Trent365

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