Boosting Your Business After The Pandemic
Luck happens when opportunity meets preparation.
Economic downturns bring both challenges and opportunities. Deal with the challenges now so you can move forward to finding opportunities.
Here are the steps to being ready and significantly boosting your business post pandemic:
Focus your efforts towards recovery.
2021 is a different world now. No matter what you had planned for your business – it probably needs to change. Be ready to adapt and accept these changes. Every time there are massive universal shifts, there are also golden opportunities. You need to be looking for the opportunities right now.
Honestly assess your current financial situation.
Now is the time to think about where to reduce your salon’s running costs. Get your financial housekeeping in order, so you’ll be a lot more focused on the numbers when business goes back to normal. You’ll also have a very clear understanding of how much money is required to get your salon back on track financially:
- List out your monthly expenses: rent, utilities, payroll, insurance, purchasing products, loan payments, taxes, and other regular expenses.
- Write down intermittent expenses: equipment purchases, annual training classes, or your yearly holiday party.
- Estimate your monthly income: keep in mind it may vary month-to-month depending on the season.
Identify any support or assistance you may be entitled to.
Remember that “cash is king” so secure your credit and extra cash now to sustain your business. You may need an extension of credit to be able to fund your business during this time, if you have overextended yourself. Contact suppliers and finance companies you have agreements with and try to renegotiate terms if necessary.
Keep your team fully informed.
Your team morale will likely be down with all the uncertainty, so you must communicate with your team members regularly. Be transparent, open and loving. Everybody in the business has to believe their livelihood is based on the quality of the services they deliver and products you are selling.
Set priorities, timelines and recovery operations.
Start reflecting on your salon’s financial potential in relation to occupancy and productivity. Allocate time to identify where your business could be doing better. Have long term recovery plans ready to ensure all those clients you’re expecting are impressed with your salon, guaranteeing you a steady financial recovery path.
Ensure clients are made aware of your re-opening.
Shift your marketing to showing interest and support in your clients. Stay on their radar to make sure they haven’t forgotten about you. Be forefront in their mind. Reach out to them in kind and sincere messages and texts. Check in with them.
Ensure suppliers are made aware of your recovery process.
Factor your suppliers into your recovery plan. They may be very willing to assist with brand events and promotions.
Analyze the potential demand for your services and products post crisis.
Review your client’s individual history and have a tailor made plan ready to present and sell to them. Plan to have adequate resources (staff, finances, stock) to bring the business up to normal operating levels.
Changing times help salon owners to explore the structures within their business and more importantly, how they will secure new business in the future.
Clients will want your salon to return to business as usual as quickly as possible, so let’s get this show on the road!
Book your FREE strategy session with me to quickly boost your salon business today!
