Lecture by Dr. Lisa Jenks – Episode 442
In today's presentation from the 2024 Nonclinical Career Summit, Dr. Lisa Jenks explains why it is a good time to start a medspa.
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Starting Smart, Spending Less
Dr. Jenks emphasizes that success starts before the doors open:
- negotiating a strong lease with generous tenant improvements,
- shopping contractors carefully,
- using part-time front-desk staff to control benefits costs,
- and decorating beautifully on a budget instead of overspending on build-out.
She recommends launching with low-capital, high-need services—like microdermabrasion, dermaplaning, chemical peels, microneedling with creative serums and PRP, neurotoxins, fillers, Kybella, and PDO threads—rather than tying up cash in $150,000–$300,000 devices on day one.
Growing Profits and Control
Once open, she urges owners to grow slowly, resist constant pressure from device reps, and treat the medspa like the small business it is:
- use an outside bookkeeper,
- watch KPIs quarterly,
- stay loyal to one filler/toxin family to increase buying power,
- involve staff in ideas to raise revenue and cut expenses, and
- manage inventory tightly to prevent waste and theft.
She also shares tactics like bundling services instead of discounting, hosting small educational events, using credit-card cashback programs, and monitoring contracts and loans so creeping costs don’t erode hard-earned margins
Summary
Lisa lays out a clear playbook for opening and running a medspa that is lean, profitable, and ultimately attractive to buyers. Her focus is on smart startup choices, disciplined expense control, and high-ROI services rather than shiny equipment. You will find helpful links below.
NOTE: Look below for a transcript of today's episode.
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Transcription PNC Podcast Episode 442
Now Is the Time To Start a Medspa - Lecture by Dr. Lisa Jenks
Dr. Lisa Jenks: Thank you so much, John. And I just am so grateful to be here. So first slide, who I am... As John said, I started in the ER. I love the ER, but after three kids came along and their dad happened to be a physician also, life got a little bit too crazy. And so I went home full time for a little bit and then accidentally discovered aesthetic medicine.
Opened Genesis Med Spa in 2007 with an original four treatment rooms. About five years later, had outgrown that space, moved into a seven treatment room facility. A few years after that, added three more treatment rooms.
Over the next few years, I considered a second location and for various reasons that did not work out for me. Last June, I actually was bought out by a private equity firm, Princeton Med Spa Partners, who is out of New York. I signed a contract to continue working for them for two years part time, both as a provider, I still do services and also as their medical director.
So next slide, John. My goals for tonight are to talk to you because if you are wanting to get your med spa to a place where you're going to sell it, you have to save money opening it. You have to make a lot of money while you're running it.
You have to have good strategies for growth and then you have to know a little bit about how you are going to sell it. So how to save money opening. Make sure that you're negotiating a tough lease.
Get a good lawyer involved, a good real estate broker. Get a lot of money for TI improvement. Shop around for contractors. Save some money on the build out. Consider only hiring part-time staff. If you're starting slow, which you should, you probably only need one full-time equivalent for the front desk.
But if you hire two part-time people, you're going to save some money on workman's benefits and you're going to have a little bit of flexibility so that one of them is sick, one of them wants to go on vacation, you've got cross coverage. But most importantly, you're going to save some money. Decorate on a budget.
My first med spa, I spent way too much money on making it beautiful. And you want your med spa to be beautiful. But since then, I have learned so much about how to make something beautiful without spending a lot of money.
And I'm welcome to share those ideas. I am a strong believer that you should not buy expensive devices when you open. And the next slide, I'm going to talk to you about what you should do when you open that will enable you to provide everything your clients need or almost everything they need without buying those expensive devices.
Those devices often run $150,000 to $300,000. And one of the big mistakes I made was to buy one right away because of course, the laser rep told me that I needed to, you don't. You will eventually need to get one, but don't do that upon opening.
Remember that this, if you decide to open a medical spa, it is a small business. And that's different from running most physician practices. I took all the laundry home for the first three years that Genesis was open and did all my own laundry.
I paid all my own checks for the first couple of years, did not have a bookkeeper doing that. You are a small business owner and you need to understand what that means. Know your mission and the gap that you want to fill.
I chose pretty early on that I wanted to be an upscale medical spa. There was a med spa down the road that caters to younger people and their staff wear jeans. They play, you know, younger people music and all of that.
You cannot be everything to everybody. So decide on your niche and stick to that lane. I have a Vizia, which is a computerized skin analysis device. It sells services. I provided a free Vizia scan as part of my consultations and you sit a woman down in front of it and she sees the amount of sun damage that this computerized skin analysis shows, even though she didn't come in there for her brown spots, she's going to go home very upset about her brown spots and she's going to be calling to book something to do that, something to do about that pretty soon. Rather than just constantly discounting things, consider combining services and products and making your clients feel as though they're getting a really great deal without you having to discount as much money.
You've got to invest in your website. You have to invest in your marketing. I think one of the things that made Genesis so successful was that I hired a full-time in-house marketing person and she started for me about three months before I opened my door.
And I have always had in-house full-time marketing. And then lastly, you've got to be present from day one. You are the owner of a small business. You as the owner are going to set the tone. You're going to set the examples. You're going to make sure that it runs as you want it to do, but only if you are there with eyes on.
What services do I suggest that you start with? All of these will not cost you very much. Microderm, dermaplaning, chemical peels, microneedling.
So for those of you who might not know, you can buy microneedling pens. I think they're running about $3,000. And you can get so creative with this.
You can do vampire facials by doing PRP with microneedling. There are so many exciting serums on the market now, that PDO serums that tighten skin, TCA serums that you can do to help with hyperpigmentation. So you can get so creative and solve so many problems just with microneedling and a lot of different serums.
Obviously your neurotoxins, fillers, Kybella, those pretty much have always been about 50% of my revenue. And then PDO threads, a great return on investment. You can get a lot of collagen stimulation and lifting with those.
You can do all of that without buying any expensive devices when you start. So now that you've started and you've saved some money, how do you maximize profits while running the MedSpa? Grow slowly.
So many MedSpa owners that I talk to are so anxious to grow way too quickly. And part of this is because if you're a MedSpa owner, every 30 seconds, a new rep is going to be in front of you, telling you that you will not be successful unless you buy their device or their products. That's not true.
Grow slowly, both with staff, with equipment, with space. Fail wisely. Apparently FDR said a smooth sea never made a skilled sailor. And I have turned to that quote so many times throughout the 17 years that I own Genesis because there are some really, really tough times. And my business consultant just kept reminding me as long as I learn from those times and analyze them, that is what matters as a business owner. I strongly believe that you should have an outside bookkeeper and obviously an excellent accountant.
The advantage of an outside bookkeeper is that that means somebody who has no ability to put their hands on your money is analyzing your money. So if you have an in-house bookkeeper, they can cook the books because they have their hands on where the money is going. And that happens to way too many small business owners.
Have an outside bookkeeper. Follow KPIs and I'm going to talk about that more in a minute and let you know what that is. Stay loyal to one neurotoxin manufacturer.
I have always been an Allergan account. I offer Botox, Dysport and Xeomin because I think there are reasons to offer more than one neurotoxin. But despite what the reps will tell you, I really believe that Restylane and Juvederm products as far as fillers go are pretty much all the same.
I have no reason to have both Restylane and Juvederm. I only carry Juvederm products when it comes to HA fillers. And that allows me to maximize my buying power with Allergan and therefore get way lower pricing and more benefits.
Whereas if I divided my fillers, which in my mind are exactly the same between two companies, I'm going to lower my buying power. Constantly access the expenses of your spa. It is so easy for expenses just to creep up, creep up, creep up, creep up, and you don't know what they're, where that money is going.
And get your staff involved. We have at Genesis a biannual all staff training day. And one of the questions that I always ask all the staff is what are your ideas for increasing revenue?
And give me some ideas for decreasing expenses. And it's really amazing some of the creative, very effective, awesome ideas that they've come up with. And then they love feeling that they've got some ownership in decreasing those expenses.
Manage your inventory. And we're going to talk about that in a minute. Constantly review your P&Ls and balance sheets. I'm going to go into more detail about that. And reducing staff turnover. Every time you have to hire, that is expensive. And I'll show you some ideas later on about how you can do that. So ways to increase revenue. I've already mentioned bundling services, bundle services with products instead of just discounting things.
So you combine, for example, a laser, an NDAG laser followed by your IPL. Do it at the same time, the same appointment. Don't charge the price for an individual NDAG and an individual IPL so that you're telling the patient how much they're getting by buying those two at one time, how much they're saving by discounting that, whereas it's really not costing you all that much more.
Concentrate on high ROI services. PDO, microneedling, IV therapy, weight loss injections. All of those are really good ROIs.
You've got to have good before and after pictures in order to sell your services to potential clients. And again, that's where Avizia, the computerized skin analysis comes in handy. We've always done Lunch and Learns and Wine and Wisdoms, which are free.
People can come, have a little wine, have some sandwiches or cheese and crackers. And I'll talk about a topic, how to get rid of your brown spots, how to get rid of your chin fat. And anybody who signs up for the services that we are highlighting gets a special discount.
It's just a nice way to generate some buzz and help clients to stay loyal to you. I've talked about maximizing business with one neurotoxin. Something people forget about.
I traditionally get 20 to $30,000 back a year on credit card cashback programs. And that's just free cash. So we put as much as we possibly can on our credit cards.
We all always pay it off, obviously. And then just collect that free cash monthly. Grow your customer base as well as revenue per customer and the number of times per year each customer visits.
And the next slide will show you what I mean by that. John, thank you. So if you have 100 customers and they each spend $100 a year and they come in twice a year, you are going to have $20,000 in revenue.
If you increase all three of those by 10%, you're going to have over $25,000 in revenue, which is over a 27% increase in your total revenue. And I think we all too often just sort of concentrate on getting new clients through the door instead of realizing that our existing clients should be encouraged to spend more money and should come to see us more frequently. And what a difference that makes even on a very small percentage increment.
So how do you decrease expenses? You control inventory. And we're going to talk a little bit more about that, but including shipping costs. Again, small things. If you make four small orders to the same company over a three-month period, you're going to pay more in shipping costs than if you make one large order for that same three-month period. Do whatever you can in-house.
Trading services. I have, for years, traded haircuts for Botox. And it's a way to keep Uncle Sam out of the picture and it's a way to actually decrease your expenses.
Review all contracts and loans on a regular basis. It's amazing how you can call AT&T and complain about the cost of your phone and tell them you're going to go to another company and Viola, they will lower your costs. Or you look at your loans and the interest rate is much higher than the current rate. So instead of just never looking at those, make sure you review all of them on an annual basis. Send staff home if their schedule's empty. And that's hard to do.
These staff are dependent upon hours, but you're the business owner. The bottom line is yours. Send them home. Obviously, non-provider staff are not bringing in income. So anything you can do to minimize non-provider staff is important. And measure marketing, invest only in what works.
Having said that, one of my favorite quotes is, 50% of my marketing is working. I just wish I knew which 50% it was because it is very, very hard to measure marketing, but you need to try and do it and you need to keep your finger on the pulse of what your clients are saying as far as how they're hearing about you, what they're liking about the marketing that you're doing. So this is a book that I love.
It's Key Performance Indicators by Bernard Marr. He lists 75 KPIs, key performance indicators. Most business people that I talk to say that you should choose between 10 and 15-ish that you as a business owner want to follow.
These are the, I think, 14 that I have followed pretty much from year three of owning Genesys. I look at all of these metrics every quarter. Next slide, John.
And this is why KPIs are important. So say you want to identify one of your business processes that you would like to improve, such as consultation conversions. I was feeling that my consultation conversions weren't going as I wanted to, the number of consults who actually booked appointments.
So you look for one metric to measure. That would be consult conversion percentage rate. You look at other companies both within and without of your industry.
I talked to my Allegan rep and talked to my business consultant within Allegan, found out what they thought was a good percentage for consult conversions for their top rated Allegan accounts. And that was about 70 to 75%. And then you can look at something with outside of your industry as well.
Say Regina's Clothing downtown. They probably have closer to 95% of people who walk through their doors and actually buy something. Then you collect information on the best practices of those companies.
I had somebody come in from Allegan, do a training with my staff on best practices. I took notes when I walked into Regina's of what their staff did to make sure that I was pretty sure I could not walk out with that particular dress, without that particular dress. Then you make changes within your company.
You implement those and you measure those results. And that's how you can use a KPL. Again, in order to choose which to follow, you have to find out what your objectives are. So for example, if you want to double revenue then you're going to look at percent revenue growth. What drives your profitability? For me, it's always been 50% injectables.
I want to make sure that I am following my margins on injectables very carefully. What are you going to determine is your critical success factors? And for me, it's my margin. It's the amount that I'm bringing in in revenue for injectables. It might be a customer satisfaction score. It might be again, the console conversion rate, whatever you decide that is.
And then what problems are you going to try and fix given that information? Again, I follow KPIs quarterly and I pay a lot of attention to them. I don't necessarily worry if one is down for one quarter, but if it's down for two quarters, I've got a problem that I need to start resolving.
Inventory. Inventory is tough and you've got to make a commitment to manage it. We look at and count our injectables, meaning our fillers and neurotoxins weekly. We do everything else, retail products, PDO threads monthly. You have to have all staff on board. We all know that every so often you spill some Botox.
We know that you have to pull a product off the shelves to take to back bar or to take to your product testing station or that sometimes you have a disgruntled client, you stick a free sunscreen in their hands. You have to have a way that all staff is aware of where you are going to manage that and those products are going to get pulled out of inventory. And then I'm going to talk for a few minutes about accrual versus cash and why that's important.
So inventory is important because you don't want to have too much stock on your shelves. That's just too much money sitting there. It helps you to identify products that aren't selling well.
You also don't want to have too little product on your shelves. We know that if a woman wants that product at that moment and you don't have it, she's going to go and find another product somewhere else. And inventory control, unfortunately, all of these things grow little legs and walk out of your spa unless you've got good eyes on them.
So consistency is really what's important here. Prevent employee theft. We all want to think that we have hired the best and the most honest people and employee theft happens.
You need to have very clear cut rules and protocols for your cash store. Only certain people should be allowed to do voids and deletes and things like that. And those certain people should have codes.
There should be a strict policy that those codes cannot be shared. You need to let staff know that you do inventory. Have purchase orders on everything that you order, all retail, all supplies. Have software that tracks that. And then have separate duties. Have one person who makes the purchase orders and puts it in the computer.
Have another person perhaps who unpacks the boxes and makes sure that the products that are in the box equate to what was actually purchased. And then even another third person who takes it out of the box, again, making sure and puts it back into inventory. I've got a lot of cameras around. My staff know that I use my cameras. My staff also know that Genesis is a safe place and they can come to me if they feel like somebody is not adhering to the values of Genesis.
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Transcription PNC Podcast Episode 442
Now Is the Time To Start a Medspa - Lecture by Dr. Lisa Jenks
Dr. Lisa Jenks: Thank you so much, John. And I just am so grateful to be here. So first slide, who I am... As John said, I started in the ER. I love the ER, but after three kids came along and their dad happened to be a physician also, life got a little bit too crazy. And so I went home full time for a little bit and then accidentally discovered aesthetic medicine.
Opened Genesis Med Spa in 2007 with an original four treatment rooms. About five years later, had outgrown that space, moved into a seven treatment room facility. A few years after that, added three more treatment rooms.
Over the next few years, I considered a second location and for various reasons that did not work out for me. Last June, I actually was bought out by a private equity firm, Princeton Med Spa Partners, who is out of New York. I signed a contract to continue working for them for two years part time, both as a provider, I still do services and also as their medical director.
So next slide, John. My goals for tonight are to talk to you because if you are wanting to get your med spa to a place where you're going to sell it, you have to save money opening it. You have to make a lot of money while you're running it.
You have to have good strategies for growth and then you have to know a little bit about how you are going to sell it. So how to save money opening. Make sure that you're negotiating a tough lease.
Get a good lawyer involved, a good real estate broker. Get a lot of money for TI improvement. Shop around for contractors. Save some money on the build out. Consider only hiring part-time staff. If you're starting slow, which you should, you probably only need one full-time equivalent for the front desk.
But if you hire two part-time people, you're going to save some money on workman's benefits and you're going to have a little bit of flexibility so that one of them is sick, one of them wants to go on vacation, you've got cross coverage. But most importantly, you're going to save some money. Decorate on a budget.
My first med spa, I spent way too much money on making it beautiful. And you want your med spa to be beautiful. But since then, I have learned so much about how to make something beautiful without spending a lot of money.
And I'm welcome to share those ideas. I am a strong believer that you should not buy expensive devices when you open. And the next slide, I'm going to talk to you about what you should do when you open that will enable you to provide everything your clients need or almost everything they need without buying those expensive devices.
Those devices often run $150,000 to $300,000. And one of the big mistakes I made was to buy one right away because of course, the laser rep told me that I needed to, you don't. You will eventually need to get one, but don't do that upon opening.
Remember that this, if you decide to open a medical spa, it is a small business. And that's different from running most physician practices. I took all the laundry home for the first three years that Genesis was open and did all my own laundry.
I paid all my own checks for the first couple of years, did not have a bookkeeper doing that. You are a small business owner and you need to understand what that means. Know your mission and the gap that you want to fill.
I chose pretty early on that I wanted to be an upscale medical spa. There was a med spa down the road that caters to younger people and their staff wear jeans. They play, you know, younger people music and all of that.
You cannot be everything to everybody. So decide on your niche and stick to that lane. I have a Vizia, which is a computerized skin analysis device. It sells services. I provided a free Vizia scan as part of my consultations and you sit a woman down in front of it and she sees the amount of sun damage that this computerized skin analysis shows, even though she didn't come in there for her brown spots, she's going to go home very upset about her brown spots and she's going to be calling to book something to do that, something to do about that pretty soon. Rather than just constantly discounting things, consider combining services and products and making your clients feel as though they're getting a really great deal without you having to discount as much money.
You've got to invest in your website. You have to invest in your marketing. I think one of the things that made Genesis so successful was that I hired a full-time in-house marketing person and she started for me about three months before I opened my door.
And I have always had in-house full-time marketing. And then lastly, you've got to be present from day one. You are the owner of a small business. You as the owner are going to set the tone. You're going to set the examples. You're going to make sure that it runs as you want it to do, but only if you are there with eyes on.
What services do I suggest that you start with? All of these will not cost you very much. Microderm, dermaplaning, chemical peels, microneedling.
So for those of you who might not know, you can buy microneedling pens. I think they're running about $3,000. And you can get so creative with this.
You can do vampire facials by doing PRP with microneedling. There are so many exciting serums on the market now, that PDO serums that tighten skin, TCA serums that you can do to help with hyperpigmentation. So you can get so creative and solve so many problems just with microneedling and a lot of different serums.
Obviously your neurotoxins, fillers, Kybella, those pretty much have always been about 50% of my revenue. And then PDO threads, a great return on investment. You can get a lot of collagen stimulation and lifting with those.
You can do all of that without buying any expensive devices when you start. So now that you've started and you've saved some money, how do you maximize profits while running the MedSpa? Grow slowly.
So many MedSpa owners that I talk to are so anxious to grow way too quickly. And part of this is because if you're a MedSpa owner, every 30 seconds, a new rep is going to be in front of you, telling you that you will not be successful unless you buy their device or their products. That's not true.
Grow slowly, both with staff, with equipment, with space. Fail wisely. Apparently FDR said a smooth sea never made a skilled sailor. And I have turned to that quote so many times throughout the 17 years that I own Genesis because there are some really, really tough times. And my business consultant just kept reminding me as long as I learn from those times and analyze them, that is what matters as a business owner. I strongly believe that you should have an outside bookkeeper and obviously an excellent accountant.
The advantage of an outside bookkeeper is that that means somebody who has no ability to put their hands on your money is analyzing your money. So if you have an in-house bookkeeper, they can cook the books because they have their hands on where the money is going. And that happens to way too many small business owners.
Have an outside bookkeeper. Follow KPIs and I'm going to talk about that more in a minute and let you know what that is. Stay loyal to one neurotoxin manufacturer.
I have always been an Allergan account. I offer Botox, Dysport and Xeomin because I think there are reasons to offer more than one neurotoxin. But despite what the reps will tell you, I really believe that Restylane and Juvederm products as far as fillers go are pretty much all the same.
I have no reason to have both Restylane and Juvederm. I only carry Juvederm products when it comes to HA fillers. And that allows me to maximize my buying power with Allergan and therefore get way lower pricing and more benefits.
Whereas if I divided my fillers, which in my mind are exactly the same between two companies, I'm going to lower my buying power. Constantly access the expenses of your spa. It is so easy for expenses just to creep up, creep up, creep up, creep up, and you don't know what they're, where that money is going.
And get your staff involved. We have at Genesis a biannual all staff training day. And one of the questions that I always ask all the staff is what are your ideas for increasing revenue?
And give me some ideas for decreasing expenses. And it's really amazing some of the creative, very effective, awesome ideas that they've come up with. And then they love feeling that they've got some ownership in decreasing those expenses.
Manage your inventory. And we're going to talk about that in a minute. Constantly review your P&Ls and balance sheets. I'm going to go into more detail about that. And reducing staff turnover. Every time you have to hire, that is expensive. And I'll show you some ideas later on about how you can do that. So ways to increase revenue. I've already mentioned bundling services, bundle services with products instead of just discounting things.
So you combine, for example, a laser, an NDAG laser followed by your IPL. Do it at the same time, the same appointment. Don't charge the price for an individual NDAG and an individual IPL so that you're telling the patient how much they're getting by buying those two at one time, how much they're saving by discounting that, whereas it's really not costing you all that much more.
Concentrate on high ROI services. PDO, microneedling, IV therapy, weight loss injections. All of those are really good ROIs.
You've got to have good before and after pictures in order to sell your services to potential clients. And again, that's where Avizia, the computerized skin analysis comes in handy. We've always done Lunch and Learns and Wine and Wisdoms, which are free.
People can come, have a little wine, have some sandwiches or cheese and crackers. And I'll talk about a topic, how to get rid of your brown spots, how to get rid of your chin fat. And anybody who signs up for the services that we are highlighting gets a special discount.
It's just a nice way to generate some buzz and help clients to stay loyal to you. I've talked about maximizing business with one neurotoxin. Something people forget about.
I traditionally get 20 to $30,000 back a year on credit card cashback programs. And that's just free cash. So we put as much as we possibly can on our credit cards.
We all always pay it off, obviously. And then just collect that free cash monthly. Grow your customer base as well as revenue per customer and the number of times per year each customer visits.
And the next slide will show you what I mean by that. John, thank you. So if you have 100 customers and they each spend $100 a year and they come in twice a year, you are going to have $20,000 in revenue.
If you increase all three of those by 10%, you're going to have over $25,000 in revenue, which is over a 27% increase in your total revenue. And I think we all too often just sort of concentrate on getting new clients through the door instead of realizing that our existing clients should be encouraged to spend more money and should come to see us more frequently. And what a difference that makes even on a very small percentage increment.
So how do you decrease expenses? You control inventory. And we're going to talk a little bit more about that, but including shipping costs. Again, small things. If you make four small orders to the same company over a three-month period, you're going to pay more in shipping costs than if you make one large order for that same three-month period. Do whatever you can in-house.
Trading services. I have, for years, traded haircuts for Botox. And it's a way to keep Uncle Sam out of the picture and it's a way to actually decrease your expenses.
Review all contracts and loans on a regular basis. It's amazing how you can call AT&T and complain about the cost of your phone and tell them you're going to go to another company and Viola, they will lower your costs. Or you look at your loans and the interest rate is much higher than the current rate. So instead of just never looking at those, make sure you review all of them on an annual basis. Send staff home if their schedule's empty. And that's hard to do.
These staff are dependent upon hours, but you're the business owner. The bottom line is yours. Send them home. Obviously, non-provider staff are not bringing in income. So anything you can do to minimize non-provider staff is important. And measure marketing, invest only in what works.
Having said that, one of my favorite quotes is, 50% of my marketing is working. I just wish I knew which 50% it was because it is very, very hard to measure marketing, but you need to try and do it and you need to keep your finger on the pulse of what your clients are saying as far as how they're hearing about you, what they're liking about the marketing that you're doing. So this is a book that I love.
It's Key Performance Indicators by Bernard Marr. He lists 75 KPIs, key performance indicators. Most business people that I talk to say that you should choose between 10 and 15-ish that you as a business owner want to follow.
These are the, I think, 14 that I have followed pretty much from year three of owning Genesys. I look at all of these metrics every quarter. Next slide, John.
And this is why KPIs are important. So say you want to identify one of your business processes that you would like to improve, such as consultation conversions. I was feeling that my consultation conversions weren't going as I wanted to, the number of consults who actually booked appointments.
So you look for one metric to measure. That would be consult conversion percentage rate. You look at other companies both within and without of your industry.
I talked to my Allegan rep and talked to my business consultant within Allegan, found out what they thought was a good percentage for consult conversions for their top rated Allegan accounts. And that was about 70 to 75%. And then you can look at something with outside of your industry as well.
Say Regina's Clothing downtown. They probably have closer to 95% of people who walk through their doors and actually buy something. Then you collect information on the best practices of those companies.
I had somebody come in from Allegan, do a training with my staff on best practices. I took notes when I walked into Regina's of what their staff did to make sure that I was pretty sure I could not walk out with that particular dress, without that particular dress. Then you make changes within your company.
You implement those and you measure those results. And that's how you can use a KPL. Again, in order to choose which to follow, you have to find out what your objectives are. So for example, if you want to double revenue then you're going to look at percent revenue growth. What drives your profitability? For me, it's always been 50% injectables.
I want to make sure that I am following my margins on injectables very carefully. What are you going to determine is your critical success factors? And for me, it's my margin. It's the amount that I'm bringing in in revenue for injectables. It might be a customer satisfaction score. It might be again, the console conversion rate, whatever you decide that is.
And then what problems are you going to try and fix given that information? Again, I follow KPIs quarterly and I pay a lot of attention to them. I don't necessarily worry if one is down for one quarter, but if it's down for two quarters, I've got a problem that I need to start resolving.
Inventory. Inventory is tough and you've got to make a commitment to manage it. We look at and count our injectables, meaning our fillers and neurotoxins weekly. We do everything else, retail products, PDO threads monthly. You have to have all staff on board. We all know that every so often you spill some Botox.
We know that you have to pull a product off the shelves to take to back bar or to take to your product testing station or that sometimes you have a disgruntled client, you stick a free sunscreen in their hands. You have to have a way that all staff is aware of where you are going to manage that and those products are going to get pulled out of inventory. And then I'm going to talk for a few minutes about accrual versus cash and why that's important.
So inventory is important because you don't want to have too much stock on your shelves. That's just too much money sitting there. It helps you to identify products that aren't selling well.
You also don't want to have too little product on your shelves. We know that if a woman wants that product at that moment and you don't have it, she's going to go and find another product somewhere else. And inventory control, unfortunately, all of these things grow little legs and walk out of your spa unless you've got good eyes on them.
So consistency is really what's important here. Prevent employee theft. We all want to think that we have hired the best and the most honest people and employee theft happens.
You need to have very clear cut rules and protocols for your cash store. Only certain people should be allowed to do voids and deletes and things like that. And those certain people should have codes.
There should be a strict policy that those codes cannot be shared. You need to let staff know that you do inventory. Have purchase orders on everything that you order, all retail, all supplies. Have software that tracks that. And then have separate duties. Have one person who makes the purchase orders and puts it in the computer.
Have another person perhaps who unpacks the boxes and makes sure that the products that are in the box equate to what was actually purchased. And then even another third person who takes it out of the box, again, making sure and puts it back into inventory. I've got a lot of cameras around. My staff know that I use my cameras. My staff also know that Genesis is a safe place and they can come to me if they feel like somebody is not adhering to the values of Genesis.
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