During lockdown, many salon owners said they felt determined to reassess their work/life balance and work smarter, not harder. The National Hair & Beauty Federation (NHBF) has tools to help you do just that.
Take control of your cash flow
Working smarter means taking control of your cash flow. “Cash flow” is a term we hear every day, but what does it actually mean? It is simply the amount of money you have coming in and the amount going out.
“The key is to have more cash coming in than going out. This may sound obvious but running out of cash is a major cause of business failure,” says NHBF finance director Kishon Mather. “Even a profitable salon can fail because of poor cash flow. It is the single most important issue for any business.” Find out more about cash flow confidence in your salon at nhbf.co.uk/cash-flow-confidence
Have a clear no-show and late cancellation policy
No-shows and late cancellations can cause you stress, inconvenience and loss of revenue. To help you work smarter and not harder, you need a clear policy. Here are some simple steps to reduce no-shows and late cancellations:
• Build a good relationship with your clients. If they feel valued as an individual, they will be less likely to let you down
• Send out reminder messages in advance of the appointment. There are plenty of salon software systems that can help to do this
• Consider charging fees for no-shows and late cancellations, but make sure your clients are fully aware of the policy first.
Make the most of salon software technology
“Salon software technology can help you boost your bottom line, enhance staff performance and take care of time-consuming tasks,” says NHBF director Tina Beaumont-Goddard. For example, you can use it for appointment booking and scheduling; automatic email marketing; financial reporting including income stats, cash flow and individual staff performance; managing staff and rotas; calculating commission; automatic appointment reminders; feedback questionnaires; and automatic reminders to lapsed clients.
NHBF members can download an in-depth guide to salon software, including how to choose the provider that’s best for you at nhbf.co.uk/salon-software-guide
Ramp up your retail
Retail can make a big difference to your bottom line. Increasing sales will mean there’s less pressure on you to work longer hours. So what can you do?
• Encourage your salon staff to sell more – offer a monthly prize for the best sales person
• Boost summer revenues – with clients now coming through the door for weddings and holidays, they may be more inclined to impulse-buy travel sized treats like treatment masques and sun sprays
• Create a display – position profitable products between eye level and waist height, and make sure they’re clearly priced so clients can buy with confidence
• Impulse buys – try gift wrapping products to provide easy last-minute present ideas for busy clients.
For less than 80p a day, the National Hair & Beauty Federation (NHBF) will work with you to support your beauty business through and beyond the pandemic. Find out more at nhbf.co.uk Join the NHBF before the end of July 2021 and quote PBJU25 to get £25 off your membership fee