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Dare to Dream — And Dream BIG
April 4, 2021 | By Neil Ducoff | 4 Comments
Without question, leading your salon/spa through the pandemic tested your tenacity and leadership skills.
We all had to overcome one obstacle after another until some semblance of normalcy and stability was achieved.
In tough times, your focus and energy are on making it through today, tomorrow, and next week. Future dreams and aspirations have to wait. It’s called “survival mode” for a reason.
FACT: Survival mode can be a trap. If you stay in it too long you can get stuck in survival mode.
The pandemic turned “business as usual” upside down. Many salons and spas closed their doors. But the majority survived.
From the beginning of the pandemic, my message to owners was simple.
- Salons and spas that entered the pandemic with tight systems,
disciplined cultures, and cash reserves, will make it through relatively unscathed.
- Salons and spas that were struggling culturally and financially before the pandemic, may not survive.
Today, there are signs the worst of the pandemic is behind us. So much so, that it’s time to start dreaming again — and dream BIG.
Here are five reasons why it’s time to dream BIG:
- Snap out of survival mode: There’s nothing like a pandemic to make owners super cautious about making change and big decisions. Yes, COVID-19 rocked your boat and the last thing you want to do is rock it even more. A company moves at the pace of leadership. If you’re hunkered down, your team is hunkered down. KEY: The only way out of survival mode is to step into the unknown. Take some measured risks. Set new goals. Polish up your vision. A worthy challenge is exactly what it takes to get a team and a company moving again.
- Seize the moment: The best time to get a major jump on your
competition is while they’re stuck in survival mode. KEY: Be the first to make a bold move. Dust off those expansion and/or renovation plans that are gathering dust. Launch some kick-ass training initiatives. Flex your business muscle. Feel the burn. That’s what leading a business is all about.
- “Thank you” to two PPPs: I don’t know about you, but the last thing I ever expected was, not one, but two, forgivable loans. KEY: Because of PPP and EIDL, many salons and spas are sitting on more cash than ever. So much so, that some are afraid to touch it. Cash reserves are definitely “sleep good at night” money, but cash reserves are also fuel for growth. And before you pay off that EIDL loan, before the first payment is due, remember that a 3.75%, 30-year SBA loan with no personal guarantee is a pretty sweet deal. Be cautious … but use that cash to build a better future.
- Negotiating power: Landlords were hit hard by the pandemic. They’re looking to fill space. KEY: If you’ve been thinking about expanding, or moving, now may be the time to act to get better lease terms and concessions. Again, be cautious, calculated, and patient. Compared to building out empty space, taking over a closed salon/spa can save you big time. Do “what-if” cash-flow projections to see if the project can justify the investment. Remember, as the economy recovers, your negotiating power diminishes.
- It’s what entrepreneurs do: Entrepreneurs take risks. They see opportunities where others do not. They dream big. KEY: You can’t grow a company when it’s standing still. Employees with growth aspirations won’t stand still either. Getting through the pandemic was a major challenge. But as the economy emerges, growth opportunities present themselves. The question is, are you ready to take your foot off the brake and move forward?
Here’s my challenge to you: It’s time to look to the future.
- It’s time to challenge yourself.
- It’s time to inspire and challenge your team.
- It’s time to dream big again.
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