Deborah meaden's advice for how to thrive in the recession

"If we think we've had it tough so far, I don't think it has even started. I don't think it will be over in one year, I don't think two years; I think the change will be for the long haul.

"Not only is there going to be less money around, but the way we behave could change forever." That was guest speaker Deborah Meaden's warning to hairdressers and salon owners at the Wella Business Network Event at Carden Park Hotel, Chester.

But the entrepreneur, who has made a name for herself as the most fierce and feisty dragon on BBC's Dragons' Den, also had some words of hope: "I think you are probably among the best placed to not only survive but thrive. You are in direct contact with the customer and you get to know them and to gauge their mood," she added.

Here is her advice for thriving in this challenging climate.

Get to know your data

If I was running a salon, I would consider closing for a quiet day and getting the team together for a meeting to start gathering data. We're not just talking about names, ages and jobs; you need to notice recurring themes like are clients worried about paying their school fees? It is only once you have stored and analysed this data that you can start to get creative.

Creative planning

Now that you know what you are facing, you need to have a business plan, but don't just download one from the internet; make sure it is specific to your salon and the challenges you face. Focus on the issues and always structure it with the most important things first. Then revise that plan every couple of months when aspects change.

Learn from the past

Of course, you need to keep on looking forward and striving to progress, but don't be afraid to look back too. Most events that happen now are modern problems with nods to the past so there is always a hint to how we can solve it too.

Sort your best ideas

It can be hard to know the difference between an idea and a good idea that is going to make the business flourish. Make a list of all of your ideas and then focus on the those that will make a big difference. Keep re-sequencing your list and never get beyond point three. Keep your initiatives short and never have more than two on the go at the same time. Both will guarantee you lose focus.

Don't have 'sacred cows'

Every person has elements of the business that are untouchable. This is a mistake - everything must be up for discussion. There is never one single aspect that makes the business work. Keep on changing, adapting to the mood and moving forward and you'll be in the best possible position to stay ahead of the game.