Strategies For Effective Planning in Business:

Episode 4

 

Navigating Uncertain Times: A Business Survival Guide

Strategies For Effective Planning in Business. In today's volatile economic landscape, businesses face a multitude of challenges, from rising interest rates to potential economic crashes. In a recent episode, hosts Yovanka Loria and Kirsten Harris dive deep into these issues, offering practical strategies to not only survive but thrive during these uncertain times. Here's a breakdown of episode 4:

 

Planning in Uncertain Times 

Yovanka and Kirsten advocate for a positive perspective, urging business owners to view this period as an opportunity for self-care and skill development. They emphasise the importance of focusing on long-term gains rather than short-term losses in the face of increasing interest rates, wages, and economic instability. The key message is to adapt, stay busy, and prioritise value over volume.

 

"If you're open to adapting in these times, I think that's the key... value over volume."

- Yovanka Loria

 

Small Business Challenges and Adjustments 

The hosts explore the implications of a 7% minimum wage increase on small businesses, particularly in the hairdressing industry. They discuss staying connected with customers during difficult periods and the various value propositions that can be offered to maintain client engagement. The conversation highlights the need for adaptability and creativity in the face of financial challenges.

 

Navigating Business Challenges During Quiet Periods 

Yovanka and Kirsten share their experiences with slow business periods, emphasising the importance of retraining staff and preparing for future scenarios. They delve into the significance of building a financial safety net, referred to as a "war chest," to alleviate the stress that business owners face when income is uncertain. The discussion underscores the value of refining business strategies during quiet times.

 

"Quiet time is the best time to focus on refining your business strategy."

- Kirsten Harris

 

Navigating Business Costs and Client Value

The hosts discuss industry changes, such as the growing popularity of embracing natural gray hair and the emergence of DIY hair kits. They explore how businesses can adapt to these shifts, emphasising the importance of creating value for clients. The conversation also touches on minority success in the industry and the need for businesses to maintain their market share despite cost-cutting challenges.

 

In summary, Yovanka Loria and Kirsten Harris offer invaluable insights for businesses navigating uncertain times. Their key messages revolve around adaptability, self-care, and long-term planning. By focusing on creating value for clients, retraining staff, and staying connected with customers, businesses can not only weather the storm but also emerge stronger and more resilient.

 

"There's no point in having an amazing skill set if you have a zero mindset."

- Yovanka Loria

 

For more expert advice and inspiring discussions, tune in to the full episode featuring Yovanka Loria and Kirsten Harris. Remember, in these uncertain times, adaptability and a focus on long-term gains can pave the way for a thriving business future. Stay resilient, stay innovative, and continue to provide value to your clients.

 

Interested in listening to Episode 4 of 'The CEO Stylist' - Strategies For Effective Planning in Business?
Episode 4 will be available on Spotify & Apple Podcasts on Tuesday, the 7th of November at 5am AEST.

LISTEN HERE.