial statements provide important information about the health and performance of your business.
In this portion of our workshop, our team presented the process for maximizing your practice’s value:
- Financial fundamentals: Knowing how to understand and drive meaning from your financial statements allows you to make informed decisions about your business and measure the impact of those decisions.
- Quality of earnings: A QOE report takes a deep dive into your company’s financial and operating information. It emphasizes and verifies EBITDA for a potential investor.
- Key Performance Indicators: Your KPIs provide a quantifiable measure of performance over time for specific business objectives. They help you measure progress, hold teams accountable, analyze patterns, make adjustments, and solve problems. Examples of measurable KPIs might include revenue per provider, retention rate percentage, revenue per room per client, equipment ROI, customer retention, and more.
It’s Not Too Late to Connect with Our Team
It was an honor to spend the weekend speaking to and learning from leaders in the fast-paced medical aesthetics industry. Did we miss you at Aesthetic Next? If so, it’s not too late to connect with our team. To learn more about how we help medical aesthetic businesses carry out their visions for growth and success, reach out to us.
