Hearing about the slowing economy is nothing new. When turning on the evening news, it is inevitable for this topic to be covered in the first five minutes of the broadcast. It is important to be mindful of how you run your business no matter what type of economy is occurring. There are smart business practices that are universal no matter if times are good or otherwise. It should not take the media to remind you and shake you up in regard to what you need to do to grow and prosper within your business. What you know has brought you to where you are now. It perhaps is what you don’t know that will take your business to a new level, one that can thrive even during a slow-down.
The slowing economy is affecting the productivity and profitability of spas everywhere. With clients watching their pocketbooks closely, it is imperative for spa owners to do the same. This is the time to be aggressive in your marketing, and detailed in your education and client-service experiences. Invest in retail, networking and sales dialogue training. These are the tools that can empower and alter your bottom line; however, it is not the time to switch out entire product lines or spend additional resources on untraceable advertising.
Connect with clients
Now is a good time to take a good hard look at your business structure and systems to ensure that every opportunity is being maximized. It is time to get back to the basics by connecting and networking with new clients and business associates. Dedicate effort toward effective networking, and you will set your spa up properly to remain profitable through these economically lean time. How many members of your team belong to a productive networking group such as BNI or LeTip and actually go on a regular basis? People who belong to at least one group make a good deal more money more than their counterparts who don’t.