Business Challenges: Leading Your Team Through Ups and Downs
In the ever-evolving landscape of the beauty industry, Yovanka and Kirsten, hosts of the CEO Stylist podcast, dive deep into the challenges of leading a team during business downturns in their latest episode, "Leading Your Team Through Revenue Decline." The duo shares personal anecdotes and exposes strategies that can transform uncertainties into opportunities, emphasising the power of a positive mindset, proactive leadership, and understanding evolving consumer behaviour.
Leading a Team During Revenue Decline
The episode kicks off by addressing the challenges of leading a team during revenue decline. Yovanka and Kirsten share their experiences and stress the importance of adapting to changes in consumer behavior. Rather than succumbing to fear-based leadership, the hosts advocate for a proactive approach to navigate the quiet periods in the business successfully.
"When revenue's down, it's an opportunity... it's a mindset thing. Busy breeds busy," notes Yovanka, highlighting the importance of maintaining a positive outlook during challenging times.
Effective Client Retention Strategies...
In the second segment, the hosts explore effective client retention strategies in the competitive beauty industry. They discuss the significance of re-engaging with lost clients and introduce the power of targeted promotions and catalogs.
"Don't lead with fear. Instead, double down and see it as an opportunity," advises Kirsten. The hosts delve into the nuances of using dollar-value promotions instead of percentage discounts, challenging conventional wisdom during popular sale periods like Black Friday.
Strategies for "Discounts" and Client Engagement...
The third chapter delves into innovative strategies for generating revenue during slow months. From discounts and upselling to engaging campaigns and giveaways, Yovanka and Kirsten provide insights into keeping the momentum going without limiting growth opportunities.
"It's about work-life integration, not work-life balance. I have three buckets: family, work, and personal development," shares Yovanka, emphasising the holistic approach to managing both personal and professional aspects.
Social Media and Tips For Business Challenges...
Social media takes centre stage in the fourth segment, where the hosts discuss its impact on the hair industry. The conversation covers tiered pricing structures, the relevance of email marketing, and the benefits of hosting VIP nights.
"You have to constantly engage with your clients and come up with clever ways to add value," notes Kirsten, underlining the importance of staying connected with clients in the digital age. The hosts stress the need for a strong online presence and leading with innovation to attract new clients.
Offering Assistance and Helpful Guidance...
The final chapter focuses on offering assistance and guidance to fellow entrepreneurs. Yovanka and Kirsten encourage listeners to reach out for support and advice, emphasising the accessibility of their DMs for anyone navigating the challenges of business building.
"As a leader, you need to offer guidance and stability, especially in uncertain times like revenue downturns," highlights Kirsten. The hosts conclude the episode with a reminder that, in times of need, reaching out for help and guidance is a crucial step in the journey of business success.
Episode Chapters: A Rundown
Leading a Team During Revenue Decline:
Adapt to changes in consumer behaviour, avoid fear-based leadership, and stay proactive during a downturn in business.
Effective Client Retention Strategies:
Retarget and re-engage lost clients in the beauty industry with promotions and catalogs, using dollar value instead of percentage discounts.
Strategies for Discounts and Client Engagement:
Utilise discounts, upselling, campaigns, and giveaways to generate revenue during slow months and avoid limiting growth opportunities.
Social Media and Business Success Tips:
Social media's impact on the hair industry, including attracting new clients, tiered pricing, email marketing, VIP nights, and leading with innovation.
Offering Assistance and Helpful Guidance:
Kirsten and Yovanka encourage reaching out for guidance and support in business building through DMs.
Key Quotes and Highlights:
The episode is rich with key quotes and highlights, capturing the essence of the hosts' insights. From the importance of a positive mindset to the value of creative promotions and the need for constant adaptation, the quotes provide actionable advice for salon owners and beauty industry professionals.
"When revenue's down, it's an opportunity... it's a mindset thing. Busy breeds busy."
"Don't lead with fear. Instead, double down and see it as an opportunity."
"We adjusted our services to what clients could afford... making it more affordable without devaluing our services."
"In quiet periods, it's about re-engaging with existing clients and understanding their positions."
"Being booked at capacity can be good and bad... It's important to have a strategy for client cancellations."
"Hiring more staff, including junior stylists, can help manage client cancellations and maintain service levels."
"Use internal campaigns and targeted promotions to fill gaps and retain clients."
"Offering lower-end services for training purposes can lead to referrals and new clients."
"You have to constantly engage with your clients and come up with clever ways to add value."
"Always be open to new ideas and strategies... don't get left behind because you weren't willing to adapt."
The episode not only provides practical strategies for navigating challenges but also serves as a source of inspiration for those looking to thrive in the ever-changing beauty industry. With a focus on innovation, engagement, and proactive leadership, Yovanka Loria and Kirsten Harris share valuable insights that resonate with both seasoned salon owners and budding entrepreneurs.
And remember, if you're feeling overwhelmed or need guidance on your business journey, the hosts welcome direct messages on (https://www.instagram.com/theceostylistpodcast/) or emails at hello@theceostylist.com.au. Our commitment to supporting fellow business owners is like no other.
