It's time to stop procrastinating, face your fears, shape up that business, and "knock out" all of your worries.We're gonna get down and dirty and talk about your bottom line.
1. Do you have a system for inventory control?
If you answered no to this question, you must have thousands of dollars of inventory collecting dust on your shelves. You are spending more on buying retail products than you should be. You should not be spending more than 50% of your total retail sales buying products for retail.
2. Do you know how much money you should be spending monthly buying back bar products in relation to your service sales?
3. Does your salon have a budget?
If you answered no to this question, you can not possibly set service and retail goals for your team because you don't know how much money the business needs to make! You can't plan your marketing because you don't know how much you are able to allocate to advertising and promotions. You can't hire new staff because you honestly don't know if (and what) you can afford to pay them.
To put it simply: If you don't know how much money the business needs to bring in each month to cover your expenses or how much money should be spent in relation to how much is coming in...your business will never ever ever make a profit.
If you would like to know more about cosmetology industry benchmarks (goals for best practices), retail and inventory control, and/or budgeting please call us at 604-314-4981.
"Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home and think about it. Go out and get busy." -Dale Carnegie
