Top 10 business survival and success tips
The massive advantage we have in the health/hair/beauty/spa/wellness industry is in general it's still proving to be a billion pound empire that keeps growing and growing and in order to be part of that success you need to ensure the key fundamentals are truly in place for your business.
1. Target market
Have you identified and truly tapped into what your target market is? What are you trying to accomplish with each and every client that walks through your door? What is your USP - 'UNIQUE SELLING POINT'? What sets you apart from the competition? This is key to reaching the right clientele for you. Make sure your menu is completely catered for the correct market you are targeting; you have to be able to wet the appetite of the clientele you are trying to reach.
2. Staff Mix
You can have the most beautiful and exciting business in the world but without the right staff in place you might as well closed your doors now! Be very careful in your selection of staff. Don't hire under pressure to cater for the growth of your business, plan first, hire first and grow. 2nd, hiring under pressure will 90% of the time leave you with problems. Generally due to panic mode we choose the wrong candidate for the role; which can not only cost you financially in the long run; it's now taken double the time and effort to find the right candidate. Plan, plan and plan!
3. Business & Financial Objectives
Have you identified financially where you need to be and how you plan on reaching this goal? Are you expecting business to come to you? It doesn't work that way, you need to have a proactive strategy in place that will not only hold you accountable to follow through, it will hold your team accountable and show them what a difference their presence will make to the success of the business.
4. Target Key Revenue Centers
This is crucial! It's imperative you identify what area generates the most revenue for the business and put all of your attention on this first. Once you've managed to get this running like a well oiled machine you can put your focus on the smaller areas that will generate incremental revenue for you but you must take a step back in order to identify the areas of opportunity you have within first. Don't look at your business as a whole and expect your surroundings, your name, your reputation to carry itself... If you do, you'll fail! If you are smart you will take all of those key carrots and use them to your full advantage when driving your business.
5. Marketing Strategy
You don't have to spend a small fortune on advertising to make your business a success. The amount of clients needed to see the benefits of the ROI 'Return on investment' is generally extortionate, therefore it's normally only the larger corporations that can manage to do this but with today's smart online marketing networks such as Facebook, Twitter, Linkedin etc you can truly make a difference at a fraction of the cost. We forget we have a client database also that you can tap into easily, through email marketing or going the extra mile and sending personal notes with personal discounts, the special touch! There are lots of ways to do this, whether you have a weekly/monthly promotion! Just make sure you make it exciting!
6. Captive Audience
A lot of businesses tend to focus on generating new clients as opposed to focusing on your existing clientele. Your clients should be valued higher than gold due to the fact they can make or break you. Have you ever considered asking them what they would like to see happen in your business? What additional amenities they would like to see, or services they would like to be offered? What rewards could be given to them for their patronage? A referred client is the best thank you any business can get; it means someone is so happy with the service you provided they chose to tell their friends and family about it! Set up a referral program if you can, it will work!
7. Value Added Services & Discounts
Most businesses today are reluctant to discount the price on services. What you need to look at questioning is whether a discounted service is better than 'No SERVICE'. Be smart in your approach to this and always ensure your costs are covered up front still i.e. staff, product etc. A fantastic way of offering value for money is adding additional things to your existing service offerings free of charge. We all want something for nothing; it makes us feel good and believe it or not entices us to spend more so look out for where you can upgrade your services and offer your clients more value for their money. Be sure to offer coupons within your referral program where you can; it also allows you a way to track each promotion you cover.
8. Room Maximisation
Once you've managed to look at all areas of your business you seriously need to look at the maximisation of each revenue center. Are you staffing accordingly or do you have dead space within your business that could be generating you more revenue? We don't necessarily need to hire full time staff to make this work, you can look at part timers and also look into the possibility of introducing a specialised person once a month i.e. brow threading workshops etc. Something that will generate revenue AND allow you another new thing to market to your existing clientele.
Not every business is focused on retail products but should be. Once a client purchases a product from your business, 90% of the time they will return to either replenish or introduce another product to the beauty regime. I'm not necessarily a lover of sample products; I would much prefer to give the client a complimentary mini service to experience in the comfort of your surroundings. Always, always, always have your last minute retail items at the checkout. We love to spend to trinkets and things.
10. Never give up
Nobody said it would be easy in business, but once all of your hard work starts to pay off you will see it is 'worth it'. You have to be the driver on a daily basis and only you can motivate yourself to be better than you were the day before. Above all, give yourself a little bit of credit now and again for getting up out of bed and pushing yourself and the business to succeed. Always try and stay one step ahead of the game with research. Knowledge is power and once you start to see one thing work it will motivate you into trying other things. Above all, you can safely say after doing all of the above you and your business 'SURVIVED'!!