Small Business Center
By Neil Ducoff, Strategies
Owning a salon or spa will always have good days and bad days. Heck, work in general has good and bad days.
Good days are when everything is running like clockwork, employees are productive and playing nicely together, critical numbers look great and revenues are driving profit and cash reserves. Translation: Business is fun and fulfilling. Whatever stress exists, it doesn’t get in your way.
Bad days are when problems are piling up, employees are driving you crazy, your critical numbers are scary, profit has left the building and cash reserves dried up long ago. Translation: You feel stressed, beaten u, and sometimes even defeated. The stress has you questioning if it’s all worth it.
So, what’s the secret to getting and staying in love with your salon or spa? If 2020 taught owners anything, it was how much more leadership, making tough decisions, financial control and culture development it takes for a business to thrive and endure.
Leadership: There is no set-it-and-forget-it in leadership. Leaders plot the course with their vision. They inspire employees to take the journey with them to achieve that vision. They lead them through the tough times and celebrate the victories large and small. They demonstrate accountability, commitment, transparency and trust every day. Key: Leadership is all about doing the work to build something special by helping others achieve their full potential. Love is an outcome leaders earn.
Making tough decisions: Things go sideways in business. Great ideas can become disasters. Money can get excruciatingly tight. An employee with a bad attitude can infect other employees. Key: No one loves making tough decisions. But making tough decisions sooner than later is the only way to overcome challenges. And the sooner you overcome challenges, the more you love being an owner.
Financial control: Who the heck loves budgets, profit and loss statements and balance sheets? Budgets require planning and discipline. P&Ls and balance sheets are nothing more than scorecards. Key: Savvy owners know that the discipline to live a cash flow plan and stay on budget is key to creating P&Ls and balance sheets that make you love being an owner. A healthy business is easy to stay in love with.
Culture development: Your company’s culture represents the spirit, life and heartbeat of your salon or spa. Culture is about everyone pulling in the same direction, shared values, pride, loyalty, achievement and extraordinary opportunities. KEY: Most owners underestimate what it takes to create a dynamic, team-based culture. In the most profound way, culture is a leader’s highest purpose. Culture is the key to achievement, sustainability and opportunity. A great culture earns more than admiration; it earns the love of owners and employees alike.
If you already love your company, congratulations. You understand the power of the four nonnegotiables listed above. If you fell out of love with your salon or spa, you know who holds the keys to reigniting that love beyond your wildest dreams.
This article was originally published at www.strategies.com.