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Posted By Mike Meyer, Wednesday, September 16, 2020
By Terri Ross, Terri Ross Consulting
I received a lot of great feedback from my last blog, where I outlined the top five non-negotiables when it comes to compensation strategies in your medical aesthetics practice.
So, for this week's blog, I'm going to take things one step further and take a deeper dive into the purpose behind your compensation structure, as well as the three main compensation strategies to incorporate as you are onboarding new staff members and evaluating your current staff.
These are, of course, the broad strokes. In order to complete a more in-depth analysis and actually put your structure in place, you'll want to enroll in one of Terri Ross Consulting's new programs, Launch or Grow, that contain the new Financial Foundations course; click here to learn more.
I always say, "Keep your why close by." Before you set goals, it is important to understand the why behind them. Ask yourself, "What do you want your compensation structure to reward? What behavior do you want your team to continue to develop and get better at?
So, take a moment as you are reading this and jot down the "why"/purpose that is relevant to your practice in terms of compensation.
In general, your compensation structure should:
Now that you'e outlined your own goals, let's talk about the three critical steps to structuring your compensation, which we go into in more depth in our new Financial Foundations course.
Creating a broadband pay structure clearly shows a current or new employee how they can get increases in their base pay. It gives a new hire a career path plan on how they can grow with your practice.
Your broadband pay structure should:
This is in addition to base pay or salary increases.
Bonus structures should:
In Terri Ross Consulting's new Financial Foundations course, we have two proprietary financial calculators to help you determine compensation structure and pay bonuses. One is a multiplier of compensation calculator, based on a multiple of the employee's base compensation, and the second is a gross margin-based compensation calculator that takes the costs of goods and cost of labor into account.
To learn more about how Terri Ross Consulting's proven programs have helped others and can help you, visit www.terrirossconsulting.com and request to speak with one of our sales executives, who will identify the best program for you.
Terri Ross brings more than 20 years of sales and management experience to the field, having worked with leading-edge medical device companies such as Zeltiq, Medicis, EMD Serono, Merck Schering Plough and Indigo Medical, a surgical division of Johnson.
Ross' vast knowledge and experience as a sales director managing upwards of $20M in revenue and successful teams has allowed her to become a renowned plastic surgery management consultant helping aesthetic practices thrive.
To optimize revenues and business performance, Ross' practice management consulting services help physicians evaluate practice processes including, but not limited to, overall-operating efficiencies, staff skill assessment, customer service and operating efficiency strategies. The goal is to develop a comprehensive plan of action to improve productivity, quality, efficiency and return on investment.
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