Covid19 Staff Planning 30/90 for salon owners

What about Your Team Members? They’re like our family right.

While you may have to make tough choices over the coming weeks and months with your team and those who cannot create enough return, quickly enough, it is important that you are communicating with your team and being transparent.

Your team isn’t stupid and what you must do is paint the picture of what you have the oppertunity to do and what has to happen in order to do this.

Showing them this is going to be critical in order to get you and your entire team rowing all in the same direction at the same speed.

You may have to have difficult conversations, along with asking your team to pull more weight then they are used to, along with even reducing how much you normally pay them or deferring a part of their payment.

During this time, however, it’s important that you don’t keep things from your team, it’s the age of transparency and if you are transparent with them, it will buy good-will and their belief in you and the way of your leadership.

As with all team management, now is the time for quick meetings and allowing your team to access you, while ensuring that your team understands that while how they feel is important, that the thriving of the company is on the backs and responsibility of all of you.

I’ve found that during these times, if you can articulate the overall plan for the next 90 days, ensuring every single person understands how they contribute and what success looks like, while sharing all the wins (and the not-so good stuff), you’re ability to quickly build a culture of everyone desiring the same thing-- will allow you to help people and exchange money for that occurrence.

Further, during this time, it’s a great idea to allow for an open door for ideas and concepts from your team.

On ways you can generate more revenue and profit, how you can optimize and how you can really ensure the entire company doesn’t just thrive but survives.

While leadership is about being calm, it’s also about being honest and that honesty will create a bond that will surpass even difficult conversations and choices that you may have to make.

30/90 Day Planning:

Most Entrepreneurs I meet aren’t that great at being able to plan what’s next inside of their business.

Right now, it’s extremely important to be able to plan on a rolling basis the next 7, 30 and 90 days of what’s going to happen inside of your business.

In order to do this effectively, you must also realize that it’s going to change and it might change a lot.

An offer you think will work well, won’t.

You’ll find a random instagram post had an angle that went viral.

Your clients refer you to 5 new ones.

Whatever it might be, it’s important that you develop this plan and review it every single morning.

This document should give you clarity on what is happening and strategies and tactics as you read through it.

The core reason Entrepreneurs don’t create a strategic plan is because of a lack of alignment and clarity with what they are going to do.

So, how do you do this?

Weekly

Write everything that you need to accomplish this week, along with all the time your responsibilities will take you.

Eliminate anything that is not critical and ensure that there is plenty of extra working time for things that might come up as you work through things.

Next to each item on the list create an estimate of how long it will take you (in either minutes or hours), this will allow you to know if you’re procrastinating or spending too much time on something.

If you have a team, share this with them, along with ensuring that they share theirs with you. When you have a bigger team, it’s important that this exercise occurs inside of the business.

Understand exactly how much revenue you know you will generate this week, along with expenses, so you stay motivated to ensure money is flowing through the business.

Monthly

What’s your exact revenue and expense goals? Further, how much of a gap is there to ensure you can break even and then profit past that?

In your monthly plan, it should all be based on knowing exactly what you’re trying to accomplish in accordance to your revenue and expense goals. What is going to be able to create return quickly and effectively?

What is the minimum amount of work you need to do in order to get the maximum output?

What does your team need to do or what needs to be outsourced?

What is the best scenario possible-- what happens then? What’s the worst scenario possible-- what happens then?

How do you know if you’re on track?

Quarterly

In these times, it’s extremely important that your 90 day plan is based on having a lean expense business, with higher margins, along with ensuring that you have multiple systems that you’re working on.

When we help plan 90 day growth strategies, we are focused on ensuring there is a system for generating more cash, generating more leads, monetizing more leads, generating more sales, creating more offers, getting more attention (producing content) along with the ability to over-deliver on customer service to allow for referrals and additional revenue.

By looking at how you can reorganize your business around these systems, it opens up the ability to respond to things that are happening in your business. With very specific priorities, you can say yes or no to what you need to do on a daily and weekly basis only reassessing when there is clear data and it’s obvious that changing direction makes sense to the business based on your goals.

Overall, I believe right now more than ever, it’s important to have a plan that is not based on getting up and doing whatever you can to tackle this.

You need to know exactly what you’re going to do each and every day and week, now more than ever. If not, you will get brought into a world of doing nothing and simply reacting to all the news and social media.

If you’re going to use NOW as a time to build your business.

You MUST do things you’ve probably never done.

Should you double down or ease up?

A massive question I’m certain you’re asking yourself.

Is this the time to ease up and cut expenses or is it time to double down and attempt to grow more?

The truth is, you’re probably experiencing a certain level of fear and uncertainty in your body right now.

This is normal.

In any time where all of society is scared and uncertain, it’s normal for you to feel the exact same thing.

So, here’s what I tell every single person I’m mentoring.

There is never a perfect time, but rather seasons in our life.

The season we’ve entered right now is going to push us, it’s going to expand us and our capacity to become even better Entrepreneurs and leaders.

I don’t suggest that you ease up.

I suggest that you double down in every sense of the word.

Not because I’m afraid that you’re going to lose your business or things will be bad for you.

But because, there are so many people who need you to show up in a powerful way that you may have not even experienced yourself.

At this time, it’s about taking care of your customers and your audience.

It’s the time to be able to show up more and provide more support.

It’s the time for collaboration, not competition.

It’s the time for abundance.

It’s the time to cut expenses that provide fuel for your significance and ego.

And a time for investment of things that are really going to help create change and return.

It’s a time for you to respond, not react.

It’s a time for you to plan strategically.

It’s a time for you to listen to your gut and people who’ve been there and done this.

It’s a time for you to be calm in the middle of the storm.

It’s a time for you to surrender and then get to work and shine.

For me, that means going all in.

That for me, means spending what it takes to get the return needed.

It means, spending my time and helping my audience and community.

That means, doing the difficult things, so I can have an easy life in the future.

Instead of doing the easy things and making a difficult life for myself later.

In general: Now is the time that real Entrepreneurs make money and aren’t scared by the emotions of the world.

Reviewing your Financials and Cash

The most important elements of reviewing your financials and cash at the moment come down to the following:

1). Cash Incoming

This is based on what cash you know is incoming based on what has been invoiced, on subscription payment or has a signed contract.

It’s important that you know this and ideally know the payment dates (the specific week, the money will come in).

As an added step, it may make sense to contact anyone making payments to confirm payment date and if that date will still work.

( bridal contracts)

2). Expenses Outgoing

Expenses outgoing is all expenses you know will be outgoing, again on a weekly basis. This will give you an overview to ensure that expenses won’t go past your bank balance, versus, the revenue that is incoming.

If this is an issue, contact those who you have outstanding payments, move the date or extend the payment terms.

3). Runway

Simply put, this is the number of days, weeks or months in which you have capital to keep running the business.

It’s important to keep track of this number as whenever you add revenue or expenses, you are increasing or decreasing the amount of time you can run the business successfully.

4). Projected Revenue

Projected revenue is revenue you have projected that is not signed, while I don’t recommend using this to judge the growth of your business or how to spend money growing the business, I tend to keep track of all projected and simply weight (with a % chance of obtaining that revenue) to keep and understanding of what revenue may come in.

5). Available Credit

Keeping an eye on what available credit you have, along with what credit you’ll use first is important for your financials.

As a rule of thumb.

You want to use longer term credit for things that will take longer to pay and credit cards or higher interest credit for more immediate or short-term investments or purchases.

Further, if you aren’t using a projection document of some format, I’ve have one to share with you.

While this is “simple”, it’s an effective way to be able to do projections and easily understand where money is coming from and going, if you aren’t having that managed by someone proactively.

You can view that by clicking here:

https://docs.google.com/spreadsheets/d/1eKPYdWOFTseQmtDR5DwzDa_85ceXy7-8_Sorue1a-HU/edit?usp=sharing

💜 Holistic Hairapist