Babak Moini - 'The global economical crisis & it's impact on aesthetics' #185

Episode 185 hosts Babak Moini, co-founder of Laser Clinics Australia. Babak previously joined us back in episodes 45 and 59, where he shared his story and his predictions for what the COVID-crisis would mean for aesthetic businesses.  Two years on, we reflect on the post-COVID era and the current as well as predicted global economic crisis that is looming. We explore:  Babak's current view of the Australian aesthetic market Some of the key trends that have emerged since our last podcast We then discuss the financial issues including: Whether the predictions he made in April 2020 were right, wrong or are simply delayed and still going to happen  The post-COVID demand for injectables and what this showed about the resilience of the market What our governments did to cope during COVID and the hang over effects of these including: - stimulus payments and printing money to fund it - borrowing more money, increasing national debt - the effect of lockdowns & stimulus payments on the labour force - why this has caused hyperinflation, climbing interest rates and the implications of these problems We then brainstorm some countermeasures that clinics can take including: How to audit your business and better understand your margins and profitability How to improve cash flow How to negotiate with suppliers Managing debt    SUPPORT THE PODCAST: If you enjoy listening to IA every week and would like to help support the podcast in a small way, we have a simple donation option: Buy us a coffee   IA PATREON: Did you know that we have an online injectable education and business mentoring service called IA Patreon? Get access to the following benefits: - Access to five main IA Whatsapp groups (General, Injectables, Skin & Devices, Business & Regenerative Aesthetics)  + three country specific groups (Australia, USA and UK) - Weekly IA Injectable Hints & Tips (Patient assessments, injecting videos & other injectable education) - NEW! Weekly Instagram Hints & Tips (Optimise your profile, content planning, how to use Instagram features, etc) - IA Business Hints & Tips (Videos of business hints and experiences) - IA Business Insights (Zoom recordings of David doing business coaching with our IA Patrons) - IA Zoom sessions (Bimonthly Zoom sessions focussing on injectable & business topics) - Access to our IA Library (Clinical papers, books & other resources) - Re-watch 8 x IA Webinars (Recorded in the pandemic with global experts)   IA Patrons can also access: Business mentoring opportunities with David (additional cost, limited slots) Shadowing opportunities in clinic with Dr Jake (additional cost, limited slots)   CONTACT INFORMATION: Subscribe to IA on Apple Podcasts Subscribe to IA on Spotify   Other IA links: Follow IA on Instagram Sign up as an IA Patron Visit the IA website  Contact IA Apply to be a guest on IA Dr Jake Sloane: Follow Dr Jake on Instagram  Dr Jake's website David Segal: Follow David on Instagram Our guest: Follow Babak on Instagram