If the past few years have taught us any lessons, it’s that the future is never certain. But with economists predicting a recession on the horizon, preparing your business to survive—or better yet thrive—is certain to see its benefits. Add to a recession the current cost of living crisis, we’re also likely to see a drop in non-essential spending and rising pressure from staff seeking an increase in wages and salaries, too.

On a brighter note, the most challenging times can bring the biggest opportunities, driving creative thinking and innovation, as well opportunities to better connect with your team and customers.

While business owners will want to continue providing exemplary service and looking after their staff, the money to do this all needs to come from somewhere. Ahead, find six tips for adapting your business to survive a recession – without compromising on your treatments.

Prioritise the customer experience

One of the most important parts of your business strategy should be customer experience. Work to ensure your operations are geared around positively influencing how customers perceive you and the ongoing experience they have when they interact with your business. From keeping your website and business listing on Google updated to creating engaging social media content, consider every touchpoint part of the customer journey.

Invest in loyalty and retention

It is five times more expensive to win a new client than retain an existing one. As any business owner will know, it’s getting more and more expensive to acquire customers through Facebook and Instagram. Creating a salon loyalty programme or rewarding your clients with offers like a ‘free gift with purchase’, is a great way to not only retain them but encourage higher frequency appointments and spend.  

Small changes can see big savings

Making drastic changes to your business can be daunting, and when you’re already stressed about finances the last thing you want to do is confront a complete overhaul. A simple place to start is by analysing your outgoings regularly, which can instantly reveal some surprising expenses like subscriptions you’re no longer using. Then, check whether you can save on any bills by swapping providers (like internet, water, power etc.). Other unnecessary expenses include electricity outside opening hours or while appliances are not in use. Timers are one of the easiest and most effective ways to save here in your salon. Set one to turn your wax pot on and off so you’re not leaving it on all day whilst it’s not in use and ensure your team are switching everything off before closing up.

Buy in bulk

If feasible, buying in bulk will come with the biggest savings. While it requires a larger upfront spend, and of course storage can be an issue, bulk buying is usually the cheapest way to buy products. Purchasing larger quantities will also open you up to special offers, shopping events and shipping discounts.

Tweak your treatments

It might be that certain treatments are more of a hindrance than a help when it comes to making a profit. Are you buying an expensive product that isn’t being used enough and is then expiring? Often it’s better to cut back on unpopular treatments and specialise in the ones that are.

Incentivise staff

If pay rises aren’t viable right now, consider other ways to motivate your staff – they are the backbone of your business after all. A commission structure or enabling employee’s financial investment in the business are just a couple of methods to help with retention.