Business Tips
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shared economy Pivoting to a
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oping with the fallout of the COVID-19 lockdown and pandemic has forced us to learn how to adapt and how to deal with the hand dealt to us. This year has seen some people develop a skillset and shine through, while for others, 2020 has caused anxiety and confusion. Typically, a business pivot is used to describe changing a business after hardship and the need for a recovery or SOS plan. However, the pivot I am referring to is the ability to stop, rethink, refocus and change up your offering very quickly to speak to the current demand and ascertain what is possible in unusual circumstances.
Leveraging resources Pivoting towards the above often means leveraging resources, networks and contacts that one may not have leveraged before, due to the ‘personality of our industry’. The beauty industry has this selfcentered personality in that we do not leverage a shared economy for fear of someone else stealing our clients, using our ideas, or copying our strategies.
Beauty professionals have all learnt a lot in 2020, having developed a survive or quit altogether mentality, writes LAUREN GIBSON.
A business pivot is used to describe changing a business after hardship and the need for a recovery or SOS plan. But we forget the most important aspect of our industry – we provide a service and it is the customer who always decides. They decide who to go to for treatments (so your salon needs the best therapists); which brand to use for their beauty concerns (so you need a variety of brands to attract different consumers); and whether or not they return (so you need the best customer service in the business). Our job is to offer the best value to the customer, so that they do not have to choose someone else.
Peer-to-peer interaction A shared economy is typically described as a peer-to-peer interaction, whereby information, services and even high-level strategy is shared among different businesses or people to ensure success and growth of the whole, versus the individual. This allows the industry to stand together, versus allowing the strong to thrive and the
weak to simmer off. Not only does this allow more creative ideas, but a sharing economy allows one to save costs and lower your carbon footprint.
Examples Some Ideas of a shared economy in our industry could be the following: Brands coming together to brainstorm ways to support salon owners in hard times. Different salon owners coming together and merging their salons under one roof while trading as two separate businesses (this saves expenses and allows referrals if one therapist is busy). Opening a shared supplier account (for brands or equipment) to lower costs and expenses. Enjoy the pivot and embrace the shared economy. No-one likes to change but right now it’s the only thing that remains constant. PB
Lauren Gibson has over 15 years’ experience in the professional skincare industry, having been in strategy and management for six years with Dermalogica. Gibson has since completed her PG Diploma in Management Practice with UCT GSB. laurenleigh.gibson@gmail.com
online @ probeauty.co.za
