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How does your salon/spa grow?
September 22, 2010 | By Bruce Hourigan | No Comments
Growth is a topic on the minds of most owners and managers. Bigger isn’t always better, however. Growth needs to be profitable in order for a business to be successful. And being a big company isn’t necessarily the right goal for every entrepreneur.
As you plan for the New Year, keep these tips in mind to help clarify your goals for the growth of your business.
- Know your vision and follow it. Sure, it sounds basic. But many owners are vague on exactly where they want their companies to go. Ask their missions, and they respond, “To be the best salon,” or “To offer our spa clients a special experience.” Truly know what your vision is and decide what path you need to take to achieve that.
- Understand the numbers. Numbers may not be the most glamorous part of being a business owner. The truth is you won’t know if you’re on track to profitability if you don’t know where you stand financially. Even if you have a bookkeeper or financial officer, understand what the numbers mean – both now and in the future. How else will you know if you can afford to achieve your vision?
- Hire people as passionate as you are. Some hard skills are relatively easy to teach, but your staff either shares your passion for your vision, or they don’t. And if your staff doesn’t understand where the company is going and where they fit in, well, why not? It’s your job to communicate that and to ignite that passion in each employee. Don’t hire people who are content with the status quo. Look for people who can share your dreams and help you achieve them. Don’t forget to reward them along the way.
- Know what kind of sacrifices you are willing to make. Every business requires sacrifice along the way. Be aware of which ones you’re willing to undertake. It’s OK if you don’t want to give up all your free time or invest every penny in the business. There’s not one right way to grow. Just be honest with yourself.
- Plan for profitable growth. You won’t grow profitably if you don’t plan for it. How will your expenses change as you grow? Will you need more staff? A larger space? More equipment? Put it all on paper and see how it fits in with your vision. If it doesn’t, rework the plan.
Wanting to grow is a natural part of being an entrepreneur. Being the biggest isn’t the only goal. Make sure that your long-term goals are realistic and fit in with your values and overall life plan. While your business can be all-consuming at times, it is just one part of the puzzle that helps you form a balanced life.
Ready to dig in and get ready for 2011? Register today for the Strategies 2011 Salon/Spa Game-Planning Retreat.
Categories: Business Builders