Finance / Management / Sales & Marketing

Never Lose Faith: Successful Avenues For Making Money While Closed

3 min

When you look at the current crisis, the biggest concern is the sheer uncertainty of how long it’s going to last and what the long term impact on business will be. You’ll be hearing scenarios for all sorts of lengths, but the reality is, no one knows. Not even the greatest epidemiologists in the world have a crystal clear idea about the pandemic’s estimated duration.

In both his recent Facebook Live sessions and Phorest FM Episode 158, Ronan Perceval reflected on the parallel that can be made between the crisis we’re all experiencing and the Stockdale Paradox, a concept popularised in the best-selling business book Good to Great.

The courage to continue and confront the reality

The Stockdale paradox, or the idea that confronting reality — balancing optimism and pragmatism — is vital to success, was named after Admiral James Stockdale, who was awarded the Medal of Honor in the Vietnam War. One of the most decorated United States Navy officers, he was made a prisoner of war from 1965 to 1973, along with many others. During this time, Stockdale was tortured over 20 times and had no release date, let alone any prisoner’s rights. While he survived, many of his optimistic “we’ll be out of here by Christmas” co-prisoners didn’t. In retrospect, Stockdale attributed his survival to his way of thinking: pragmatic, without ever losing faith.

You can hear Ronan, CEO of Phorest Salon Software, tell James Stockdale’s story at the very beginning of Phorest FM Episode 158:

Through his research on identifying what “good” companies did to become “great”, Jim Collins, author of the book Good to Great concluded that alike Admiral James Stockdale, “you must never confuse faith that you will prevail in the end—which you can never afford to lose—with the discipline to confront the most brutal facts of your current reality, whatever they might be.”

We could easily say that the pandemic will blow over in two or three months. But what if it doesn’t? What then? What are you dreading to look at within your business right now, that could help you be best prepared for any eventuality the crisis could bring in the coming weeks?

This might necessitate a shift in mindset, but may we suggest, this is when your salon coach or your mentor can help. Sometimes all you need is someone asking you the good and hard questions. If you don’t have a mentor, you can visit the Salon Mentorship Hub to book yourself in for a free 15 to 30-minute consultation with an industry coach or consultant.

Three steps to take now: Ronan Perceval’s Facebook Live session

Facebook live with Ronan Perceval, CEO of Phorest. Join him to discuss: How to cut expenses now, How to generate revenue while closed, Why you need to start planning for your next re-opening now

Posted by Phorest Salon Software on Wednesday, March 25, 2020

Step 1: Cut your costs

Given the current context, that goes without saying. Still, make sure you understand what costs are making revenue versus what is merely costing the business. Often, people don’t differentiate between the two.

Also, we encourage you to do your due diligence on the following; however in the USA, similarly to how the government is dealing with the lockdown of States, they are also looking at ways to help companies in various ways per States. One way businesses can get relief is through SBA loans. You can get information on some of the government’s already active relief programs in their recently published guide.

Step 2: Take advantage of ways to generate revenue while you’re closed

Ronan spent a lot of his Facebook Live session on this, so here is a resume of what was mentioned:

Step 3: Plan your reopening strategy

First of all, things you can implement to cater to the current and future wellbeing of your business can be (and more details on each of the following can be found here):

Always there to help

It is understandably a difficult time, but it is the courage to continue and confront the reality that matters.

Stay positive, united, and use any extra time in your day as an opportunity. Most importantly stay informed, follow all precautions suggested by authoritative sources and remember to consult local government websites for help and support.

Visit www.phorest.com/c19 and download our resources pack, designed to help you lead your salon through these uncertain times!

Got feedback? Let us know either in the comments below or tweet us @ThePhorestWord! (Pssst! We’re on Instagram too!)

Thanks for reading! #LetsGrow

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