Podcast Length: 21 min | Date Published: 7th June 2022
Inflation and the Looming Recession: What should salon owners do to be prepared?
I’ve had a few questions recently from listeners regarding inflation, the looming recession, how they are impacting the hairdressing industry, and what I believe salons should be doing to counteract it.
In this episode, I dive in and explore what the implications are for the salon industry (and for small businesses in general) as many countries experience the worst inflation in over 40 years…
To say it’s new territory for many business owners is an understatement!
The 3 main topics that I cover in this podcast are:
- What are the lessons we have (hopefully) learned from Covid?
- The importance of understanding where you and your business are from a financial perspective at any point in time.
- How do we, as small business owners, navigate the financial road ahead?
In this Episode:
[04:01] 6 core lessons that we have learned about the salon industry from the Covid pandemic.
[05:28] Examples of factors that cause business disruptions, and the importance of being prepared for them.
[06:20] Why you should always be looking for opportunities to maximize income and minimize outgoings.
[08:03] How running a business is analogous to flying a plane.
[09:37] 7 questions to help you determine whether you understand the financial side of your business.
[11:54] A reminder that cash flow is essential, and advice on how to keep track of it.
[13:27] Tips for reducing your outgoing costs.
[14:44] The importance of keeping your personal credit rating high as a business owner.
[15:40] Examples of how to maximize your income.
[16:04] The benefits of monitoring your cash flow budget daily (or at least once a week).
[16:28] Why you should raise your prices.
[17:15] A recession doesn’t mean your business has to suffer; be prepared for opportunities!
[18:29] Value in having a good accountant during challenging economic periods (don’t get your financial advice from social media!).
[19:20] How to avoid potential tax-related issues.
Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated!
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Until next time!
Links and Resources:
Grow My Salon Business