Kin Connect News

Time to be brave as we enter recession

The media thrive on bad news, but this week’s news was no surprise, we are now in a recession. We all knew this was coming, but now it’s confirmed it’s time to consider your response.

It’s always about choice, so what will you do?

  1. Give up hope?
  2. Batten down the hatches and hope for the best?
  3. Be brave and take advantage of the new opportunities that the recession can and will present to you?

New business often open and thrive during recession they often focus on having greater constraint in place on their finances, exciting media coverage that is new & different, great opportunity to hire as its exciting and new.

People don’t leave our business they move for an aspirational opportunity (the belief of something better) that opportunity might well be with us but when you are worried about recession you sometimes forget to be inspirational & aspirational.

What do we need to do to be brave?

Manage and plan our financials, Invest In our people, educate and train our team, so we can deliver an exceptional customer experience, & we need to be part of the lipstick effect.

What Is the Lipstick Effect?

The lipstick effect is when consumers still spend money on small indulgences during recessions, economic downturns, or when they personally have little cash. They do not have enough to spend on big-ticket luxury items; however, most still find the cash for purchase for small luxury items, such as premium lipstick. For this reason, companies that benefit from the lipstick effect tend to be resilient even during economic downturns.

During Recession the customer chooses when and where to spend their money and it’s the feel-good factor they are looking for. You need to not only get your team delivering an exceptional service but also get the message out there that your salon is the place to be.

Be brave stand out from your competitors & don’t let the new starts take your team or your clients.

Join us for our 1-hour Bite Size training sessions for quick helpful solutions, click on the links below for more information

17th August – Team Planning and Development

28th Sept – Team Pay Explained

19th Oct – Financials are the Foundation

Email us for more information or take a look at our Facebook page for more events and courses available

Want to join our club? Kin Connect – Advancing Salon Business how now been launched! find out more HERE on how to join and be part of the new revolution of salon business education!