Ladies & Gentlemen co-owner Nancy Brown says not getting pros to handle company’s growth was her Biggest Mistake
by Marcia Pledger/Plain Dealer Reporter
When you take chances and focus on customer service, your business will grow. But you had better be prepared.
One bad move can quickly destroy everything you’ve worked for, especially if you mess up with finances and taxes.
Back in the mid-1970s, I took over an 800-square-foot salon in Painesville in the oldest shopping center in the state. It was the same year the law changed allowing men to get their hair done in beauty salons with women. I wanted men to feel welcome, so I called it Ladies & Gentlemen.
It took 10 years to build up to 25 employees and about $250,000 in sales. Then I moved to a larger space in Mentor. Business picked up fast — really fast. In just one year, sales doubled. I was used to doing everything from hair to payroll to managing staff. Suddenly, I was completely overwhelmed. My accountant left town, and finding a replacement was on my to-do list. In the meantime, I asked a friend to help make tax deposits.
My biggest mistake was not making sure I had the right professionals in place to handle my company’s finances, as soon as I moved to a larger location. I was so busy with hiring, training and doing hair, that I didn’t take time to understand new financial obligations that came with growth. Read more …
Tags: salon management