As small business owners we all know the importance of a business plan when we first embark on our journey of salon ownership.

It provides us with the blueprint for our business, who our clients are, what we will offer them, and the financial journey our business will take from Day 1.

How many of us though, commit to revisiting the plan.  Your business plan is intended to be a fluid document, as, now more than ever, the impact of external factors mean your business plan must adjust to consider how your salon will continue to grow and be a success.

If your business plan is in your head - and you’re not alone here - begin by writing it down.  Have the details documented so you can go back and really understand what has changed in your salon environment:

• Competitors

• Government regulations

• Retail suppliers

• Changing client demographics around your salon location

• Size of your team

• Team performance

• Tools, equipment and technology

• What are you doing vs what are you not doing

A good review of your business plan will help you identify the value of your business, track growth, track staff and team performance, communicate expectations to your salon manager and, most importantly, map out your next 12 months.

Some business and salon coaches suggest even reviewing your business plan every quarter, which does have significant benefits to managing your team, developing a positive team culture and providing them with clear goals and milestones.  

By breaking into 3 month snapshots, it’s easier to communicate, and for your team to understand.  

Consider one of your junior team members being provided with a 12 month goal versus weekly and daily goals.  This allows you to take them on a professional growth journey they won’t be intimidated by.  

Covid-19 has significantly impacted our industry and many hair salon owners, so set a short-term goal to make time to review your business plan.  It will help you find a way forward.