When you hear “increased revenue,” what do you envision?
More commas and zeros in your P&L spreadsheet? Padding you and your staff's paychecks?While those things are certainly nice, they don’t illustrate the true potential that lies within a bump in your cosmeceutical revenue.
We’ve talked extensively about how to grow your cosmeceutical revenue using educational strategies and digital marketing tactics, but what we haven’t dived into is what you can do with that added budget to continue growing your spa or practice to steadily and sustainably bring in more revenue in every area of your business.
When it comes to continuing to grow your revenue, the key to long-term growth is reinvesting. These are the top three areas of your practice you’ll want to funnel those funds from your cosmeceutical sales:
1) Uplevel Your Equipment
Services are every practice’s bread and butter, so if you let those slip, you’re going to find all your subsequent revenue streams will suffer.
One of the best ways to make sure your services, and the results they provide for your clients, don’t become subpar, is to upgrade your current equipment that is in need of a technological or operational upgrade or invest in new equipment that will allow you to expand your service menu.
If you’re looking at the long-game strategy with this reinvestment, by buffing up the quality and selection of your services through new equipment, you’ll also expand your opportunities to continue growing cosmeceutical sales revenue through selling more at-home care regimens and complementary products.
2) Grow Your Team
So, you’ve steadily increased your sales through services, and you’re well on your way to seeing a big increase in your cosmeceutical and retail sales, but you’ve also realized with growth comes great responsibility…
Okay, that may be a touch dramatic, but in all seriousness, it is your responsibility to evaluate and evolve in all areas of your practice when you’re experiencing significant growth in one or two key areas. And one of those areas is staffing.
By reinvesting your cosmeceutical revenue into team growth, you ensure that your business has the workforce to keep up with client demand and make room for more schedule availability, provide a higher-caliber customer service experience, and keep your staff’s attention and time devoted to the tasks they’re best at and enjoy most.
3) Build Out and Beyond
Once you’ve reinvested into the two biggest elements of your practice with your cosmeceutical revenue (services and staffing), now you can take a look at some of the outlying areas that could use a boost.
A few smart and strategic reinvestment areas include:
Building out a beautiful retail area - Maybe you’ve only sold cosmeceuticals through client conversations or only have a few shelves of product to display in your lobby. Those are great ways to get started, but once you see increased strength in your cosmeceutical sales, it’s in your practice’s best interest to dedicate a front-and-center space for your retail that’s visually appealing and gets your clients interested in the products you sell before they ever step foot into your treatment room.
Creating an enticing staff incentive program - Even the most dedicated of employees do better with incentives. If you actually want to make cosmeceutical sales a full-team effort, creating an incentive program that rewards your employees for peak performance is a good way not just to boost sales once, but keep your staff invested in the overall growth of your practice.
Open a new office location - Believe it or not, cosmeceutical retail revenue can be the sole source of funding for opening another location of practice.
As you can see, by reinvesting your cosmeceutical revenue into your practice in the right places, you stand a chance to grow your entire practice exponentially. And if you repeat your retail prices at multiple locations, you can envision how retail reinvestment can truly pave the way for building an empire.
So, when it comes to leveraging cosmeceutical sales, what are you waiting for?