7 Tips To Help Your Business Thrive, Not Just Survive

By Tamara Reid, Head of Brand at Timely Business Management Software

I’m sure you’ve heard the old saying ‘survival of the fittest’ when it comes to the animal kingdom, but it feels quite fitting to apply that same saying when you’re faced entering the third year of a global pandemic running a business in the beauty industry.

So, how do you become the fittest and rather than living off the land to survive, ensure that you, your team, and your business thrives? We checked in with Deb Farnworth-Wood, an awardwinning serial entrepreneur, boss-lady, founder of the world-leading medi-aesthetic franchise Australian Skin Clinics and now Director of Issada Mineral Cosmetics and Skincare.

1. Make sure your prices meet the real costs of your business

“During this time, it’s important to analyse every treatment cost – including consumables, room overheads, and staff costs – and make sure what you’re charging gives you enough profit”, says Deb You should make use of your insights and reports, and look at what you’re losing by: ●Unproductive staff ●Free treatments ●Reworks ●Overuse of products All of these things will erode your profits in a time where every dollar counts.

2. Consider the rent you pay – is it still feasible?

When it comes to renegotiating your lease, Deb shares that there’s probably no better time than now. ‘Landlords won’t want lots of empty shops post COVID. If you do want to renegotiate your rent, be prepared and do the research on your area and flag any other rent decreases that businesses may have been getting around you.’

3. Look objectively at your marketing spend

Have an honest conversation with yourself and ask questions like; Is it giving you a return on investment? Are you retaining clients that come through your door? Do your staff understand that it costs money to acquire a new client and that if they don’t manage that first contact like a pro it’s money down the drain? Your clients already know what you do, what your services cost, and will most likely have asked Google (and their friends, if they were referred to your business) about you too. So, the only thing you have to do at that first meeting is;

●Demonstrate your professionalism and knowledge

●Present a great salon/clinic that’s clean and appropriate for the treatments you provide

●Build a rapport with the client, get them to like you!

4. Adapt your ways of working

Over time, ways of working change, even when there are written systems you’ve been following for a while. Are staff following your processes or are they cutting corners? According to Deb, this can lead to lost sales opportunities and reduced client satisfaction, so ‘be sure to look into the systems you use and whether they’re still right for your staff and your business’.

5. Keep an eye on the important business stats

‘Monitor your rebooking rates, client retention, and staff booking rates, every day!’ You can use this information to see where you might need to make some changes. Are rebooking rates low, or are clients forgetting to turn up? Try setting up SMS Rebooking and appointment reminders and make use of the other great SMS messages for your business. ‘If your client retention is low, look at your consultation process and consider how you can provide a better experience for your clients, to keep them coming back’, shares Deb.

6. Make sure your staff job descriptions contain performance measures

“It’s not enough to say, “provide excellent customer service and treatments” to your staff; we need more detailed measurement capability, such as individual staff rebooking rates, expected hourly productivity, expected booking %, and financial targets.”

7. Most importantly, you need to get your staff on board

How you present the feedback to your staff, together with training and support, will have a big impact on their job satisfaction and performance. Each staff member will have different strengths, so make sure you take the time to work with each one to set performance, and even career goals.