Following are 15 intangible business and career drivers to consider if your spa is economically disadvantaged.
1. Be alert to the early symptoms of a recessed economy—reported drops in the real estate and stock market are telling, so don’t ignore these economic indicators. Early identification of these signals allows for reasonable time to make the necessary adjustments and to reposition yourself properly in the marketplace.
2. Vow to avoid the denial phase that many professionals fall prey to in the beginning of an economic spiral. Face up to the fact that profits will decline. Start brainstorming immediately, and devise counteractive strategies with other allied providers in order to soften the blow.
3. Establish a special fund into which you can tap.
4. Anticipate unexpected wholesale price hikes or other increases that will naturally befall your business if fuel prices soar.
5. Remove yourself from a financially vulnerable work situation. Have a well-planned, surefire escape route in mind in case all attempts to revise your enterprise or reclaim your lost clientele fail to pull you out of an economic tailspin.
6. Be prepared to supplement your income with other pre-established streams of revenue.
7. Always operate at peak-performance level—there always is a shortage of and an insatiable demand for A-list performers, regardless of how scarce jobs or business opportunities appear to be.
8. Diversify your skill set so that you are a more versatile professional. Think generalist, rather than specialist, for more employment and business options during tough financial times.
9. Heed the firsthand advice of survivors whose vivid accounts are laced with wisdom. Listen to their stories of how they were able to weather financial catastrophes. What they have to relate is worth knowing, legendary and an inspiration.
10. Decide on reversal strategies carefully, use common sense and think through every strategy considered by meticulously planning it out, step-by-step, on paper.
11. Target and gain the favor of affluent clients whose socioeconomic status is less likely to be affected by a weakened economy.
12. Think about where you could find your clients supplementing your services if there were to be a sharp decline in the economy because of some unimaginable event. In a crisis, perhaps you, too, should be there!
13. Always try to maintain the lowest possible debt ratio in order to be the least affected by the inevitable decrease in income that accompanies an economic downturn.
14. Devise a budget-forecasting plan that will allow for a sizable decrease in operating expenses. If the need arises, put it into place as a countermeasure.
15. Do not back down from the challenge of working through tough times, even if you experience feelings of helplessness. Be committed to reversing your financial situation, regardless of external circumstances.