Counteract Economic Uncertainty
By: Victoria L. Rayner
Posted: June 6, 2008, from the January 2007 issue of Skin Inc. magazine.
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It takes boldness and vision to make it in the present and in the future of the ever-evolving esthetic marketplace. It is interdependent on an enormous consumer appetite for new technology, innovative products and state-of-the-art skin care equipment to meet the needs of so many diverse cosmetic consumers—costing spas thousands of dollars annually in lost revenue.
Troubleshooting can fail
Although there is no fail-safe formula for navigating through a plummeting financial period, those who have dodged the bullet on more than one occasion have done so mainly because they have prepared in advance for different levels of economic calamities. (See Fifteen Intangible Business and Career Drivers.)
One size doesn’t fit all
No single blueprint will work for everyone. When the economy shifts, confusion results. Learn to rely on your intellect and instincts during troubling times. No one solution fits every situation. Stay on top of economic trends in order to take control with the lead time you have, and devise various strategies. Just think about this for a moment. There is a lot of revenue to be made in the beauty industry, regardless of how the economy is affected. It is a profession that generates billions of dollars, even in financially compromised periods. There always are incredible opportunities to make money and boost earning potential if you just open yourself up to recognizing how you can provide a service differently in order to make it more exciting.
Remember, worry stifles creativity and prevents you from thinking up stopgap measures that can severely influence your bottom line. You must remain calm and keep your wits about you at all times so that you will be ultrasensitive to significant shifts in consumer spending habits.