Debbie worked hard to grow her medispa into a successful business. But instead of enjoying her success and feeling excited and confident about her growth, she was constantly anxious and stressed. She was putting new clients on a waitlist and paying her employees overtime week after week. Both she and her employees were burning the candle at both ends. She wanted to add another location and hire eight new employees, but she was scared to pull the trigger. She didn’t know if she was making enough money to cover the debt payments the new business would bring until the second location was up and running enough to support itself. She felt like she couldn’t win. 

This scenario is all too common. What I’ve found as I’ve worked with wellness entrepreneurs with growing businesses is that they want to add additional locations, hire more employees, and spend less time working in the business, but they’re scared to scale. They’re anxious they’re not profitable enough and they’re going to run out of money and sink the ship they’ve worked so hard to build.

Fortunately, there are three elements of healthy growth that will help you avoid the pitfalls of scaling before you’re ready - flexibility, stability, and peace of mind.

Increasing your cash flow will give you flexibility in your business. 

Cash flow is the lifeblood of every business and the health of your business depends on it. How much cash you need varies for every business. It depends on the stability of your revenues and your plans for growth. It is crucial for you to set the targets you need to achieve and maintain the cash flow necessary for you to have the financial fuel and flexibility needed for growth, as well as peace of mind. 

Tracking KPI’s will create stability in your business. 

Building a wellness business takes perseverance and it can feel overwhelming on a daily basis. You need to track what’s most important to the health of your business to ensure that it is stable and successful. Focusing on a few Key Performance Indicators (KPI’s) will help you establish tangible goals, improve patient loyalty, and evaluate opportunities for increased profitability. Understanding your KPI’s will also help drive your marketing strategies, ensuring that you’re optimizing marketing spend.

Getting the help you need and putting numbers to your plans will give you peace of mind.

Putting numbers to your plans and forecasting your financial results, while also getting trusted guidance, will give you the confidence you need to make the best decisions possible for your business. Creating a roadmap for your growth will help ensure that you don’t run out of money and allow you to create strategies for increased profitability along the way.

Debbie implemented the three elements of healthy growth and she now has a second location and peace of mind. She’s sleeping great at night knowing that she has healthy cash flow, she’s hitting her profitability targets, and she has a plan for what’s coming.

If you’d like to take a deeper dive into the three elements of healthy growth, I’ve got a new ebook for you! 

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