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Seven fundamental components to a seven figure practice

Article-Seven fundamental components to a seven figure practice

Seven fundamental components to a seven figure practice

Having a successful practice that produces great results for patients and has long-term retention rates is something every aesthetic practice strives for. 

I wish I could tell you that I have magic fairy dust that can be sprinkled on your practice to guarantee success. Or there is one magic formula to magnetize patients and keep them coming back for more. 

What I can share is my roadmap, the “7 Fundamental Components to a 7 Figure Practice,” which will help you determine your brand and how to ensure you‘ll get there, while providing a high quality, positive patient experience. 

1. Vision/Mission

Who do you serve? What kind of patients do you want walking through your door? What is your ideal demographic? What are your core values as a practice? Do you have a mission statement? These are all questions to take into consideration and conclusively answer to clearly identify your ideal client and the level of customer service you provide.

2. Branding/Messaging

What does your brand represent? What image does your logo, website, collateral material or office project? Are you a comprehensive practice or do you specialize in a niche market? What is your Unique Value Proposition (UVP)? What makes you stand out from your competition? Why would someone choose your providers or practice over another down the street?  Projecting the right image and being able to clearly communicate your UVP and credential both your practice and providers is critical to instilling patient confidence. Patients want to know they are choosing the right place to have their services, procedures and treatments performed.

3. Systems

Choosing the right software systems and technology are key to long-term successful growth. An effective patient management software that enables you to measure KPIs is crucial to evaluate where your leads are coming from, your patient conversion rates, profit margins and a host of other important data. Do you have call tracking software in place to evaluate your phone conversion process? What consultation software tools might help boost your conversion rates?

4. Services/Treatments

The treatments and services most aesthetic practices offer fall into six general buckets: laser skin resurfacing, body contouring/fat reduction, skin tightening, injectables, aesthetician services and female/male rejuvenation, with a growing trend in integrative medicine. Taking a hard look at the financial data and choosing the most profitable treatments in each category that yield the best patient results can make a huge difference in the success of your practice.

5. Marketing

Your number one marketing tool is your website. It is either working for you to generate hundreds of new leads each month, or it is ineffective. Your target marketing spend should be about 10% of your total revenue. Your website should be optimized for Search Engine Optimization (SEO) and written and developed by a company with experience in the aesthetics space. 

6. Team 

Hiring the right team can make or break your practice. Your front desk staff who answers the phone and greets patients when they arrive are probably the most critical positions. They are the first impression a prospective patient will encounter. The experience they provide and the way they make the client feel will either turn them into a patient or turn them away. 

7. Training

I cannot emphasize enough the absolute necessity of training your staff whether you do it internally or invest in external sales and customer service. Lack of training is by far the biggest gap in the industry. The Practice Foundational Elements (PFE) System I teach focuses on training your team in the art of phone skills, converting web leads, consultations that convert (mastering communication, personality styles, handling objections and closing a sale), developing comprehensive treatment plans for patient retention and perhaps the most overlooked of all – following up. 

If you would like more information, need recommendations for vetted resources, or want to learn more about on-site or live sales training, please feel free to contact me at [email protected] or 310-272-5715.

About the author

Terri Ross
Terri's experience as a sales director managing upwards of $20 million in revenue and successful teams has allowed her to become an internationally renowned practice management consultant, helping aesthetic practices thrive. Terri’s professional associations span across a variety of therapeutic specialties such as plastic surgery, dermatology, oncology, endocrinology, and cardiology–giving her a global perspective in medicine and a deep understanding of the business structure needed to position practices for success. She has achieved multiple awards and is a recognized leader in the aesthetics field.

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