Insights With Trent Munday

The most obvious Business Model for a Hotel Spa, if for the Hotel to simply manage the spa themselves. Just like any other department in the hotel. PROS: Control and Flexibility CONS: Headaches! And don't be fooled by the attraction of keeping all the Spa Revenue.  Spa Revenue and Spa Profit can often be a long way apart.   #hotelspa #spabusiness #businessmodel #spamanagement

There is a really simple trick to dramatically improve your business. Stop Chasing Shortcuts! If Shortcuts really worked, they wouldn't really be Shortcuts...they'd just be the standard way of doing things. And if you can't afford to do something properly the first time around...you definitely can't afford to have to go back and do it all again when the Shortcut doesn't work. NB: Thanks to Seth Godin for the inspiration. #shortcut #fasttrack #simplemethod #businesstricks

In some countries, the Spa Association is expected to be not only the voice of the industry but also the policeman. A government authority responsible for issuing a spa business license, for example, may require that spa to first be approved by the Spa Association. This makes perfect sense from the government’s point of view. But what about from the Spa Association's point of view? Just because they should, does not mean they can.   #spaindustry #spaassociation #association #watchdog

People tell stories. We always have and we always will. With the Social and Digital Platforms available to us today, it's now easier than ever for Small Businesses to share their unique stories with the world. Unfortunately, many Small Businesses draw a blank when it comes to thinking of the right stories to tell. GOOD NEWS! Just follow my 5 Pillars of Storytelling - and you can't go wrong. People - Place - Business - Offering - Future I wrote an article about my 5 Pillars of Storytelling - HERE #smallbusiness #marketing #storytelling #branding 

Most General Managers feel they want or need to have a Spa in their Hotel. But sometimes, the financials just don't stack up. When that happens, the smartest thing to do, may well be to outsource the Spa to a professional Spa Operator AND subsidise the Spa Operations. Any business partnership must be a Win-Win. By subsidising their Spa Operations, the Hotel can ensure a stable and reliable Spa experience for their guests, while the Spa Operator gets a chance to have a profitable business. #hotelspa #spabusiness #spamanagement #spaoperator

Stability, especially in management, is considered critical to any organisation. But it can be a fine line between Stability and Inertia. And Inertia can be deadly for any business in today's fast moving business climate. Whether you're embarking on a business restructure or even just a bit of a tweak of your systems and processes, don't be suckered into favouring stability IF the risk is too much Inertia. #turnaround #restructure #companyculture #stabiity #inertia

Not so long ago, having a Spa Music CD for sale as part of your Spa Retail offering was commonplace. For the serious Spa Brands, they would even have their own bespoke branded Spa Music. But who even has a CD player anymore? More importantly, regardless of the format (CD, USB, Digital Download) do consumers even want your branded Spa Music anymore?   #hotelspa #spamusic #music #branding #backgroundmusic

We all suffer from Analysis Paralysis to some degree. The search for just a little bit more data, more information, more proof, before we make a decision. In today's fast moving world, it could cripple your business as you continue to stall, whilst competitors pass you buy. Often the data we need is there, it just gets lost in amongst all the data we don't need. We need to apply MUD - Minimum Viable Data Identify the minimum data requirement you have to be able to make decision. No more. Then, once you have your MUD...make a decision.   #decisionmaking #MUD #analysisparalysis #data #dataanalysis

They reckon saying Yes can be all-empowering. Maybe. But so can saying No! Sometimes, the best thing you can do for someone wanting to join you is to tell them No - even though it might actually be a good thing for you if they did. And that's ok. Here's the article I wrote about this  - https://www.trentmunday.com/recruiting-millennials-power-positive-no/  #recruiting #hiring #empowering #integrity

All businesses ultimately have a limit to the time and money they have at their disposal. So there will always be some level of Opportunity Cost to consider. A trade-off. But for small business especially, and Owner-Operator businesses in particular, the impact of Opportunity Cost is usually far greater.  A bigger business usually has degrees to which they can trade-off one option over the other. In a small business, it's often a case of all or nothing. With a small business, the Opportunity Cost of Time can be far greater than Money. And, in a small business, the impact of Opportunity Cost can also have significant personal implications too.   #time #money #resourceallocation #opportunitycost

Here's an interesting question I was asked today on Linkedin... I've always referred back to spa budget templates that base the spas capture rate off of number of occupied hotel room. Do you think this is the best scenario? I was thinking that perhaps I should update my template to be based off of number of total hotel guest. Have you seen this done before? Why do you think most hotels base revenue off of rooms vs occupant numbers? For me, it should always be based on Guests, not Hotel Rooms. You can't give a Hotel Room a Massage, after all. I shared my thoughts on Spa Capture Rates calculation in Ep. #609.  Here's that episode... https://trentmunday.podbean.com/e/how-to-calculate-spa-capture-rateand-why-you-should/ #spabusiness #spabudgets #KPI #hotelspa

Botox is a toxin. A poison. Most people know that. Fans of Botox says it helps make them look younger and it doesn't really do any harm to their bodies. Detractors of Botox say it's madness to knowingly introduce a poison to your system if you don't absolutely have to. I am reminded of a great quote from Prof. Gerry Bodeker who once said to me... "The difference between a poison and a medicine is just the dosage." But understanding that Botox prevents chemical signalling between muscles and nerves suggests there may just be some wider benefits that just the cosmetic. #botox #wellness #medicine #poison

Identifying new customers and new markets is a problem that most businesses face at some stage. According to the Blue Ocean Strategy, one powerful way to identify them is by exploring the Commonalities of Non-Customers. Makes sense. If you can identify common traits & characteristics amongst people who are currently NOT your customers, then building a product or service around them could open up a wide Blue Ocean. #blueoceanstrategy #customeracquisition #businessdevelopment #marketing

Strategic Roadmaps have been a part of corporate culture for some time. They're intended to make the complex task of getting to our destination and achieving that grand corporate vision more understandable. The path is set. Steps can be taken. Results achieved. On to the next step. Before you know it, we'll be where we need to be. But do they really work in today's Complex & Adaptive world? Dominic Hofstetter suggests not in a great series about the Roadmap Fallacy... https://medium.com/in-search-of-leverage/innovating-in-complexity-part-i-why-most-roadmaps-lead-straight-to-the-graveyard-ced34b5a23fa   #roadmap #strategic #organizationalchange #corporatestrategy

"Call me at 4pm ADTC Time."  Huh? What the hell does that mean? How am I supposed to know what time that is? And when you say you want to schedule a video conference for 10am BST, are you talking about British Standard Time or Bouganville Standard Time? Let's stop this nonsense now! Just tell what city you're in and then what time you want me to call you. Much easier! #timezones #scheduling #internationalbusiness #crossborder

Sexual Wellness is a segment of the Wellness Economy that is expected to be valued at $39 billion by 2024 and grow at a CAGR of 7% over the next 5 years. CES (Consumer Electronics Show) will feature sex toys in its Health & Wellness section in 2020. But is this really a legit market segmentation or simple another case of Wellness Washing? Here's the report by JWT Intelligence - https://www.jwtintelligence.com/2019/07/sexual-wellness/   #wellness #sexualwellness #wellnesseconomy

Weight Watchers - or WW as they now prefer to be known - has launched a new App called Kurbo to target your kids. Gamification of Weight Loss for Kids is something I discussed with brand guru Martin Lindstrom earlier in the year. We both agreed it seemed like an obvious and probably a smart move. But the launch of Kurbo has attracted its critics who say that it may result in kids having a negative relationship with food in the long run. There are concerns the app is 'dumbing down' the process of learning about healthy food and lifestyle. Here's a link to my an article I wrote last year on the whole WW re-branding... https://www.trentmunday.com/wellness-branding-from-weight-watchers-to-ww/ And my full interview chat with Martin Lindstrom... https://www.podbean.com/eu/pb-gxjtv-aaab6d  #WW #weightwatchers #wellness #kidswellness

The SWOT Analysis has long been used as a tool for businesses to assess where they're at. Strength - Weaknesses - Opportunities - Threats But there is a fundamental flaw to this process... It relies on Self-Analysis. And that means there will always be an inbuilt bias. Companies will overestimate their Strengths & Opportunities and underestimate their own Weakness & Threats. #SWOT #businesstools #analysis #businessanalysis

The Global Wellness Summit will now NOT be happening in Hong Kong. As a result of the ongoing political unrest in Hong Kong, the decision has been made to move the event to Singapore. Same dates. 15th - 17th October, 2019. I'm still going. What about you? Here's the official announcement... https://www.globalwellnesssummit.com/press/press-releases/global-wellness-summit-moves-location-of-2019-conference/   #wellness #globalwellnesssummit #spaconference

WARNING: Random Question Alert! Have you ever seen an ad for an airport? Did that ad compel you to go visit that airport? Of course not!  Even if there's a choice of airports in your city, it's not an ad on a billboard or at a football stadium that's going to determine whether or not you go there. So why bother advertising an airport? #advertising #branding #sponsorship #marketing #airports