Salon Owner, Alex Thaddeus Shares Tips on Future-Proofing Your Business.
Published:Alex Thaddeus Hairdressing is a small independent salon based in Cupar, Fife and for the last 13 years has, like many, survived the rollercoaster of the global pandemics, recessions and now a severe cost of living crisis.
Becoming one of the leading salons in Scotland and known for their exceptional service and travelling clientele, Alex Thaddeus Hairdressing has amassed an incredible strong foundation, which has allowed her and her team to successfully, ride the waves of the economic storms. But what does it take to survive the hardships?
Here we talk to Salon Owner, Alex Thaddeus on how she ensures the salon remains strong and successful and shares her tips on how those in similar positions can future proof their business.
Being a salon owner who also works behind the chair, you will find yourself stretched very thin, very quickly. It’s easy to do and difficult to balance. You want to still service your clients, be a great employer and a focused salon owner, yet spinning all these plates is hard and you simply cannot be everything to everyone… Something has to give!
Have a structured approach and future plan as much as you can. Plan in your admin days and stick to them, otherwise admin falls behind. Condense your chair days, allowing you to remain on the floor but with a schedule that suits you and the business needs. And really focus on setting dates for team meetings, 1-2-1s and career planning. Once set in stone they cannot be changed or moved. This approach allows you to get in a routine.
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Financials are very much a taboo subject, but let’s talk about it! You absolutely must plan for every scenario, which is difficult, especially when times are hard. Have your main business account for transactions (clients/business purchases – the usuals!), have a separate account for tax/vat etc where you put over a set amount to cover this each month and a savings account where you save a standard amount each month which is in the pot for any emergency scenarios. Honestly working this way will help solidify finances and allow you to forecast carefully.
Across so many areas of business; finance, tax, HR, legal and everything in between, it’s absolutely OK not to know everything… honestly, you simply cannot know every single detail! Things change continuously, and almost daily at the moment! So, do not be afraid or embarrassed to ask experts in these fields, as these people are here to help and advise. I for one am thankful to find people who genuinely understand certain areas of business and who have aided me throughout the last few years.
In business, you cannot stretch yourself over 80% utilisation. It would be impossible in terms of service time and growth. Instead set 80% as your limit as this allows you to see where time is being spent and allows you to monitor your efficiency levels. Being above this means no growth can happen as you are have no further space to progress.
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We are in a time where collaboration is the key to success. Once upon a time we saw salons in our local areas as direct competitors, those we would not chat to or share info with, however now more than ever it’s time that we came together to help, advise and grow as an industry. Check out a previous collaboration, the ‘belonging’ collection by Alex Thaddeus here.
Hairdressing has been completely overlooked by the government and it’s time for us to come together for the future of our industry. Help one another and see how you can work together to succeed.
For more information, please visit www.alexthaddeushairdressing.com, or follow @alexthaddeushairdressing on Instagram.
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