Best Practice: Capitalize Your Business

The most successful cosmetic medical practices nationwide are well-capitalized businesses.

This means that they have the financial wherewithal to continually invest in new technology, marketing, human capital and physical plant.

One of the most important reasons to be well-capitalized ties to another Best Practice: Stay on Trend. Each year it is essential to add new services to stay on trend. This needs additional investment capital infused into your practice: reinvesting profits, adding equity, securing a lease or bank financing. It is important to be able to make these investments on a timely basis to remain competitive, as the marketplace is constantly changing.

Now, this doesn’t mean to just invest in a new laser. When launching a new procedure or treatment that needs new technology it is essential to look at all costs involved. There are marketing costs to update your website, brochure and launch a focused ad campaign. There are training costs, building costs and of course the cost of the new laser (or whatever technology you are purchasing). Don’t be fooled to think that the new technology is a “field of dreams” such that you will buy it and “they” will come. A complete launch is essential, otherwise you will find that you have a dusty laser sitting in a closet generating no revenue.

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