Salon Today - February 2009 - (Page 22)

BOARD GAMES ast coast spa owner Sasha Rash was dining with a neighbor who happened to also own a salon. The pair met for dinner from time to time not only as friends but to compare industry notes and chat about their salon operations. They began to notice that the valuable perspective each offered the other beneﬁted both businesses signiﬁcantly. “Wouldn’t it be nice,” they thought, “if this other salon owner we know could join our conversation? And how about that one, too?” And thus was born the New York Best Practices Board of Advisors (BOA). Accountability is built into the structure of public companies; with AS SALON OWNERS STRIVE TO GUIDE THEIR BUSINESSES TO THE NEXT LEVEL, A GROWING TREND IS TO BORROW AN IDEA FROM BIG BUSINESS AND FORM A BOARD OF DIRECTORS. By Rosanne Ullman stockholders and boards of directors, there’s no shortage of both non-binding advice and legal requirements. Privately owned companies lack this type of oversight. The single owner or partnership duo operating a salon or spa often has little more than a stack of business books for guidance. Throw in periodic calls to lawyers and ﬁnancial consultants, and in the past that may have been guidance enough. But owners like Rash, running sophisticated businesses amid complex market conditions, are looking to do more than ﬂy by the seat of their pants. If a formal board of directors can effectively steer publicly traded companies, they feel, perhaps a similarly formal advisory board can help privately held salons navigate the seas of proﬁtability. E 22 | February 2009 www.salontoday.com http://www.salontoday.com

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Salon Today - February 2009 Contents Editor's Note Reception Spa Menu Decor Inside Look Custom Color Board Games Where's My Exit? Products Owner to Owner

Salon Today - February 2009

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