27 June 2023
Is your business thriving? Or is it just getting by? How would you even know?
Get to know your numbers.
Business is a numbers game…whether you “love” numbers or are “good” with numbers, you need to know and understand your numbers to be a successful business.
Where did you start, and where would you like to be? What is your goal?
Maybe it’s to own your own salon one day, increase your team size, take a back seat when your business is polished, or perhaps your dream is to open your next salon. Whatever your goal one thing is for certain…to achieve it, you need to know your numbers.
The system is very intuitive, easy to use and has deep data to draw upon. Thanks, Sam, Cara and the team. Nigel Mere.
If you would like to find out how we can help you understand your numbers, boost profit and guarantee client retention click here.
A couple of questions to ask yourself…
Are you focused on your team or salon’s Key Performance Indicators? Do you know where to start or how to push yourself and your team to the next level?
There are many salons losing money because they just do not know their numbers, if this sounds familiar and is you, reach out to your accountant as soon as possible, they will help you to understand what is going on in your business.
Do you know and understand where you are at right now, and where you need to be for each of the key areas below?
The Key…The Secret
I don’t know about you but I can attend a seminar or a conference on business, and take pages of notes, I’ll be totally inspired and raring to go when I get back to the salon. Once I have stepped foot into the salon I am hit with the daily happenings of salon life, helping a stylist with a. colour formula, head-deep in a spreadsheet to reach the wages deadline, scanning CV’s and booking interviews as we need to recruit. After a few days of ‘back to reality’ my notebook soon gets buried deeper and deeper in the bottom of my bag…it’s happened again, and no action taken means no change.
Three to Thrive, focusing on too many KPIs at a time can have a negative effect on yourself, your team and ultimately your business, we recommend focusing on three of the KPIs listed above and giving them all your attention.
Focusing on too many at once will dilute your efforts and lower your results, plus it will confuse you and your team.
Don’t panic though…this is where great salon software comes into play. You should be able to get to this vital information in seconds.
Remember you are running a business; the numbers must stack up.
The humble pound
Let’s keep it really simple to understand, for every £1 you make, how much are you left with?
Having someone who really understands numbers is so important to running a successful salon.
Talk to your Team
Your team should also be aware of certain costs involved, we’re not saying to tell them every gory detail of your finances. But quite often many are oblivious to business expenses, they forget about the course they went on last month or the CACI machine you are paying £500 per month to rent for the next 3 years, yet they still ask for a 40% pay rise.
It takes 21 days to set a new habit
Once you know your numbers, get yourself into the habit of reviewing them every single month, what were your costs for the previous month and how much revenue did you bring into the business?
Look at your projection for the coming month. Do you have any one-off costs or renewals coming up that you need to consider?
Having the above in order and in your control will help you to focus on the areas that need your attention the most.
If you would like to find out how we can help you increase clients, boost profit and guarantee client retention often click here.
Call a member of our team today on 01892 280 123
