The coronavirus came out of nowhere and put the world on its head, spinning.

With fingers crossed and prayers up, we all anticipated it to get better sooner than later.

Many of us were blind to the buzz circulating.

We were dumbfounded how something we’ve never heard of before could close businesses indefinitely, disrupting finances overnight.

Like an unexpected storm, this pandemic didn’t just affect some of us, it shook us all and rocked our entire world.

Whether living paycheck to paycheck, service to service or with reserves in the bank, in an instant it was gone.

Some are still in the same boat.

Grasping for straws trying to scramble our lives back to normal and a financial security we once had comfort in.

We’re literally back to square one.

Forced to operate business with no business.

Discovering new ways of generating income, praying to God everything we try works because no matter what happens, the show must go on. Rent never stops and bills are still due.

So what’s next?

As beauty industry professionals, it’s imperative we take advantage of the perfect opportunity to do personal inventory and conduct a checklist for our business and its current practices.

black-colour-pencil-with-outline-to-end-point-on-white-paper-ideas-picture-id1148751496.jpg

We’ve got to ask a question we can’t ignore:

Where is there room for growth?

Long haul questions.

Once the ban is lifted on Salons and Independent Stylists, if we continue business as usual in ways we always have, will we be more successful or grow stagnant and miss opportunities?

How have we re-adjusted our business operations while being shutdown?

Have we missed opportunities to grow our business while not in business?

How will our businesses survive another pandemic?

Is there a plan in place to keep your business disaster-proof?

Be honest and ask yourself:

Are you waiting to see what happens after you re-open or are you making proactive steps now to start back strong and make your business better than before?

When business resumes, will you wait and see what happens financially or do you have strategies in place to grow your business and keep it flourishing year after year?

“Failing to plan for the future creates a successful disaster.”

During a coaching session a few years ago, a business mentor of mine asked questions that changed everything for me:

“Why did you start your business?

To buy a job, or own a business?

Could you pick up your phone today and say to whomever answered, “You guys look after things. I’m taking 3 months off.”

If the answer is no, you own a job. Not a business.”

Truth is, many of us are learning the hard way as we stumble through entrepreneurship.

NEWSFLASH:

It started in beauty school.

We were groomed to be technicians, not business owners!

With no business or action plan in place, some of us are figuring it out as we go, with some wins along the way but huge losses as well.

Stuck on autopilot. Business as usual. Operating our business like technicians behind the chair, not business owners.

There’s a big difference.

We’re all familiar with the famous quote:

“If I would’ve known then what I know now, I’d be so much farther along.”

Guess what?

You can still make up for lost time.

During this shutdown and forced “pause”, you can still reinvent and redevelop your business with operations in place to be more successful than you could’ve ever imagined.

“Have systems in place to run your business smarter and not harder.”

Hard core truths:

Starving your business of the time it takes to build and grow will always prove to be detrimental to your business.

If you never take the time to work on your business, your business will never grow or prosper.

You’ll repeat dangerous cycles, turning passions into tiresome jobs while your business never reaches its full potential.

Back to a point made earlier:

We were groomed to be technicians, not business owners.

Many of us have never been taught or formally introduced to authentic business ownership, codes of ethics and successful operations.

We’re operating our business like hobbies, not businesses.

Mistakes we’re making.

Having no idea what our business is doing financially because we fail to do a complete financial data analysis of our business.

Being clueless of profit margins because we keep inaccurate financial records.

Equating success with “good days” without knowing the four levels of profit margins.

Not charging what we’re worth because we don’t know our worth as a result of the first three mistakes listed above.

Fearful pricing because we’re afraid to lose clients.

“Flea Market Pricing” because currently, our industry is all over the place with pricing. Pulling numbers out of the sky as we go with zero accuracy.

Losing clients because of missed opportunities and lackluster customer service.

Refusing to adapt, re-invent and change because we’re afraid to.

Simply put, we keep making wrong turns.

Losing instead of winning.

Turn on the lights.

Doing an accurate business analysis takes time, consistency and diligence.

It’s the opportunity to learn hard truths and develop successful plans of action.

Let’s explore what that means.

Do the numbers.

There are four levels of profit.

Gross profit, operating profit, pre-tax profit and net profit.

A company’s income statement reflects that in these ways:

Phase one.

A company generates sales revenue.

Phase two.

The business deducts taxes and the cost of doing business or a service.

Phase three.

What’s left is net profit, your profit margin.

Let’s go deeper.

What’s your conversion rate?

As potential guests hear about you and your services, who becomes a client?

Are you retaining clients long term?

How many transactions are you doing daily?

Where are your missed opportunities?

What action plan do you have for consistent successful business operations?

What are your average sales transactions?

What plan do you have in place to turn a single transaction into more?

Where’s your digital footprint?

“A growing stylist sees on average 7 new referrals a month and 78% of consumers trust an online review more than reviews from friends or family. Word of mouth goes viral.”

How can potential clients learn more about you beyond social media?

Is your digital footprint set up for success?

When was the last time your site had a refresh?

Is your site user friendly, visually stimulating and informative?

How does your website generate more business?

Can clients and new guests navigate to your social media channels from your website?

Identify your brand.

“A brand is more than a logo.”

A brand is your reputation. It identifies who you are and what your business is.

It’s the integrity and moral compass of your business. It’s what people say about you and how they remember you.

What is your brand story?

What are you known for?

What’s your trademark?

What’s your salon culture?

Does your salon culture promote and reflect your brand?

How’s your social life?

Today an average American spends about 10 hours a day consuming content.

That number rises yearly and there is a threshold to the amount of attention we’ll be able to devote to content.

This challenges our marketing ability to effectively get messages through to audiences and potential new clients.

Almost like finding a needle in a haystack.