Pivoting to a shared economy

shared Pivoting to a economy Beauty professionals have all learnt a lot in 2020, having developed a survive or quit altogether mentality, writes LAUREN GIBSON. coping 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, C 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. A business pivot is used to describe changing a business after hardship and the need for a recovery or SOS plan. 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 networks and contacts that one Peer-to-peer interaction may not have leveraged before, A shared economy is typically due to the ‘personality of our described as a peer-to-peer interaction, Lauren Gibson has over 15 years’ experience in the industry’. whereby information, services and professional skincare

The beauty industry has this selfeven high-level strategy is shared industry, having been in centered personality in that we do among different businesses or people strategy and management for six years with Dermalogica. not leverage a shared economy for to ensure success and growth of the Gibson has since completed her PG fear of someone else stealing our whole, versus the individual. This allows Diploma in Management Practice clients, using our ideas, or copying the industry to stand together, versus with UCT GSB. laurenleigh.gibson@gmail.com our strategies. allowing the strong to thrive and the

described as a peer-to-peer interaction,whereby information, services andeven high-level strategy is shared among different businesses or peopleto ensure success and growth of thewhole, versus the individual. This allows the industry to stand together, versus allowing the strong to thrive and the