UNDERSTANDING INDUSTRY TRENDS is crucial for identifying opportunities within your own spa operations . Are you leveraging data to manage your business effectively ? Comparing your spa ’ s performance against industry standards is valuable , but what ’ s more important is measuring it against its own past performance . Here are some key finance questions to consider :

1 Are you using data to drive decision-making ? l Are you relying on experience , emotion and intuition alone , or do you back up your decisions with solid data ? l Do your current metrics provide enough information to make informed decisions that enhance operational efficiency and guest satisfaction ?

2 Do your products and services align with your profit goals ? l Are there offerings in your spa that distract guests from opting for more profitable services ? l Is your marketing spend aligned with your most profitable business strategies ?

3 Is your scheduling optimized for maximum revenue ? l Are you maximizing revenue opportunities ( and minimizing salary and wage expenses ) through effective scheduling ? l Do you adjust staffing levels based on historical data and projected trends ?

4 Are you focusing on profitability over gross revenue ? l While high revenue is impressive , are you ensuring that your daily expenses are well-managed ? l Are you highlighting and promoting your most profitable services ?

The ISPA Foundation emphasizes the importance of being data-driven . This should translate into actionable insights for your spa operations . Engage with your peers and the ISPA community to discuss how they use data to drive outcomes . By opening this dialogue , we can collectively enhance our performance and ensure sustained profitability .

CALL TO ACTION : Download the 2024 U . S . Spa Industry Study report . Read it . Ask questions . ( More information on the report is on pages 48-49 .)

TODD SHAW WILL SAY WHATEVER IT TAKES TO GET YOUR ATTENTION .

— Todd Shaw , ISPA Foundation Chair

ISPA FOUNDATION BOARD OF DIRECTORS

CHAIR Todd Shaw Fountain Life

VICE CHAIR Ella Kent The Spa at Sea Island

Kelleye Martin ISPA Chair Trellis Spa , The Houstonian Hotel , Club & Spa

Jennifer Holzworth ISPA Vice Chair Montage International

Lynne McNees International SPA Association

HONORARY FOUNDATION BOARD MEMBER Deborah Szekely Rancho La Puerta

58 PULSE n SEPTEMBER 2024