Most Wanted 2023 ‘Business Thinker’ finalist, Nicholas Nicola, talks team building, client experience and how to keep positive during the current financial climate
“I founded Allertons in 2014, having just sold my previous company which supplied temporary staff to beauty and fragrance brands in department stores, acting on my passion for retail and customer service. The world has changed an awful lot in the nine years since then, and believe me, I learnt everything about owning and running a salon the *very* hard way (secret: my first Allertons salon turned out to be so badly designed and thought through, that it was actually impossible for it to be profitable — we only made it through because of the team).
Post Covid, one thing we are all living through now is the Cost of Living Crisis. You mustn’t panic – there are tangible steps to take to ensure your business thrives through this time, especially when you remember the ‘Lipstick Effect’ (a term used to describe that in times of hardship, people still turn to the self-care industry to make themselves feel better). Do an audit of your overheads to see if there are any efficiencies you can make, speak to suppliers to capitalise on offers to increase margin, and do not reduce your prices to reduce your profit. Instead offer extra-value or extra-incentive services such as express treatments. Be a beacon of happiness and hope in this gloomy time, and your Clients and Team will thank you for it.”