There was some great creativity happening and a lot of amazing work was been put out there. It was a great industry. Personally, we opened three stores last year and had plans to expand and grow this year so for us, we were in great shape with lots of plans in place. Then lockdown happened and everything changed.
As a company we had been watching what was happening around the world and started thinking about what it could look like for us in the UK. We looked at the business and what support we needed and planned around this. Now, the economy and the position we find ourselves in isn’t great and as yet, there is no real end in sight.
Currently there are so many challenges we face as an industry. Realistically we will be dealing with Covid for a long time and I don’t see a silver bullet for it. So, we have to learn to manage and react from a business perspective.
Clients all rushed in when we reopened which was great, but what happens in the midterm of this year will be crucial. Customer confidence in coming back to work and to the city and town centres will be crucial. Salon owners will have to look at their cash flow and work really hard to get through this.
Because there is still a sector of society still afraid to travel or go into town and city centres, I see a rise in home services and I think this will elevate its position in the industry. Any salon owner who has been through past recessions will know that there are always opportunities.
It’s the perfect time to recruit and we have been able to recruit some amazing new team members. It’s also a good time to be looking at properties and there have been some opportunities around some new sites we have considered.
The government backed loans helped and can be used for cash flow as well as expansion – if you are the nerve!
Now, it’s all about focusing on your business to make sure you survive; look at your numbers, look where you are spending and tighten it up. See if you can get your product suppliers to support you.
Look at how your team how is performing and helping the business to get through this period, They are your assets. Really plan what you want to achieve and what you have to do to get there.
Speak to your bank and see what support you can get if you need it and make sure you speak to anyone you may owe money to and see what can be done.
Getting through to the end of this year will have its challenges and if they reinstate any more regional or national lockdowns then we all know it’s going to be tough.