Working with salon owners can be stimulating, exciting and sometimes downright frustrating.
Why do I say that?
Because these wonderful, hardworking people should be achieving much greater financial returns from their businesses than they normally do.
They are often the hardest workers in their salons, see the most clients, sell the most product and usually work the longest hours but in too many instances are taking home very little (if anything) in the way of financial recompense.
It’s just plain crazy!
Does this sound like a familiar story in your salon?
I can almost see you nodding as you read this blog.
Yes, you are the hardest worker, and yes, you often have to forfeit your paycheck so something or someone else can be paid.
Are you wondering what went wrong?
When did your dream slowly turn into a nightmare that has robbed you of your life and happiness?
You need to know something.
This can all change.
It won’t be an overnight process, but it is doable.
You must get back in control of all the aspects of your business, and below are some simple steps you can take to get the ball rolling.
1. Reserve a few hours a week to work on your business and not simply in your business. This is one of the first steps to gaining back your control. Begin by taking time out from servicing clients, and use that time to think about ALL the aspects of your business that will make you money, and save you money. Do some business planning that will give you a firm direction to follow.
2. Make an appointment to talk to your bookkeeper or accountant to review your figures. Learn what all those numbers mean in your financial reports so that you can monitor your salon on a regular basis before things get too far out of hand.
3. Find the time to think about quality, cost-effective marketing that will actually make you a profit, instead of simply over-paying for a quick advert in the local paper or magazine that you didn’t have time to properly construct.
4. Look for ways to optimise your stock holding without affecting your retail sales. This will free up money for your cash flow.
5. Scrutinise your roster to see if you are over-staffed for the amount of work coming through your salon doors.
6. Spend time with your staff to train them in how to up-sell and retail to their clients. Develop staff incentives to boost performance.
7. Minimise your expenses.
8. Review your treatment pricing to see if it’s time for a price increase.
What are you not doing in your business that you need to make time for right now?
Don’t procrastinate any longer.
Start planning to make your business the success you want to have.