WAX!T receives strategic advice from UPEI business students

WAX!T, Prince Edward Island's only walk-in aesthetic service provider and waxing studio was UPEI's sponsor for Business 391: Strategic Management's annual case presentation. Each year, UPEI's School of Business recruits a sponsor who will allow students to develop a strategic plan for the future of their business.

'There's no better learning opportunity for students than to be able to work with, and analyze a real company and develop a strategic plan for that company,' said Juergen Krause, associate professor and director of UPEI's Centre for Health and Biotech Management Research. 'This is a win-win scenario as the sponsor gets various proposals and approaches on strategic issues from creative minds, and the students have the privilege of working with a local company to apply the knowledge acquired in class to a real-life setting.'

Based on scores from a previous class case, three student teams-'The Strategizers,' 'French Connection Consulting,' and 'Les Braqueuses'-were selected for this competition and to present their projects to Nicole Mead, owner and operator of WAX!T on November 28.

Mead was impressed with the teams' recommendations and hopes they feel empowered seeing their hard work and strategic advice put into action. 'Each team exceeded my expectations. They thought outside the box and recommended some very interesting strategies that I hope to implement in the future,' said Mead. 'This opportunity was truly priceless to me. I now have the options, knowledge, and tools to choose how to successfully grow my business in the most efficient way possible.'

WAX!T presented the winning prize of $1,000 to 'Les Braqueuses' for their innovative and thorough approach to the business case. The team consisting of Megan Hood, Marie Racouet, Julie Verrier, Mathilde Vivar, and Arenda Westerkamp provided an excellent analysis of the current business, as well as the future potential, including options for operations management, and a financial, human resource, and growth strategy accompanied by a respective implementation plan. The second prize of $500 was awarded to 'French Connection Consulting.'

'What we loved about working with a real company is that you can't base your recommendations on ideal situations-you have to make your strategy practical and realistic for the company based on its current position, resources, and capabilities,' said team member Megan Hood. 'It's really gratifying to create a practical strategic plan that a business can use immediately. An experience like this really bridges the gap between the textbook and real-world application.'