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It’s getting personal: When salon & spa owners aren’t taking a paycheck

March 22, 2012 | By nducoff | No Comments

paycheckWhen the owner of a salon or spa isn’t taking a paycheck, it’s more than business; it’s personal. When you’re feeling stuck and your debt is out of control, it may seem as though all is lost — it’s not!

Need a little encouragement? Start here:

  • Take some time and reconnect with your passion for the beauty industry and think about what your long-term goals are for your company.
  • Realize that there is a path to achieving your dream. You can do it by holding yourself accountable to doing the work, developing a sense of urgency for tasks and renewing your commitment to your business. It may not be easy, but it is very possible.
  • Learn the tools that you need to build strength and structure in your salon or spa.

 Here’s a quick to-do list:

  1. Face your financial reality, including current debt. Use your Balance Sheet and Profit & Loss Statement. Be honest!
  2. Make a plan. This is your Cash Flow with projections for revenues and expenses. Look for areas where you can cut expenses and maximize revenues. Develop specifics for each area so that all players know what needs to be done and how to do it.
  3. Share the urgency. Help your team understand why changes need to be made and how they fit in.
  4. Celebrate small wins. It can be daunting to look at the “big number.” Set goals along the way and celebrate their achievement with your team. Keep it positive. Regroup when goals aren’t met, then set new goals. It’s a process.
  5. Get help. A professional coach can help hold you accountable to your goals and offer a “safe space” for discussing fears, realities and strategies.
  6. Believe in yourself. You can build an amazing, enduring company.

What steps are you taking to achieve a better financial future?

Categories: Compensation , Financial Literacy

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