Bright IdeaJanuary 1, 2009 By: Lotus Abrams American Salon
Use Your Head
BONNIE CONTE, co-owner of Avalon Salon and Day Spa in Deer Park, IL, is addressing the changing economic climate by fine-tuning her business' financial and performance plans. For some expert advice, she turned to Strategies founder and CEO Neil Ducoff, author of a new book called No-Compromise Leadership. First, Ducoff suggested setting a pre-booking goal of 60 percent. He then analyzed the salon's profit and loss statement and balance sheet, identifying several ways to improve cash flow and profits. As a result, Avalon has doubled its pre-booking ratio and has a plan in place to tackle the tough economy. Conte says of the experience, "I learned that I need to stop getting caught up in mundane tasks and get a strong hold on my company's steering wheel." —L.A.