10 Cost-Saving Strategies to Manage Through The Coronavirus
It’s Time to Start Saving Money!
With the coronavirus quickly putting both our health and businesses at risk, this is not the time to panic—it’s the time to get prepared. We know this is very unnerving, but it’s important to move quickly to begin to plan for a likely downturn in business.
Here are tips from our BTC Founder Mary Rector (@marybehindthechair) below. Keep reading!
1. Consider limiting the number of days and hours your salon is open.
Start with reviewing which days are your busiest (and least busy) during the week. Consider only being open on the busiest 3 to 4 days a week and then tighten hours based on which hours are normally the busiest. Here’s why:
- Being open fewer days and hours will cut down utility costs. When the lights are on, so is the heat, the coffee maker, the music, the blow dryers, etc.
- By limiting days and hours, there are fewer opportunities your staff will expose themselves and others to the virus. In addition, all of you will save money on gas to and from the salon.
2. Save money in the salon.
- WATCH YOUR INVENTORY (you’ll see this below).
- Eliminate your salon’s music account.
- Eliminate fresh flowers at the front counter.
- Limit free treatments and services at the backbar.
- Offer a less expensive coffee. Clients will likely not notice.
- Run the washing machine only when it’s full.
- Get energy-efficient lightbulbs.
- Try to limit the amount of water used for shampooing.
- Eliminate cleaning services and ask your team to pitch in where needed.
3. Watch your inventory on retail and color.
- Remember, fewer clients coming in means fewer bottles of shampoo being purchased. Don’t let your money sit on the shelf. You’re going to need it, so make sure to keep only “as needed” inventory in stock. If needed, go to the local beauty supply more often to get what you need.
- Start weighing your color at the backbar—this is where money goes down the drain. Consider color management systems that weigh your color based on your recorded formulas.
- Think about using color lines with fewer SKUs, that can create more color combinations. Fewer SKUs means fewer dollars sitting on the color shelves.
- NOTE: Due to supply chain issues, some manufacturer products may have backorder issues, as bottles and caps are made in China and a lot of color is made in Italy. The virus is (and will) affect what products and color may be unavailable to you. Talk to your manufacturer partners and review which products are necessary to stock up on based on what you absolutely MUST USE to take care of your clients!
4. Consider non-essential team members and their roles.
- These are difficult times and call for difficult decisions. You may need to examine where you can cut back. If fewer clients are coming in, that means fewer phone calls, fewer check-ins and checkouts, and maybe a need to eliminate front desk staff.
- Can your essential staff add value in other areas? Think about decreasing the number of assistants and asking the existing ones to take on extra responsibilities such as: working the front desk taking calls, checking in/out, folding towels, etc. Remind them that they’re lucky to have their jobs right now and everyone needs to work together to work through this!
5. Be open to taking house calls if you feel safe.
If clients are too afraid to come into the salon, taking house calls might be a smart option—but only if you feel safe. Make sure you apply the same preventative disinfecting measures you would in the salon.
6. Don’t forget to communicate with clients!
The best way to keep a loyal clientele? Communicating with transparency and reassurance that your salon is taking every precaution to ensure the safety for them, their loved ones and your entire staff. CLICK HERE for the best ways to communicate with clients about coronavirus, your salon’s policy changes and preventative plans!
7. Take advantage of free resources.
Let clients know your salon is taking steps for safety. Download this free PDF to put at your front desk!
8. Continue to keep stringent cleaning policies to avoid getting ill and not being able to work.
Make sure your entire staff is aware of cleaning and disinfection procedures to ensure a safe and profitable environment. Download this free PDF and hang it up in your break room!
10. Finally, kick that Starbucks habit.
You’ll save $100 a month if you do at least!