Focus
Financial management, operational systems, and business strategy
Services Provided
10 hours of free 1:1 guidance; support with financial management, business systems, and operational guidance
Challenge
As a growing small business, Rainier Hair Studio faced several challenges, including managing the financial aspects of the company, implementing effective operational systems and procedures, and transitioning from being the sole operator to delegating responsibilities to a growing team. Megan expressed concerns about the business's reliance on her personal involvement and a lack of documented processes, which made it difficult to step away from day-to-day operations.
Our Approach
Rather than providing a one-size-fits-all solution, Launch worked closely with the owner to deeply understand the unique challenges and goals of her business for the purpose of developing a tailored plan of action.
Initial Assessment: Conducting a thorough initial assessment to gain a detailed understanding of Rainier Hair Studio's operations, finances, and Megan's vision for the business.
Providing Relevant Examples: Leveraging the consultant's expertise and experience to provide Megan with relevant examples, templates, and best practices that could be adapted to her specific context.
Frequent Communication: Maintaining open and frequent communication throughout the engagement, allowing for ongoing feedback, adjustments, and a collaborative problem-solving process.
Outcomes
Through the technical assistance program, Megan was able to make significant progress in addressing the challenges facing Rainier Hair Studio:
Connections with Experts: Megan was connected with a dedicated accounting firm that could provide ongoing support in managing the company's finances and tax obligations.
Strategies Developed: Together with the consultant, Megan developed a plan to document her operational procedures, train her team, and gradually transition her role to the new manager, allowing her to focus on higher-level business strategy.
Skills Gained: Megan gained valuable skills in financial management, process documentation, and team leadership, equipping her with the tools to scale her business and reduce her personal involvement in day-to-day operations.
Conclusion
By addressing the company's key challenges, Megan was able to strengthen the business's foundation, empower her team, and position the salon for continued growth and success. This support not only benefited Megan as the business owner but also contributed to the overall economic development and vibrancy of the local community.
