How to prepare your business for 2021

National Hair & Beauty Federation chief executive, Richard Lambert, shares some pointers on how to prepare your business for the new year…

The beauty industry has been through one of the toughest years it has ever faced, and the early months of 2021 will remain a challenge.

Our aim is to inspire and support both our members and the wider industry as we move through this pandemic and look forward to coming out the other side.

Richard Lambert, chief executive of National Hair & Beauty Federation

Drop in business

However, we don’t underestimate the difficulties that still need to be faced. Our recent research shows that 75% of those in the hair and beauty industry have seen a drop in their business as a result of coronavirus and 41% said they couldn’t be sure they would survive until Christmas.

We have continually pushed the government for greater support for our industry and welcomed the additional measures announced at the end of October. We will keep pushing the government to ensure businesses get the support they need when they need it to help prevent job losses and salon closures.

Stay up to date with all the latest coronavirus news at nhbf.co.uk/coronavirus

Looking forward

We know that those who work in our industry are resilient, creative and incredibly hardworking. Our advice is to take steps to prepare for 2021 as you work to ensure your business can survive and thrive into the future.

Taking control of your cash flow has always been an absolutely vital part of running a successful business. It may sound obvious but running out of cash is a major cause of business failure – and this was true even before the pandemic struck.

Take steps to sort out your cash flow and this will stand you in good stead for 2021 and beyond.

Find out more: nhbf.co.uk/cash-flow. NHBF members can also download an in-depth guide to business finances, prices, wages and profits: nhbf.co.uk/finance-guide

Supporting employees

This is also a very caring industry, and many business owners will have been doing all they can to support their staff and clients through the financial and personal anxiety caused by the pandemic. Learning how to do this well is a key skill that can be carried forward to the future when our industry can get back to normal.

Find out how to support your staff (and yourself) through the pandemic and beyond: nhbf.co.uk/back-to-business-mental-health. NHBF members also have 24/7 access to a free legal helpline for expert advice on HR issues: nhbf.co.uk/legal

Marketing & retail sales

Marketing your business and boosting retail sales are both vital activities that can take a back seat when you’re concentrating on client appointments throughout the day. Now is a good time to revisit your social media plans and ensure that you and your staff are retail-ready for the months ahead.

Find out about marketing by clicking here and boosting your retail sales, here.

No-shows & late cancellations

Salons can lose thousands of pounds a year due to no-shows and late cancellations.

Of course, while the pandemic continues, you will want clients to cancel their appointment if they have symptoms or test positive. However, looking to the future, make sure you follow best practice to avoid no-shows and also have a clear no-shows and late cancellations policy in place.

You may also need to manage cancellations if clients live in an area that is ordered into lockdown meaning they can’t travel to your salon. Make sure you understand what financial support may be available to you. Find out more: nhbf.co.uk/latest-support.

NHBF members can download a detailed guide on this topic and a ready-made policy.