Issue link: https://www.massageandbodyworkdigital.com/i/72195
SURVIVING THESE ECONOMIC TIMES While escalating costs can send the most sensible businessperson into a tailspin, financial experts offer some practical tips to maneuver this fiscal maze. Stan Lewczyk, CEO of an advisory board at SCORE—the federal program that offers free advice to small businesses and entrepreneurs— indicates that small businesses, like those run by massage therapists, often have fewer resources to tide them over during tough economic times. He recommends focusing on two basic principles: do everything you can to maximize your revenue and do everything you can to minimize expenses. "Review programs that worked in the past," Lewczyk says. "What will draw customers in? Don't be daring and try expensive new programs. That can cause big problems." Collaboration with other professionals in similar businesses can ease your expenses and might result in increased income, Lewczyk adds. He recommends brainstorming sessions with friends and associates. "Come up with new ideas to drive business," he says. Concentrate on a specific geographic area and enter joint advertising agreements to maximize your dollar. Nonprofit organizations, like SCORE, can help write a business plan and draw attention to other details related to running a business. This all-volunteer organization with 389 chapters across the United States draws on the expertise of its members who are retired business individuals with a variety of strengths. SCORE (www.score.org) serves businesses of all types and sizes and is affiliated with the United States Small Business Administration. Alan Klayman, CEO and founder of the MyIncomeStrategy.com program, echoes Lewcyzk's recommendations and says small businesses should create an annual budget to avoid any surprises. He also suggests getting on a billing cycle with utility companies and putting away the plastic. When you must use a credit card, pay on time and pay the entire balance, if possible, to avoid fees and interest charges, he says. For mobile massage therapists, he recommends combining appointments with necessary shopping trips. "Schedule one day a week on the road and keep a set schedule. Instead of going from one side of the city to the other, make all appointments in the same geographic region," he says. "Do your shopping on these trips. A separate trip will cost more in gas." When it comes to office equipment, Klayman urges massage therapists to take inventory and prioritize. "Instead of having a separate fax line, look into e-fax," he says. Virtual voice mail and auto attendants can free you up but still keep you in touch with clients and is cheaper than paying for a separate business line. RELATIONSHIP BUILDING Massage businesses with multiple locations typically have larger budgets than solo practitioners, but escalating costs and fewer clients can still impact the bottom line. Bruce Schoenberg, owner of three Oasis Day Spa locations in New York City, says that larger businesses, like spas, must be vigilant when it comes to the economic pulse of the country. "You have to figure out how to survive, understand the heartbeat of the economy … and deal somewhat from your strengths," he says. Regardless of size, Schoenberg promotes relationship-building as a top priority when it comes to business survival. "Work on relationships with everyone you do business with," he says. "I want vendors to know me. I'm not a tax ID number. I want vendors to be on the sidelines cheering me on." massagetherapy.com—for you and your clients 131