Keep What You Earn

Shannon Weinstein
  • 5.0 (1)
  • Entrepreneurship

Keep What You Earn is the podcast for aesthetics and wellness practice owners who want to scale profitably and build a business that is actually worth something. Hosted by Shannon Weinstein, CPA and Fractional CFO, this show is designed for med spa owners generating $1–5M in revenue who are ready to move beyond reactive decision-making and into disciplined, strategic growth. If you're trying to break past the $2M ceiling, improve cash flow predictability, increase margins, open additional locations, or prepare your practice for a future sale, this podcast gives you the financial clarity to do it confidently. Each episode focuses on the financial building blocks that determine whether your practice scales smoothly or stalls under pressure, including pricing discipline, operating margin control, cash flow forecasting, customer lifetime value, and enterprise value planning. This isn't about more spreadsheets. It's about financial leadership. Whether you're preparing for expansion or positioning your practice to sell, Keep What You Earn helps you think like a CFO and operate like a CEO. [Disclaimer: Any opinions, recommendations, and tips offered on this podcast or other social media forums do not constitute individual tax or accounting advice. This content is designed to provide education and awareness about financial topics and responsibility for the benefit of the general public. Please consult a professional before implementing any of the suggestions made by Shannon or Keep What You Earn Co.]

  1. 2d ago

    Med Spa Financial Strategy: Profit Margins, Cash Flow, and Enterprise Value

    This week, I'm turning the mic over to Audrey Neff, host of True to Form, and replaying the conversation she originally shared with her audience. Audrey put me in the hot seat with the financial questions medical spa owners need to be asking as they grow.  A full schedule can still produce weak cash flow, a second location can magnify problems that already exist, and a practice that depends on its owner for every decision will be difficult to scale or sell.  Audrey and I connect these issues by following the money from individual treatments through to the long-term value of the business. The Metrics Behind a Financially Healthy Med Spa  Free cash flow gives an owner choices. It can fund cash reserves, support a new location, reduce debt, or create an exit opportunity. Producing more of it requires a clear understanding of which treatments fill your schedule and which ones contribute meaningful margin.  In this episode, we discuss:  Why reviewing a P&L without interpreting it leaves owners with more numbers but very little direction  How revenue per hour, margin per treatment, patient retention, and customer lifetime value influence cash flow  Why injectables can bring patients through the door while leaving little room for profit when pricing, commissions, and discounts are poorly managed  How "Bed Bath and Botox" discounting cuts into an already thin injectable margin  The missed retail sales opportunities hiding inside treatment plans and patient conversations  Why a med spa should have four to six months of cash reserves before opening a second location  How to identify and reduce owner dependency by asking, "What breaks first when I leave?"  What buyers examine when calculating enterprise value, including cash flow, owner dependency, customer concentration, and operational risk  The Five-Part Financial Playbook  Here are the exact steps we use to evaluate a practice's financial health:  Core profit: Are your treatments priced to produce healthy margins?  Operating profit: Can your budget support the team and infrastructure required to run the practice?  Cash flow: What remains after your equipment, debt, taxes, and other obligations are paid?  Customer value: Are you retaining patients and increasing the value of those relationships?  Enterprise value: Can the practice continue producing reliable cash flow without depending on you?  Following the steps in order helps you identify the financial constraint that deserves your attention now instead of trying to fix everything at once. Get your free Playbook here. Add "True to Form" to Your Playlist  This conversation originally aired on Audrey Neff's True to Form podcast. Audrey brings candid conversations about leadership, operations, patient experience, growth, and enterprise value to the medical aesthetics industry.  If you own or lead an aesthetics practice, subscribe to both shows:  Subscribe to Keep What You Earn  Subscribe to True to Form  Get the free Financial Scaling Playbook for Aesthetics  Connect with Audrey and Aviva Aesthetics:  Audrey Neff brings more than a decade of experience in the medical aesthetics and wellness industries and currently serves as Chief Marketing Officer at Aviva Aesthetics. A respected marketing strategist and global speaker, she has served as a key opinion leader for several leading aesthetic brands and has taught for more than 30 medical aesthetic associations worldwide. Her thought leadership has been featured in publications such as PRIME Journal, The Aesthetic Guide, and PAN Journal. Audrey is also the host of True to Form, a globally ranked podcast exploring the people and ideas shaping the future of the aesthetics industry.  Website: https://avivaaesthetics.com/  True To Form podcast: https://www.instagram.com/truetoformpodcast/  Instagram: https://www.instagram.com/audreyneff_/  LinkedIn: https://www.linkedin.com/in/audreyneff/  Follow Shannon & Keep What You Earn:    Shannon Weinstein is the founder of a fractional CFO firm specializing in helping 7-figure aesthetics and wellness practices scale with clarity, cash flow, and confidence. She is committed to helping med spa owners understand, fix, and maximize their business's enterprise value, offering actionable advice and resources, including a popular free video series specifically for aesthetics practice owners.      Fractional CFO Services and Executive Financial Review: https://www.keepwhatyouearn.com/   Connect with Shannon: https://www.linkedin.com/in/shannonweinstein   Watch full episodes: https://www.youtube.com/@KeepWhatYouEarn   Listen on your favorite podcast app: https://pod.link/1580071347   Instagram: https://www.instagram.com/shannonkweinstein/   The information shared is for educational purposes only and is not individualized financial advice. Aesthetics practice owners should consult a qualified professional before implementing financial strategies discussed here.

  2. Aug 11

    Posting More Won't Fix Your Med Spa Marketing Strategy

    Marketing gets exhausting when every platform, conference, and industry trend comes with the message that your practice should be doing more. More posts, more videos, more channels, more events. But a high volume of marketing activity does not automatically lead to better clients or more profitable growth.  In this episode, I sit down with Robin Dimond, founder and CEO of Fifth & Cor, to talk about building a marketing strategy around the business you actually have. We cover how to choose channels based on your budget, bandwidth, and target demographic; when a personal brand helps or hurts the practice; and why reputation, local partnerships, and consistent patient education can outperform whatever happens to be trending online.  Fix the Patient Journey Before You Generate More Leads  Marketing brings more attention to whatever is already happening inside the practice. If calls go unanswered, the booking process is frustrating, or the team is not prepared to follow up with leads, spending more money will only expose those problems faster.  Look at the full patient experience before adding another campaign. Can someone easily book a consultation? Does the team know how to respond to inquiries? Are you attracting people who are a good fit for the practice? Strong marketing cannot make up for operational gaps that prevent interested patients from becoming long-term clients. Choose Marketing Channels With a Clear Reason Behind Them  You do not need to be active on every platform simply because another practice is doing it. The right marketing mix depends on who you want to reach, how they make decisions, and what your team can consistently manage. Budget planning also needs to account for time and energy—not just the money spent on ads or content creation.  Define what the marketing initiative needs to accomplish before choosing a channel  Identify where your target demographic spends time and what mindset they are in on each platform  Set a realistic budget for both financial investment and team capacity  Test one or two strategies on a small scale before expanding into omnichannel marketing  Batch and repurpose content across Instagram, TikTok, LinkedIn, YouTube Shorts, or Pinterest when those platforms fit the audience  Consider direct mail, local partnerships, conference attendance, and public relations alongside digital marketing  Track qualified leads, booked consultations, client acquisition costs, and patient retention instead of relying on views or engagement alone  Give the team a clear role in content creation and follow-up so the strategy does not depend entirely on the owner  Consistency matters, but it needs to be sustainable. A focused strategy that your team can maintain will usually produce better information and stronger results than constantly switching tactics or chasing the newest trend.  (00:03:42) Navigating an overwhelming number of marketing options  (00:05:29) Fixing operational gaps before generating more leads  (00:12:31) Understanding client mindsets across different platforms  (00:17:27) Standing out with handwritten cards and direct mail  (00:26:50) Building a sustainable social media strategy  (00:30:16) Balancing personal branding with long-term business goals  (00:43:37) Measuring marketing by results instead of effort  Your Practice Reputation Has to Extend Beyond the Owner  A personal brand can help patients connect with the practice, but it becomes a risk when every relationship, referral, and piece of recognition is tied to the owner. Bring providers and team members into the outward-facing side of the business so patients see the depth of expertise across the practice and trust the experience no matter who they see.  Sharing continuing education, patient education, community involvement, and team accomplishments builds a stronger reputation than relying on one personality alone. That matters when you want to add providers, reduce your clinical hours, or eventually sell, because a brand that can stand without the founder is much easier to scale. The Best Marketing Makes Growth Easier to Manage  When the strategy is focused, the financial reports become easier to interpret. You can see which channels produce qualified consultations, which local partnerships bring in the right patients, and whether your client acquisition costs make sense relative to the value of those relationships. Marketing stops feeling like an open-ended expense because every initiative has a purpose and a way to measure its performance.  As the practice grows, consistency matters more than constant visibility. A team-supported brand, a clear message, and a small group of channels that reliably attract the right clients are easier to manage and repeat across providers or locations. You should not have to spend every spare moment creating content just to keep the business moving. The strategy should support the practice without taking over your life.  Follow Shannon & Keep What You Earn:   Shannon Weinstein is the founder of a fractional CFO firm specializing in helping 7-figure aesthetics and wellness practices scale with clarity, cash flow, and confidence.  Shannon is committed to helping med spa owners understand, fix, and maximize their business's enterprise value, offering actionable advice and resources, including a popular free video series specifically for aesthetics practice owners.  Connect with Shannon:  Fractional CFO Services and Executive Financial Review: https://www.keepwhatyouearn.com/  https://www.linkedin.com/in/shannonweinstein  Watch full episodes: https://www.youtube.com/@KeepWhatYouEarn  Listen on your favorite podcast app: https://pod.link/1580071347  Instagram: https://www.instagram.com/shannonkweinstein/  The information shared is for educational purposes only and is not individualized financial advice. Aesthetics practice owners should consult a qualified professional before implementing financial strategies discussed here.  About Robin Dimond:   Robin Dimond is the founder of Fifth & Cor. With more than 20 years of experience in branding, marketing, and innovation, she has helped businesses move from scattered ideas to clearer strategies across both corporate and entrepreneurial settings.  Her work is rooted in the belief that strong marketing requires more than data—it also requires purpose, courage, and a clear understanding of why people connect with a brand. Through Fifth & Cor, Robin brings people together, removes barriers to collaboration, and helps businesses grow through thoughtful strategy, authentic connection, and consistent execution.  Connect with Robin and Fifth & Cor:  Website: https://www.fifthandcor.com  Email: hello@fifthandcor.com Instagram: https://www.instagram.com/fifthandcor  LinkedIn: https://www.linkedin.com/company/fifth-and-cor/  Facebook: https://www.facebook.com/FifthandCor

  3. Aug 4

    Busy, Booked, and Broke: Why Injectables Alone Won't Grow Your Med Spa

    Being booked feels like proof that the business is working. But if most of that schedule is filled with injectables, the revenue can look much stronger than the profit underneath it. Product costs, provider compensation, commissions, memberships, and discounting can leave very little behind—even when the calendar is full.  In this solo episode, I break down why injectables need to be evaluated as part of your full service mix instead of carrying the entire growth strategy. I also explain how to organize your P&L by treatment category, calculate what patients actually contribute in gross profit, and use comprehensive treatment plans to improve both patient retention and practice profitability. A Full Injectable Schedule Can Still Produce Weak Profit  Injectables are often one of the largest revenue categories in a medical aesthetics practice. They bring patients through the door, create recurring appointments, and can help establish long-term relationships. But with supply costs, injector compensation, commissions, and discounts factored in, gross margins may only land around 30% to 40%.  That does not leave much room to cover the rest of the business. Rent, administrative payroll, marketing, software, and other operating expenses still have to come out of what remains. When injectables dominate the schedule without enough higher-margin services around them, a busy practice can still struggle to generate healthy cash flow.  Your P&L Should Show Which Services Actually Make Money  A single revenue line labeled "services" does not give you enough information to manage the practice. You need to see how much revenue each treatment category produces and what it costs to deliver those services. Keep the categories simple enough to review consistently, but specific enough to reveal where your profit is coming from.  Group revenue into four or five core categories, such as injectables, aesthetic services, beauty services, laser treatments, and surgical services  Match each category with its direct supply costs, provider labor, and commission expenses  Calculate gross margin by treatment category instead of relying only on the practice-wide average  Separate package revenue collected from the revenue earned as treatments are delivered  Compare patient lifetime revenue with the gross profit that patient generates  Review how memberships and discounts affect margins over time  Track which services lead to repeat visits and broader treatment plans  You do not need dozens of categories or an overly complicated financial report. You need enough visibility to understand the composition of your revenue. Just as body composition tells you more than weight alone, your service mix tells you far more than total sales.  (00:00:00) Why injectables are difficult to price  (00:05:41) Balancing the P&L with service margins  (00:08:27) Mapping revenue and profit by treatment  (00:10:27) Calculating patient lifetime value  (00:14:01) Challenging assumptions about patient budgets  (00:17:42) Improving retention through treatment plans  Treatment Plans Create More Value Than One-Off Appointments  Patients may come in asking for Botox or another familiar service, but that does not mean they understand every option available to them. A strong consultation starts with the result they want, then maps out the treatments that can realistically help them get there. Present the full recommendation before making assumptions about what they can afford. Let the patient decide what to pursue, what to postpone, and how quickly to move through the plan. That is consultative selling: educating the patient, setting expectations, and helping them make an informed decision without down selling for them.   A written treatment plan also gives the relationship room to grow. One injectable appointment can become the start of a longer patient journey that includes laser treatments, skincare, and other services that genuinely support their goals.  A Stronger Service Mix Makes Growth More Sustainable  When one treatment category carries too much of the practice, changes in product costs, provider capacity, or local pricing can quickly put pressure on the entire business. A more balanced service mix combines the retention benefits of injectables with treatments that produce stronger margins and make better use of the team, equipment, and space you already have. This gives you a healthier patient lifetime value, more recurring revenue, and a clearer picture of what the practice can support as it grows. It also helps you make better decisions about pricing, inventory, staffing, equipment purchases, and future expansion.  A full schedule should create more than activity. It should generate enough gross profit to fund the next stage of the practice. Follow Shannon & Keep What You Earn:   Shannon Weinstein is the founder of a fractional CFO firm specializing in helping 7-figure aesthetics and wellness practices scale with clarity, cash flow, and confidence.  Shannon is committed to helping med spa owners understand, fix, and maximize their business's enterprise value, offering actionable advice and resources, including a popular free video series specifically for aesthetics practice owners.  Connect with Shannon:  Fractional CFO Services and Executive Financial Review: https://www.keepwhatyouearn.com/  Connect with Shannon: https://www.linkedin.com/in/shannonweinstein  Watch full episodes: https://www.youtube.com/@KeepWhatYouEarn  Listen on your favorite podcast app: https://pod.link/1580071347  Instagram: https://www.instagram.com/shannonkweinstein/    The information shared is for educational purposes only and is not individualized financial advice. Aesthetics practice owners should consult a qualified professional before implementing financial strategies discussed here.

  4. Jul 28

    Reclaiming Your Role as a Medical Provider in a Retail-Minded Med Spa World

    Medical aesthetics is one of the few areas of healthcare where practice owners have real control over pricing. Because most services are cash pay, med spas are not waiting on insurance reimbursements or negotiating with carriers. Yet many practices give away that advantage by running constant promotions and training patients to shop for the lowest Botox price.  In this solo episode, I explain how deep discounts create margin erosion, weaken patient loyalty, and push the industry toward commoditization. I also share how stronger consultations, treatment plans, and value-based pricing can improve retention, patient experience, and clinic profitability without turning every appointment into a sales pitch. Discounts Train Patients to Wait for the Next Offer  Discounts can fill the schedule for a weekend, but they also change how patients see the practice. When every holiday comes with a coupon, patients learn that the listed price is temporary and the service is interchangeable. That is how Botox pricing and injectables start to feel like retail products instead of medical treatments.  Patients who choose a practice based only on price are also difficult to retain. They may come in for the promotion and leave as soon as another clinic advertises a better deal. You pay to acquire them, give up margin on the treatment, and still have no lasting customer relationship to show for it. Run the Numbers Before You Run the Promotion  A discount should never be approved simply because the calendar is slow or a competitor launched one. Before lowering the price, look at what the offer does to gross profit, cash flow, future capacity, and patient behavior. Promotional revenue can look impressive while the economics underneath it tell a very different story.  Calculate treatment margin after product cost, provider compensation, payment fees, and promotional spending  Measure how many discounted patients return and rebook at full price  Compare customer acquisition cost with patient lifetime value  Account for prepaid packages as future treatment obligations rather than immediate profit  Review inventory levels before promoting injectables or retail products  Determine whether the offer supports a broader treatment plan or only creates a one-time visit  Give the team clear language to explain value, outcomes, and next steps without relying on aggressive sales techniques  If the numbers only work when patients purchase more later, be honest about how often that actually happens. Upselling cannot carry the strategy when your intake, follow-up, and rebooking systems are not built to support it.  (00:05:43) Building lasting patient relationships  (00:09:01) Setting confident pricing for services  (00:10:40) Understanding value versus effort  (00:15:21) Shifting from retail to patient focus  (00:16:31) Improving client intake and planning  (00:19:37) Identifying growth barriers for practices  Lead the Consultation With Medical Authority  A patient consultation should feel like clinical guidance, not a review of services and prices. Patients come to you because they want a result and need help understanding which treatments will get them there. When providers lead with patient education, set realistic expectations, and recommend a clear treatment plan, price becomes one part of the decision rather than the entire conversation.  This also creates a better patient experience. People are more likely to follow through, rebook, and trust future recommendations when they understand why the plan was created. Value-based pricing works when the practice can clearly connect its expertise, care, and treatment strategy to the outcome the patient wants. Patient Loyalty Creates More Predictable Growth  Practices that depend on promotions often see the same pattern: a rush of cash, a crowded schedule, and then another dip. That volatility makes financial management harder because staffing, inventory management, and marketing decisions are being made around short-term spikes instead of reliable demand.  A medicine-first approach creates cleaner practice growth. Strong treatment plans, consistent rebooking, and better customer retention increase patient lifetime value and make cash flow easier to forecast. Over time, that stability gives you room to improve margins, invest in your team, and expand without constantly discounting the work that built your reputation. A med spa with medical authority and loyal patients has far more control over its pricing, profitability, and future.  Follow Shannon & Keep What You Earn:   Shannon Weinstein is the founder of a fractional CFO firm specializing in helping 7-figure aesthetics and wellness practices scale with clarity, cash flow, and confidence.  Shannon is committed to helping med spa owners understand, fix, and maximize their business's enterprise value, offering actionable advice and resources, including a popular free video series specifically for aesthetics practice owners.  Connect with Shannon:  Fractional CFO Services and Executive Financial Review: https://www.keepwhatyouearn.com/ Connect with Shannon: https://www.linkedin.com/in/shannonweinstein  Watch full episodes: https://www.youtube.com/@KeepWhatYouEarn  Listen on your favorite podcast app: https://pod.link/1580071347  Instagram: https://www.instagram.com/shannonkweinstein/  The information shared is for educational purposes only and is not individualized financial advice. Aesthetics practice owners should consult a qualified professional before implementing financial strategies discussed here.

  5. Jul 21

    Creating Autonomy: How to Make Your Med Spa Operate Without You

    A profitable med spa can still be hard to scale, and even harder to sell. When the owner is responsible for every major decision, key patient relationships, team oversight, and day-to-day problem solving, the business carries more risk than the financials may initially show.  In this episode, I sit down with Annie Robertson Hockey, president of Skytale Group, to talk about what makes a medical aesthetics or wellness practice more valuable over time. We cover owner dependence, scalable systems, clean financial reporting, revenue concentration, team incentives, and the operational work that gives practice owners more options as they grow.  A Valuable Practice Can't Depend on One Person  Many practice owners become the center of the business without realizing how difficult that makes the next stage of growth. They approve the decisions, solve the team problems, manage important relationships, and step in whenever something breaks. That may work for a period of time, but eventually the owner becomes the bottleneck.  Start paying attention to where the practice still relies heavily on you. Which decisions come back to your desk? Which patients only want to see you? What happens when you take a week off? Those questions matter whether you are thinking about a future exit, adding locations, or simply trying to create more space in your own role.  From a buyer's perspective, owner dependence is risk. From an operator's perspective, it also limits how much the practice can handle without adding more stress at the top.  Build Systems Before Growth Exposes the Gaps  A process that works for one location or a small team may fall apart at twice the volume. Practice owners need to look ahead and ask whether the current operation could support two, five, or even 10 times the activity without creating chaos.  That means taking a closer look at the parts of the business that affect consistency, risk, and repeatability:  Reduce dependence on a single provider, location, treatment, or revenue stream  Document the operational systems that drive consistent patient experiences  Track where new patients come from instead of relying on assumptions about marketing performance  Build HR and sales processes that can function without constant owner involvement  Review key performance indicators over time instead of reacting to isolated monthly results  Automate repetitive processes when technology can improve consistency and reduce administrative burden  Assign clear ownership to major functions across the team  Pick an area that is creating friction, give it focused attention, and improve the process before moving on to the next one. A quarter spent strengthening one important function can be far more productive than trying to fix 10 things at the same time.  (00:07:54) Framework for expansion and exit  (00:10:25) Building enterprise value  (00:16:48) Thinking in scalable systems  (00:20:37) Managing revenue concentration risk  (00:24:44) Defining clean financial data and metrics  (00:37:20) Tying incentives to controllable actions  (00:42:51) Managing HR and sales processes  Your Financial Reports Should Help You Explain the Business  Clean financials are not just about accurate bookkeeping. You should be able to look at your reports, identify the major trends, and explain what is driving the numbers. A buyer will want to understand whether growth came from a stronger marketing cohort, a new provider, one unusually productive location, a change in treatment mix, or something else entirely. You should want that same clarity as the owner. Without it, you are making decisions based on a snapshot instead of understanding how the business is actually changing.  This is where trend analysis and a focused set of key performance indicators become useful. Track the metrics that help you make decisions, review them consistently, and stop collecting data simply because you can. More reporting does not automatically create better management.  The Team Has to Be Able to Carry More of the Business  Scaling exposes team issues that are easier to work around when the practice is smaller. Hiring, training, performance management, HR processes, and incentive plans all need more structure once the owner can no longer oversee every interaction. Pay particular attention to incentives. Employees should be rewarded for outcomes they can actually influence, with clear expectations and measurable responsibilities behind the plan.   As the practice matures, capable leaders, documented processes, reliable financials, and a team that can operate without constant owner involvement make the business easier to expand, easier for a buyer to evaluate, and less dependent on you. Follow Shannon & Keep What You Earn:   Shannon Weinstein is the founder of a fractional CFO firm specializing in helping 7-figure aesthetics and wellness practices scale with clarity, cash flow, and confidence.  Shannon is committed to helping med spa owners understand, fix, and maximize their business's enterprise value, offering actionable advice and resources, including a popular free video series specifically for aesthetics practice owners.  Connect with Shannon:  Fractional CFO Services and Executive Financial Review: https://www.keepwhatyouearn.com/  Connect with Shannon: https://www.linkedin.com/in/shannonweinstein  Watch full episodes: https://www.youtube.com/@KeepWhatYouEarn  Listen on your favorite podcast app: https://pod.link/1580071347  Instagram: https://www.instagram.com/shannonkweinstein/  The information shared is for educational purposes only and is not individualized financial advice. Aesthetics practice owners should consult a qualified professional before implementing financial strategies discussed here.  About Annie Robertson Hockey:  Annie Robertson Hockey is the President of Skytale Group, a boutique investment banking, management consulting, and private capital firm. Prior to Skytale, Annie co-founded and served as co-CEO of Column, a nationally chartered infrastructure bank, where she currently serves as an Advisor and Board Member. She previously worked at Bain & Company, Goldman Sachs, and was an early employee at several Silicon Valley startups. Annie graduated with honors from both Stanford University and the Stanford Graduate School of Business, where she was an Arjay Miller Scholar. She also serves on the board of a nonprofit focused on remediating youth economic inequality and advises the Stanford Technology Ventures Program and Stanford Women in Tech Entrepreneurship, supporting the development of female leaders.  Connect with Annie and Skytale Group:  Website: www.skytalegroup.com  Email: info@skytalegroup.com  Phone: (945) 235-7850

  6. Jul 14

    Combatting the Summer Slump: Mastering Inventory Management for Med Spa Cash Flow

    When cash flow gets tight, most practice owners look at revenue first. But one of the biggest drains on your cash may already be sitting on your shelves. Excess inventory doesn't just take up space—it ties up working capital, increases expiration risk, and quietly chips away at your margins.  In this episode, I break down why inventory management deserves more attention in your financial strategy and share practical ways to manage injectables, retail skincare, and consumables more effectively. Small changes in how you purchase, track, and replenish inventory can have a meaningful impact on your cash reserves and overall profitability.  Buying More Inventory Doesn't Always Save You Money  Bulk discounts can be tempting, but they're not always the best financial decision. Purchasing more product than you can realistically use may lower your cost per unit, but it also locks up cash that could be used for payroll, marketing, or other growth opportunities.  Inventory should support your practice—not compete with it for cash. Before placing a large order, consider your usage rate, seasonality, payment terms, and how quickly that inventory will actually generate revenue.  Every Product Category Needs a Different Strategy  Not all inventory should be managed the same way. Injectables, retail skincare, and everyday consumables each serve a different purpose in your practice and carry different levels of financial risk. Creating category-specific inventory strategies helps improve cash flow, reduce waste, and ensure you're investing in products that support both patient demand and long-term profitability.  Establish inventory par levels for injectables, retail skincare, and consumables  Track inventory turnover and usage by provider  Monitor expiration dates, shrinkage, spoilage, and waste  Assign one team member ownership of inventory reconciliation  Adjust purchasing based on seasonal demand instead of automatic reordering  Negotiate flexible payment terms with vendors whenever possible  Make sure every product on your shelves has a purpose. When you consistently monitor inventory levels and adjust purchasing decisions based on real usage, you free up cash, protect your margins, and create a more efficient operation.  04:00 Managing inventory responsibilities  07:31 Managing Inventory and Cash Flow  11:19 Tracking inventory and usage metrics  15:47 Upselling and Packaging Services  16:52 Managing inventory and pricing strategy Good Inventory Data Leads to Better Financial Decisions  Inventory counts should do more than confirm what's on the shelf. They should tell you how inventory is moving through the practice and whether it's contributing to healthy cash flow.  When you regularly review inventory tracking alongside your financial reports, it's much easier to identify underutilized inventory, margin loss, or products that aren't generating the return you expected. That visibility allows you to make adjustments before small issues become expensive ones.  Cash Should Keep Working for Your Business  As your med spa grows, inventory becomes more than an operational task—it becomes a strategic financial decision. Expanding locations, hiring providers, investing in new technology, or building cash reserves all require liquidity. Every dollar tied up in excess inventory is a dollar that can't be invested elsewhere.  Practices that scale successfully understand how to balance inventory levels with demand. They know what products generate revenue, what products move slowly, and when it's worth negotiating better payment terms instead of purchasing more inventory. Managing inventory with intention doesn't just protect margins—it creates the financial flexibility needed to grow with confidence.  Follow Shannon & Keep What You Earn:   Shannon Weinstein is the founder of a fractional CFO firm specializing in helping 7-figure aesthetics and wellness practices scale with clarity, cash flow, and confidence.  Shannon is committed to helping med spa owners understand, fix, and maximize their business's enterprise value, offering actionable advice and resources, including a popular free video series specifically for aesthetics practice owners.  Connect with Shannon:  Fractional CFO Services and Executive Financial Review: https://www.keepwhatyouearn.com/  Connect with Shannon: https://www.linkedin.com/in/shannonweinstein  Watch full episodes: https://www.youtube.com/@KeepWhatYouEarn  Listen on your favorite podcast app: https://pod.link/1580071347  Instagram: https://www.instagram.com/shannonkweinstein/  The information shared is for educational purposes only and is not individualized financial advice. Aesthetics practice owners should consult a qualified professional before implementing financial strategies discussed here.

  7. Jul 7

    Proven Strategies to Maximize Patient Value and Re-Engage Existing Clients in Your Aesthetics Practice

    It's easy to assume slow growth means you need more leads. In reality, many practices already have the patients, technology, and team needed to increase revenue—they just aren't using those resources consistently.  In this episode, I connect with Andrea Watkins, VP of Practice Growth at Studio 3 Marketing, to discuss how stronger systems, better follow-up strategies, and a more intentional patient experience can unlock growth without constantly increasing marketing spend. Sometimes the fastest path to practice growth starts by making better use of what's already in front of you. Stop Treating Every Patient Like a One-Time Visit  Every appointment should move the relationship forward. Whether that means introducing a treatment plan, discussing complementary services, or scheduling the next visit before the patient leaves, each interaction should create a clear next step.  When your med spa practice relies too heavily on individual appointments or a la carte services, you miss opportunities to improve patient outcomes and patient retention. Long-term treatment plans create a better experience for patients while increasing provider confidence, revenue growth, and loyalty over time.  Your Patient List Is One of Your Most Valuable Assets  Many practices spend significant time on lead generation while overlooking patients who already know, like, and trust them. Patient re-engagement campaigns, referral programs, EMR reporting tools, and CRM systems can all help reconnect with patients who are overdue for treatment or ready for their next service.  Build treatment plans instead of one-time services  Re-engage inactive patients through your EMR or CRM  Rebook appointments before patients leave the office  Introduce surgical patients to non-surgical treatments  Use referral programs to encourage patient advocacy  Train every team member to support the patient journey  These small improvements create a stronger patient experience while increasing retention, provider utilization, and long-term revenue. Growth doesn't always require more visibility. Sometimes it requires better visibility into your own database.  Build Systems That Support Accountability  Practice scaling depends on more than great providers. Every member of the team should understand their role in the patient journey, from lead management and scheduling to follow-up and patient education.  Clear expectations, staff training, and defined processes create consistency that benefits both patients and the practice. When responsibilities are shared instead of assumed, it becomes much easier to improve conversion rates, strengthen marketing attribution, and create a patient experience that builds trust.  Sustainable Growth Starts with Better Processes  Healthy practices don't rely on a single marketing campaign or one standout provider to drive results. They build repeatable systems that strengthen every stage of the customer journey—from the first inquiry to patient referrals, ongoing treatment plans, and long-term loyalty.  As your practice grows, those systems become the foundation for expanding locations, increasing revenue, and creating a more valuable business. Strong operations don't just improve today's performance—they make future growth much easier to sustain.  Follow Shannon & Keep What You Earn:   Shannon Weinstein is the founder of a fractional CFO firm specializing in helping 7-figure aesthetics and wellness practices scale with clarity, cash flow, and confidence.  Shannon is committed to helping med spa owners understand, fix, and maximize their business's enterprise value, offering actionable advice and resources, including a popular free video series specifically for aesthetics practice owners.  Connect with Shannon:  Fractional CFO Services and Executive Financial Review: https://www.keepwhatyouearn.com/  Connect with Shannon: https://www.linkedin.com/in/shannonweinstein  Watch full episodes: https://www.youtube.com/@KeepWhatYouEarn  Listen on your favorite podcast app: https://pod.link/1580071347  Instagram: https://www.instagram.com/shannonkweinstein/  The information shared is for educational purposes only and is not individualized financial advice. Aesthetics practice owners should consult a qualified professional before implementing financial strategies discussed here. About Andrea Watkins:   Andrea Watkins is the Vice President of Practice Growth at Studio 3, where she coaches plastic surgery and aesthetics teams on strengthening patient acquisition workflows and optimizing lead management systems to drive measurable growth. She has partnered with more than 100 practices nationwide - helping them capture and analyze lead and conversion data, streamline consultations and booking, and align staff training with business objectives.  Andrea's approach centers on turning data into action: equipping practices to improve patient intake, increase conversion rates, maximize marketing resources, and optimize the patient journey. Known for her directive yet approachable, non-salesy style, she empowers practice leaders and teams to enhance efficiency, boost profitability, and deliver an elevated patient experience in today's competitive market.  Connect with Andrea:  Studio 3 Marketing: https://www.studio3marketing.com/  Lead Loop: https://www.leadloop.io/

  8. Jun 30

    10 Things to Fix Before Your Med Spa Wastes Any More Money on Ads

    When growth slows down, the default response for many med spa owners is to spend more on marketing. The problem is that marketing rarely fixes operational issues, weak conversion rates, or poor retention. In many cases, it simply amplifies them.  Today, I walk through the ten metrics, systems, and financial strategies every practice should understand before investing another dollar into advertising. These are the foundational pieces that determine whether your marketing spend generates profitable growth—or simply becomes a more expensive way to create the same problems. More Leads Won't Fix a Broken Funnel  I often see med spa owners assume that growth just comes from generating more leads. But if leads aren't converting, marketing isn't the problem. Before increasing ad spend, understand your conversion rate, lead follow-up speed, and appointment capacity. If prospective patients aren't being contacted quickly, if inquiries aren't becoming consultations, or if your schedule can't support additional demand, more marketing only creates more inefficiency.   Growth becomes much easier when you improve what happens after a lead enters the system.  Marketing Decisions Should Be Driven by Financial Data  Every marketing strategy should start with understanding the numbers behind the business.  • Know your customer acquisition cost (CAC)  • Track your average client lifetime value (LTV)  • Understand which services produce the strongest profit margins  • Identify your most profitable lead sources  • Measure gross profit, not just revenue  • Monitor rebooking appointments and client retention  Without these financial vital signs, it's difficult to know whether a marketing campaign is actually creating value or simply generating activity. Retention Is Often More Valuable Than Acquisition  The fastest path to maximizing revenue isn't always finding new patients. Often, it's creating more value from the patients you already have.  Strong treatment plans, consistent rebooking, upselling services appropriately, and structured follow-up systems all improve lifetime value while reducing dependence on paid advertising. A patient who returns multiple times is significantly more valuable than a patient who visits once and disappears.  That's why the most effective marketing strategies don't stop at acquisition. They support the entire customer journey.  Stop Paying for Growth You Could Earn Organically  Many med spas overlook two of the most cost-effective growth tools available: clear positioning and a structured referral system. Patients are far more likely to refer friends and family when they understand what makes your practice different and consistently receive an exceptional experience. Referrals often represent the closest thing to zero-CAC growth available in a med spa business.  Before increasing your Google Ads budget or launching another campaign, make sure your offer is clear, your systems are working, and your referral network is active.  The practices that scale most efficiently aren't always the ones spending the most on marketing. They're the ones that understand their numbers, optimize their operations, and make data-driven decisions before adding more fuel to the fire.  Follow Shannon & Keep What You Earn:   Shannon Weinstein is the founder of a fractional CFO firm specializing in helping 7-figure aesthetics and wellness practices scale with clarity, cash flow, and confidence.  Shannon is committed to helping med spa owners understand, fix, and maximize their business's enterprise value, offering actionable advice and resources, including a popular free video series specifically for aesthetics practice owners.  Connect with Shannon:  Fractional CFO Services and Executive Financial Review: https://www.keepwhatyouearn.com/  Connect with Shannon: https://www.linkedin.com/in/shannonweinstein  Watch full episodes: https://www.youtube.com/@KeepWhatYouEarn  Listen on your favorite podcast app: https://pod.link/1580071347  Instagram: https://www.instagram.com/shannonkweinstein/   The information shared is for educational purposes only and is not individualized financial advice. Aesthetics practice owners should consult a qualified professional before implementing financial strategies discussed here.

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About

Keep What You Earn is the podcast for aesthetics and wellness practice owners who want to scale profitably and build a business that is actually worth something. Hosted by Shannon Weinstein, CPA and Fractional CFO, this show is designed for med spa owners generating $1–5M in revenue who are ready to move beyond reactive decision-making and into disciplined, strategic growth. If you're trying to break past the $2M ceiling, improve cash flow predictability, increase margins, open additional locations, or prepare your practice for a future sale, this podcast gives you the financial clarity to do it confidently. Each episode focuses on the financial building blocks that determine whether your practice scales smoothly or stalls under pressure, including pricing discipline, operating margin control, cash flow forecasting, customer lifetime value, and enterprise value planning. This isn't about more spreadsheets. It's about financial leadership. Whether you're preparing for expansion or positioning your practice to sell, Keep What You Earn helps you think like a CFO and operate like a CEO. [Disclaimer: Any opinions, recommendations, and tips offered on this podcast or other social media forums do not constitute individual tax or accounting advice. This content is designed to provide education and awareness about financial topics and responsibility for the benefit of the general public. Please consult a professional before implementing any of the suggestions made by Shannon or Keep What You Earn Co.]

Information

  • Creator
    Shannon Weinstein
  • Years Active
    2024 - 2026
  • Episodes
    863
  • Rating
    Explicit
  • Copyright
    © 2025 All rights reserved Fitnancial Solutions LLC dba Keep What You Earn Co.
  • Show Website
    Keep What You Earn