Ready to start strong? Check out this guide that will ensure your 2024 New Year Salon Resolutions are ones you will keep all year long.
Focus on Financials & Manage Inventory
Amidst the daily hustle of client interactions, it's easy for the financial side of your salon business to take a back seat. The beginning of the year is an ideal time to assess services and sales year-over-year. Prioritize actions like managing cash flow, scrutinizing numbers, evaluating overhead costs, and crafting a financial plan for the upcoming year. A bit of professional advice—create a separate account for retail sales, directing 50% of daily or weekly sales to fund product purchases. Take a moment to review your salon accounting software, ensuring seamless integration of scheduling, banking, and POS systems for maximum financial transparency.
Focus on effectively managing your product inventory as another way for boosting retail sales. Year-end, evaluate your inventory, from best-sellers to seasonal items, and restock accordingly. Keep 2-3 units of each product on the shelf, adjusting quantities based on sales trends. The key is to strike a balance—avoiding shortages while preventing excessive inventory that may not translate to increased sales.
Formulate a Plan
If you haven’t already, commit to creating a marketing plan for your salon. If you have, then it’s time to re-evaluate it. This is hands down the best way to look at your business and what you need to do to take things to the next level. Consider developing a vision board that highlights your resolutions, and be sure to engage your staff in this process—their insights are invaluable.
And while you are developing your marketing plan, be sure to look beyond the typical calendar driven (money collected for services) model or retail revenue and maximize your marketing efforts by remembering word-of-mouth remains a powerful customer acquisition tool. Most salons don’t have huge marketing budgets, so you’ve got to find ways to organically put your clients to work for you. Additional earning opportunities tend to present themselves when you view customers and employees as integral to business growth. Encourage social media sharing and referral programs as part of your marketing strategies.
At the core of any thriving salon is a commitment to effective communication and positive staff relationships. In 2024, make clear communication a priority, by actively listening to your staff, making yourself readily available for one-on-one or group discussions. The same principle applies to customers—cultivate intimacy to drive referrals. Get involved in community activities to enhance your salon's presence, and conduct customer surveys to gather valuable insights for targeted marketing.
When it comes to a skincare partner, consider forming partnerships with skincare brands that offer more than just products. Align with partners like Tuel, backed by 40 years of industry experience, to access hands-on classes, business advice, and marketing support. Elevate your skincare knowledge through a variety of training options, from online sessions to in-person workshops.
As you're well aware, this isn't your typical 9-5, Monday to Friday business. This means either you or your staff are often working during off-hours like weekends and evenings. To ensure success – for yourself and your staff – carve out time for activities outside of work that leave you renewed and re-energized.