Financial advisor benefits for salon team

When Colin McAndrew at Medusa enlisted a financial advisor to help his team, it had an overwhelmingly positive effect

Colin McAndrew decided to introduce a financial advisor to his team to help them handle the cost of living crisis and the effects for the whole team had a whole host of benefits, from helping their mental health to making them feel more in control.

With news on economic downfall coming in thick and fast and financial challenges heightened for many, anxiety levels are high. Enlisting a expert on the topic could help your team feel a little calmer when it comes to their

Medusa is an award-winning Edinburgh-based group with salons in Raeburn Place, Broughton Street, Hanover Street, Teviot, Bread Street and Musselburgh. Colin McAndrew, MD of Medusa Hairdressing, explains how a financial advisor could help your team.

5 ways a financial advisor helped the Medusa team

1. Educate

The cost of living is, and will continue to, effect every single one of us and so I have introduced a financial advisor to my team in order help everyone fully understand how their finances work. By educating people how to balance their incomings and outgoings, to financially plan for the future and how to make better financial decisions, I believe we all have a better chance of riding out this challenging time.

2. Mental Health

Money worries can impact sleep, self-esteem, and energy levels. Salaries will have to stretch further and this will impact the mental health of the team. Confidential appointments with our Financial Advisor will allow them to openly discuss their household income, and by creating a spreadsheet of their financial situation will hopefully ease some of the pressure. It is thought that 40% of households will fall into fuel poverty this winter and I want to make sure no-one in my team become this statistic.

3. Feeling in control

Medusa is already a Living Wage Employer and we have been re-visiting the basics of how to increase your salary. Career and salary progression are supported for all team members at Medusa and we work together on helping our team achieve their salary goals. However, it’s important that our team understand external financial pressures will affect us all. Feeling a sense of control over your earnings and how to manage your own finances will empower the team.

4. Balance

We’ll all need to work even harder during this time and areas of our spending will become more considered and frugal even, but it is hugely important that it doesn’t become all consuming, or all doom and gloom. There needs to be a balance in life and the financial advisor can help show areas where each member can prioritise the fun parts without feeling guilty.

5. Culture change

At Medusa we are on a mission to change the culture of salons. By creating an open environment when we support and listen to each other as the norm, it allows everyone to be vulnerable and to speak up about personal issues, if they wish. Financial burdens can lead to low morale, debt and depression. I want to help my team understand that when finances are stretched there are alternatives to reaching for an overdraft or pay-day loan and those alternatives begin by talking about the situation, not burying your head in the sand.