#166: Back To Basics, Forward With Purpose: Aesthetic Strategy Reimagined

Cameron is joined by Dani Naughton, an expert in aesthetics with 17 years of experience, and they discuss the fundamentals of running a successful aesthetic practice, the importance of understanding market dynamics, and the operational fundamentals necessary for profitability. Dani shares insights on common mistakes made in treatment rooms, the significance of staff communication, and the strategic approach to marketing and equipment acquisition. They delve into the true cost of goods, the impact of labor costs, and the hidden expenses that can affect profitability. The conversation emphasizes the importance of time management and understanding supply costs in treatments, providing valuable takeaways for practice owners looking to thrive in the competitive aesthetics industry.

Cameron and Dani talk about the importance of efficiency and understanding the financial health of aesthetic practices. They explore strategies for improving margins, managing chaos in operations, and the significance of patient retention. The dialogue emphasizes the need for new practice owners to establish a clear vision and for established practices to overcome stagnation by implementing effective systems and processes.

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Takeaways:

• Dani Naughton has 17 years of experience in aesthetics.
• Understanding the basics is crucial for practice success.
• Staff communication is key to implementing new products.
• Labor costs must be factored into the cost of goods.
• Hidden costs can silently destroy profitability.
• Time management is essential in treatment efficiency.
• Marketing should be strategic and well-planned.
• Practices need to survey staff and patients before acquisitions.
• Winning in the margins can significantly impact profits.
• A mindset shift is necessary to run a practice like a CEO. Winning in the margins can significantly boost marketing budgets.
• Practices should focus on EBITDA rather than just revenue.
• Efficiency is crucial, even if the practice isn't for sale.
• Understanding treatment times can improve patient throughput.
• Consistency in service delivery is essential for brand reputation.
• Operational chaos can lead to significant financial losses.
• Implementing cancellation policies can help mitigate no-show losses.
• Effective communication of policies enhances patient experience.
• New practice owners should clarify their vision from the start.
• Established practices must assess their operations to identify growth opportunities.

Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"

Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs in
Medspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.

Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.

Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...

-Marketing
-CRM
-Patient Bookings
-Industry Trends Backed By Data
-EMR's
-Finance
-Sales
-Mindset
-Workflow Automation
-Technology
-Tech Stack
-Patient Retention

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