The Big Three
Running a business is really about the Big Three: positive cash flow, a stable staff team, and the best possible outcome for your guests.
Lots of companies can run a good business, but if it’s not profitable, it doesn’t survive. And there’s a difference between profitability and cash flow. A business can be profitable and still run out of money. You need cash for daily operations. Save money for your taxes. Don’t overspend. Know your numbers. And hire people who are well trained and aligned with your purpose and vision. Pay them fairly. Stabilize your team. Ultimately, everything we do is to create an experience and value for our customers. Clients will always spend their money on perceived value. So when running your business, stay true to your vision, make the hard decisions, and keep the big Three in check. Then go for it.
Reflections from Beyond the Chair
by Andrew McAleese, Owner of La Luma Salon & Academy