The first year in the salon business is tough. I know, I’ve been there! But let me tell you now, its gets even tougher in Year 2 and Year 3 unless you keep reassessing key elements for opening and running a successful business.
It is my belief that to truly own a successfully growing business there are two key questions you should be asking yourself every morning:
- Where do I want my company to be one year from now?
- What do I want to achieve?
Smart Business builders consistently challenge themselves on these two issues. Reassessing, revaluating and establishing reachable and measurable goals in advance. Those in business who don’t? Well they could possibly end up in the Cemetery of Failed Businesses!
But that’s not going to happen to you, right!
So with that in mind, let’s revisit four of the Key Elements and start them from the beginning of Year 2 in Business:
Look at your first year vision plan. How does it compare with what you originally forecast for the 12 months that have passed? What needs to be changed, developed or scrapped completely? Involve all the team in the development and establishment of a company vision for the future. Work together in developing a new One-Year Vision Plan.
Be bold and think about a 2 year then 3 year vision plan as well. Don’t be scared to commit to paper the vision you and the team share, anything can and should be changed if it no longer “fits” within the growth of the company.
The team need to be heard, understood and respected to ensure 100% commitment towards the vision.
Goals need to be mutually acceptable to all to be attainable. With this in mind, the next step is to clearly communicate to the team exactly what needs to happen on an individual and team level. Everyone should know their targets, their skill levels and when and how to discuss current and future performance. The team should also be consistently empowered to take ownership of their own destiny and be aware of how positive outcomes will benefit themselves and the company.
Communicating and mutually understanding specific goals with in an agreed time frame will ensure attainment of goals and targets will be more easily achieved. Results of a ‘meta-analysis’ recently published by Forbes shows that the establishment of “specific goals” result in significantly higher performance than the setting of general goals.
Take a new look. So many people I know in business use a business plan to gain funds then after that never give it a second though! Your business plan is a plan! And for that reason needs to be reviewed regularly. By doing this you can also link this into the next element which is…
Is it time to think about some expansion within the salon? Currently there is a lot of support available from Government-backed incentives offering support to established business that wish to expand, so maybe you need to do some research.
Finally, have a Plan B.: Even with your best efforts, you won’t reach every goal. Knowing this, allows for some variation in your plans. There should always be an alternative that addresses unexpected challenges or opportunities that are beyond your control.
Above all, don’t beat yourself up on every small mistake you make! Being in business is all a learning curve and everybody makes a slip-up from time to time. Be kind to yourself and learn to reward yourself when you do something well!