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Health & Wellness

Laura Madeley - Menzies Accountant

Laura Madeley – Director and Health & Wellness Specialist

The Wellness industry was valued at $4.2 trillion in 2017, having grown at around 6.4% per annum since 2015 (The Global Wellness Institute). This is reflective of changing consumer habits and preferences as the population increasingly pursues choices and activities conducive to a healthier lifestyle. There is increasing consumer demand for an integrative approach that recognises the biopsychosocial health model and the impact of our daily environments on our physical and mental wellbeing.

With this enhanced awareness and consumer interest, it is not surprising to see a surge in businesses entering the market, especially in fitness, mind-body practices, wellness tourism, nutrition and complementary medicine.

This guide provides an overview of the key strategic areas you may want to consider in order to help you reach the next level of your business vision. We can support you every step of the way and provide ongoing support, coaching and mentoring.


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.

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
  • Identify and negotiate the most suitable funding

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

Challenges

  • Trading overseas
  • Increasing business value
  • Collaborative working
  • Sustainability

Solutions

  • Build the management team around the vision and strategy
  • Focus managers’ priorities on outputs that make the biggest difference
  • Develop positive leadership behaviours to build staff engagement
  • Communicate the vision and strategy to teams

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

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.
















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