We need to take the base line up a notch as a business and as an industry. I believe you will need to have an outstanding business to be confident in today’s climate and going forward in 2021. 

Three things that I have observed is that at the foundation of every business there needs to be three core Principles. Beauty businesses that had these positioned themselves so they can continue to thrive. What I observed some clinic and spa owners deliver in these times were the same three things we also keep front of mind at ZING. Time Team and Money ….and also in that order.
• TIME -a Business as usual mindset
• TEAM – Community in both team and tribe
• MONEY – rainy day Money in the bank 

Those that have these three things at the core not only survive they are able to pivot and thrive. 

TIME – Business as usual 
Things got weird there for a while in 2020 and the uncertainty of business was at an all-time high. This flushed out two types of thinking. The first is probably the most common and it goes a bit like this “OMG this is shit, this not right, this is not fair, how do they expect me to do A B and C I can’t and here are forty reasons why. It actually caused people to literally freeze. 

The other was quite the opposite, it was more along the lines of OK let’s get a plan together so that we are all in sync. Clearly, we can’t X but what about if we did X instead, I am sure that will work or at least worth a try. To make sure we are hitting the mark let’s ask our most frequent, top spending and loyal clients and that way we get the clarity we need. Let’s put a few questions together and compile the answers. My aim is
to gather enough intel first so that we can accurately support our clients though this time of shut down, this line of thinking is what I witnessed working repeatedly. 

TEAM -Community in both team and tribe 
When times are tough, and the waters are muddy is when good leaders shine. It’s also when leaders see greatness in their people. 2020 was a year like no other and COVID 19 happened to everyone in some shape or form at the exact same time. We all experienced it completely differently. How the pandemic played out in your salon or clinic depended on the communication that was there when the lights went out. Although the global pandemic kept people apart, in so many ways the great clinics and spas felt more together and connected than ever. 

Covid didn’t change anyone, it simply magnified who you already were. If you had kindness at the core of you that shone through, if you were a person quick to blame, then you had a reason to blame everywhere and everyone. Whatever you are was just magnified. If you cared about the people in your team those you are leading then you took one more step and led in a time when most stood still, nobody knew the answers. People need people and so ISO in my opinion was a very difficult time more so if you have you own issues like either mental or physical health or unfortunately both. People who cared were kind and showed compassion towards a wider range of their community. I really did see some bright stars amongst the clinics we care for. 

MONEY – Rainy day money in the bank 
I wouldn’t be the first to say that money can’t buy happiness, however what I will say is what money does gives you is the option to choose. Money also buys you some time.
Time to pause, to think, to regroup and time to get your shit together. At some point we will all be faced with sticky situations and life not going to plan, that’s when money buys your time, this time is what we all need time is a luxury most don’t have, and all adds to the stress of business. The financial wolves will come knocking, so the more time you have to get your shit together the less uncertainty you feel, the lower your stress will be. 

When your head is full of uncertainty, it’s difficult to take in anything new. Children who come to school who have a happy family do 10 times better than those living in an uncertain environment. Money in the bank will give you a fighting chance to keep going and to sort out what life throws at you. Being able to dip into a cash reserves will propel you forward when you have no idea what lies ahead. We all feel like throwing the towel in from time to time but knowing you have some back up money gives you piece of mind. 

Aim for three months of trading in your bank account is ideal, if your expenses/break even figure for one week is $12,300 you need to be able to get your hands on 13 times that at short notice. That is $159,900. Having that figure sitting in redraw against a loan would be ideal. Have it and you won’t ever need it. Living close to the wire is adding to your stress level and shortening your life span. 

Remember your vision in good times and bad, connect with your tribe both your team and your clients and build a financial buffer and you will be around to go another round of whatever life throws at you.

This article first appeared in the January/February issue of Professional Beauty magazine. Download the issue here.

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