Economic Slowdown on the Horizon
There is unwelcome news coming, not just for delegates to this year’s International SalonSpa Business Network (ISBN) conference in Florida in early May, but for the whole industry. Among the top-notch speakers booked to galvanize beauty industry leaders at the network’s annual conference on leading through times of change, there is one expert who comes armed with reams of financial data to map out what to expect from the economy. And in the immediate future it’s not looking good.
"Consumer spending will be slowing noticeably in 2019, which will have an undesired impact on salons," explains Dr. Alan Beaulieu, one of the country’s foremost economists and a financial trends watcher with unparalleled knowledge of global markets. "The economy will slow and we can’t expect the same rate of growth experienced in 2018. But it won’t break down. We’ll see an upswing towards the end of 2020."
Alan’s warning shot across the bows of the industry aims to encourage owners and managers to prepare their budgets appropriately. His presentation to ISBN members who run some of the biggest and most successful professional beauty groups in the US is a move to forewarn so businesses are forearmed.
"The strong dollar, the economic difficulties besetting some foreign economies, export slowdowns and uncertain tariffs will have an impact, so businesses need to reassess and plan for a reduced cash flow for the next year," says Beaulieu, president of ITR Economics, an association established in 1948 and which, since 1985, has been 94 percent accurate at forecasting economic trends.
A key part of his presentation will be ‘Management Objectives’, offering actionable advice that will allow members to thrive in a challenging economic environment.
"Owners and management must not be blindsided in 2019 just because the business did well in 2018," he adds. "They must address the challenges coming and prepare now by analyzing past performance and using that knowledge to build a plan that will see them through to 2020."
Beaulieu is joining other internationally renowned speakers in leadership studies at the ISBN conference May 5 to 7, contributing to a rich program designed for top business minds in professional beauty, which will focus on how to lead teams in times of trial and constant disruption. He will be addressing conference on Tuesday, May 7, with ISBN members not at conference able to watch a broadcast on the organization’s website. In addition to main stage keynotes, additional workshops and breakouts will be delving into additional topics vital to multi-location businesses, delivered by thought leaders from within the beauty industry. https://salonspanetwork.org/isbn-live-2019/
ISBN’s 2019 conference will take place at the gorgeous Hyatt Regency Coconut Point, Bonita Springs, FL, on May 5-7 and is open to senior leaders of multi-location businesses. The hotel is famed as a retreat where guests can watch dolphins at the beach on a private island, play golf on its stunning green or connect with colleagues in contemporary meeting spaces. The conference opens up with its traditional golf tournament or the option to take a Catamaran Cruise along Naples to meet fellow delegates at the conference. CLICK HERE learn more and to register for or sponsor the conference.