Laura Madeley – Director and Health & Wellness Specialist
COVID-19 has certainly taught us a thing or two about the value of wellbeing. The pandemic has been referred to as a ‘wake-up call for wellness’ and, as we emerge from the aftermath of lockdown life, we are likely to see a further shift in the tone and scope of Wellness as stress related disease, social isolation and mental illness becomes rife and the NHS remains overburdened.
It is no surprise that Wellbeing is now on the agenda of multinational board meetings and that it now infiltrates almost every sector, including architecture, food and drink, healthcare, leisure, technology and media as consumers search for solutions to enhance their physical, mental and emotional health.
The Wellness industry was valued at $4.5 trillion in 2018, (The Global Wellness Institute), and we believe growth is set to continue .
We can support you every step of the way and provide ongoing support, coaching and mentoring to help you reach the next level of your business vision.
As Covid restrictions lift how are gyms likely to fare?
With gyms set to reopen from 12 April, will we all be rushing to renew our memberships or will we continue our new found love affair with online fitness, outdoor activities and home workouts?
In an internal poll, 45% said that outdoor exercise would be the focus of their fitness regime going forward, 28% said the gym and 22% favoured home workouts, the remainder opting for none of the above.
There is no doubt that gyms have had a challenging 12 months. With the CEO of Puregym claiming lockdowns have cost them around £150 million, how will gyms recoup lost revenues and meet the pressures on profitability arising from COVID proofing venues and the reduced numbers necessary to accommodate social distancing? The impact of being closed through January will also be felt, as gyms are unable to use this seasonal surge in member numbers and cashflow to support them throughout the rest of the year. It is not going to be easy and financial modelling and cash flow will need to be carefully considered. However, on the other hand, health and wellbeing is forefront in our minds and perhaps one of 2020’s biggest lessons as we re-evaluate what is important. With physical and mental health suffering as a result of the pandemic, opportunities exist for fitness and other wellbeing businesses to meet a consumer demand which may become as unprecedented as the circumstances driving it.
Health & Wellness Sector Challenges
Growing any business can be a challenge, but when your business is in the health and wellness sector, it is likely to require larger amounts of time and energy as well as substantial investment.
Financial Investment
Challenges
- Building a compelling case
- Budgets and forecasts
- Finance options
Solutions
- Develop a financial business plan
- Collect and organise important information
- Assess the key variables that will impact the business
HR Risk / Compliance
Challenges
- Employment law
- People issues
- HR Admin
Solutions
- Access pragmatic advice to get the job done legally but effectively
- Maintain up to date policies and procedures
- Train line managers in the essentials of people management
- Use slick IT to streamline your HR admin
Brand / Product Development
Challenges
- Market positioning
- USP
- R&D Tax credits
- Patent Box
Solutions
- Understand your product life cycle and working capital requirements to help manage cashflow, determine promotion development and pricing strategies
- Keep track of your products value and impact to remain focused
- Make use of R&D tax credits and Patent Box
People Strategy
Challenges
- Skills shortages
- Attracting the right people
- Motivating and retaining staff
- Developing management teams
- Vision and strategy
Solutions
- Understand and develop the candidate experience
- Build employer reputation as great place to work
- Utilise web and social media potential to reach candidates
- Use tech to streamline the hiring process
- Survey staff to find out their satisfactions and drivers
- Identify positive changes that will help staff to deliver the vision
HR Risk / Compliance
Challenges
- Employment law
- People issues
- HR Admin
Solutions
- Access pragmatic advice to get the job done legally but effectively
- Maintain up to date policies and procedures
- Train line managers in the essentials of people management
- Use slick IT to streamline your HR admin
“I have worked with Menzies in relation to a number of R&D claims for our company. We found Menzies to be very professional, timely and knowledgeable in the field and a pleasure to communicate with and learn from. Highly recommended.”
Rannesh Jansari, Managing Director, Fushi Wellbeing Ltd
Useful further reading
Contact Menzies Health & Wellness team.
Our Health and Wellness team work alongside of our wider Hospitality & Leisure sector team to inspire growth and overcome the challenges of operate a business in this crowded and fast-paced market. Find out more about our Hospitality & Leisure advisory services or contact us to discussion your SME business needs.