MENU
SEARCHDon’t wait until the next crisis to get prepared. Despite the sea of unknowns, start building financial success now with these three tips from Qnity’s Tom Kuhn.
As part of our Burning Questions series, we gathered our readers' pressing business questions and raised them to industry experts. Here, Tom Kuhn,QnityFounder/CEO and CEO of the2to10 Project, addresses the tough topic of finding financial security in times of crisis.
SALON TODAY: With the industry changing and uncertainty, how do I ensure I am actively preparing financially for what's next?
Kuhn: I’d like to break this down in three general buckets:
1. Find the silver linings.
Find opportunities to become stronger, to implement new practices that put you in a better place than you were before. In my work as a turnaround specialist and during times of financial turmoil, I teach several practices that help find and create silver linings. ‘Push the Pulse’ has you take the things that you previously did once a month and transition to doing them weekly, and things that you used to do weekly, you now do daily. For example, projecting cash flow. ‘Daily Cash Flow Tracking’ is a vital practice to implement. Tracking your cash flow monthly is too long. Weekly is too long. You need to do this daily, and we have a great tracker template in our Plan for Profits program.
Another practice is to have a ‘Name to Every Number.’ For every line item on the P&L, make sure it’s clear who is accountable for each number. Is it the owner, manager, education leaders? This process is also a great practice to spread out accountability for profitability.
2. Recognize revenue vs. profitability.
Don't assume that a drop in revenue equates to a drop in profitability. Salons that are down 20+ percent in revenue are actually up in profitability. Many businesses have used the pandemic as an opportunity to adjust their cost structure, better utilize technology and address flaws in the business model that otherwise may not have been addressed – and it’s showing in their profits.
3. Stay connected.
In times of crisis and hardship, it’s critical to stay connected with others in the industry, your community and with experts in business, finance, innovation, etc. We have seen the power of community through our weekly ‘Financial Roundtables.’ We’ve hosted a weekly ‘roundtable’ for the past 21 weeks. We bring together experts, owners and leaders and discuss timely actionable ways to survive and thrive in business and life. We’ve had many participants tell us this community and information is what got them through the pandemic.
Discover how to create a true “WOW experience” for every client by first building a culture where your team feels engaged, empowered, and inspired. Drawing on Calvin Stovall’s Iconic Framework, this blog explores how salon, spa, and clinic leaders can strengthen culture, elevate customer experience, and build a business that stands out for the long term.
Sponsored by Phorest Salon Software
The wellness industry is growing fast, and salons and barbershops already are an important part of it. In her first blog, Tracy Rado shares where the wellness dollars are heading, and how salon's can grow with this movement.
While salon sales are increasing, owners often feel they're working harder for the same or less profit. Leverage Q2 data from The KIM Report, Alain Audet reveals some of the structural changes that are dampening your growth and why your region and your salon size matters.
Weaknesses in your business are amplified during the Holiday Season. Spark Pro Global's Lucy Randall shows you five things to do now to have the strongest holiday season yet.
In Kati Whitledge's latest blog, she shares how salons have moved away from dress codes and embraced appearance standards. But by removing strict dress codes, some businesses may have unintentionally lowered their appearance standards. Whitledge helps you explain to your team why an appearance standard is important and how to smoothly implement a new appearance policy.
The Small Business Health Care Tax Credit is a non-refundable tax credit for for-profit businesses that provides a financial incentive for eligible employers who offer health insurance coverage to their employees. Leticia Skrabut, Esq., walks you through how to claim that credit.
Developing strong work habits early in one's career supports long-term success in the salon industry. Jesse Linares offers new stylists his top five tips.
Most salon owners have no idea what these numbers are. You can hit record sales and still have a profit problem. The difference comes down to four numbers almost nobody was taught to track.
Sponsored by Strata Salon Systems™
A five-area audit every owner-dependent salon needs to run. You built something that looks successful. Now find out if it can survive without you.
Sponsored by Strata Salon Systems™
Every month you put off fixing the problem, it gets bigger, more expensive, and harder to solve.
Sponsored by Strata Salon Systems™
At Janet St. Paul Studio for Hair and Beauty, Director of Operations Natasha McMillen helps bring her wife Janet St. Paul's vision to life, elevating every system from education to operations.
Expand your color service menu with the Pinstripe technique. Brooks and Brooks' Marlon Hawkins walks you through the technique.
The strongest salons, spas, and med spas know which numbers tell the real story of their business. In this practical guide, Phorest breaks down the five essential KPIs every business should track to improve retention, boost revenue, and make smarter decisions with confidence.
Sponsored by Phorest
At Bella Style Salon in Slidell, Louisiana, Director of Operations Angela Meyer tackles inventory, team management, and guest relations. Read all about her in our latest Meet the Manager.
Starting at Impressions front desk in 2006 when he was 19 years old, General Manager Paul Petrowsky is a seasoned professional who owner Sarah Taylor says is responsible for much of her own success.
Planning is in full swing for the most anticipated events and promotions for the 2026 holidays. As owners share their favorite ways to celebrate, they prove that a carefully planned event can also build culture, increase client loyalty, boost sales, and set a business up for a successful 2027.
When things run amok at Mane Attraction Salon, Owners Chris and Jenny Knudsen say General Manager Sami Hernandez is their go-to resource and ultimate sounding board. Meet Sami in this installment of Meet the Manager.
