Focus on your cash flow
Maintaining your cash flow is vital to the success of your business. Cash flow can be hard to predict, so it pays to set specific goals and adjust your strategy as you go.The first step is to decide what’s realistic. Using Scorecard, take a look at your year-on-year revenue and create monthly goals based on how well you did last year. Consider how your results compare with similar-sized businesses, and use others’ success as a benchmark. From there, you can start to define some specific new goals. For example, you might want to:
- Increase product sales by 20{b55adc3a662bd6c2e6709665258abfc1f6e7a7940e6d74c1b6e379c733dca360}
- Upsell additional services to 20%more clients
- Boost Mother’s Day revenue by 10%with gift card promotion
- Achieve a client retention rate of 70{b55adc3a662bd6c2e6709665258abfc1f6e7a7940e6d74c1b6e379c733dca360}.
Think about how you can work smarter, not harder, using the resources you already have. For example, if your goal is to increase retail spend, your strategy could be as simple as offering refresher training for your team on ways to upsell.
Work more efficiently
Another excellent area to focus on is how efficiently you work. All the little things you spend money on throughout the year – and all the mundane tasks you waste time on – can really start to add up! Take a look at your salon’s reporting to pinpoint ways you could tighten your belt, and ways you could work more efficiently.For example, you could:
- Reduce product wastage by setting measurable targets so staff know how much product to use in each service.
- Automate your stock management, so you only ever order what you need or what you can sell within a certain timeframe.
- Save time and improve data accuracy by switching from paper client information cards (CICs) to Online CICs.
- Review how much you discount, ensuring you only run promotions that have a positive affect on the bottom line.
Put your customers first
Finding new ways to keep your clients happy should be a key part of your goal-setting strategy. Think about ways you could improve your client relationships, and how these could help you achieve your goals. For example, if you’re aiming to improve client retention, you could:
- Ensure your clients feel extra welcome with a steaming cup of tea, cool drink or warm smile when they arrive
- Give your clients a friendly reminder to rebook before they leave
- Make your clients’ lives easier by letting them book online on your website and Facebook page
- Stay in touch with clients with a mobile app that provides exclusive offers just for them.
Whatever your goals are, make sure they are specific and measurable, and include a timeframe to help you stay on target. Happy goal setting!
