Weathering the Financial Storm
The worrisome state of the economy and increasing number of consumers wary to spend may be creating jitters for business owners, but Neil Ducoff, founder and CEO of Strategies, says that preparing for rough patches can help your business sail unscathed through a financial storm. Here, Ducoff offers a few must-dos to ensure that your business stays afloat.
STOP SPENDING ON THE "NICE TO HAVES." Only buy the "gotta haves."
ESTABLISH SYSTEMS, SCRIPTS AND EXECUTION METHODS THAT CAN HELP GENERATE RESULTS. For example, instead of asking clients if they would like to book their next appointment at checkout, go ahead and offer them an available day and time suitable to their haircare needs.
STOP FLYING FINANCIALLY BLIND. "If you can't understand what your financial reports are telling you, or you don't have a cash-flow plan," Ducoff says, "now's the time to learn."
MAKE EVERY TEAM MEMBER RESPONSIBLE FOR EVERY HOUR AVAILABLE FOR SALE. Having unsold hours in any column on the appointment book hurts everyone.
BE A NO-COMPROMISE LEADER. Hold yourself and others to task. Hoard cash in a cash-reserve account. "It's sleep-good-at-night money," Ducoff says. —C.W.
For information on Strategies salon and spa coaching services, visit strategies.com.