Wondering how to grow your business in 2020? You’re not alone! We’ve listed 5 items to focus on in the upcoming weeks to ensure your business has continued success throughout the year.
Review Your Numbers, Budgets, & Savings: Review your budget. It’s very important to have a well-planned budget for the coming year. Cash flow forecasts aka where the money comes from and where it goes, are essential to maintaining a healthy business.
Review large expenses from the previous year and ensure if they are recurring expenses, you set aside money for those expenses.
It’s important to invest/save some percentage of earnings when you are busy. Take the time to set daily, weekly, and monthly savings goals. Treat this like any other bill so you ensure it gets paid. See our A Suite Salon blog, ‘Salon Suite Owners: Make Money From Your Smart Phone’ for tips on apps that can automatically invest for you.
These hints will ensure you have a cash reserve if things get tight or something unexpected should happen during the year. A Suite Salon Bonus: The A Suite Salon FREE app has a cash flow forecast report you can create and review in real time.
Give Your Marketing Highlights: Take a close look at your social media pages, website and business cards. If you have not paid attention to your social media profiles in a while, give your accounts a makeover with new pictures of work you have done as well as any décor shots you have that give your brand personality. If you do not have a website, this is a great time to invest in one. A Suite Salon Bonus: The A Suite Salon FREE app AND our Insurance partner both give you a platform to create a free website for your business.
Evaluate Your Inventory: Conduct a thorough review of your inventory, pinpointing what items are most popular and which ones collect dust. Use your sales data from last year to drive this information. Talk to your clients to see if there is anything you don’t sell that they’d like to see you stock. A Suite Salon Bonus: The A Suite Salon FREE app manages your inventory numbers for you.
Give Your Suite a Facelift: This is the perfect time to ask yourself how does your suite look? Is your inventory overflowing making your suite feel cluttered? Are your walls ready for some new paint? Is it time to change out some of the simple décor, bring in a new color pallet, or freshen up those throw pillows? A Suite Salon Bonus: Our in-house designers will work with you to help you achieve a cost-effective makeover for your suite. Double bonus: This service is complimentary to you.
Take Time for You: As an owner of your Salon Suite, it is vital you focus on the health of you. Make sure you schedule any health-related appointments you need or have been putting off because you have been too busy. Use this time to recharge your batteries. If you do not have the option of taking a week off, maybe take an extra day off during the week or shorten your hours a couple days of the week to enjoy some “me” time. A Suite Salon Bonus: Take advantage of our industry relationships and save money on hair supplies, health insurance, retail, and more.
