Salon Inventory Management: 7 things to avoid making a critical error
Tues, 24 Dec.
If you are working in a salon or running it yourself, then you need to know a few important points about salon inventory management. ‘Why salon business management is critical for a salon?’, is an essential question that we need ask ourselves. Salon inventory management is a process of managing essential and correct inventory levels of stocks of your salon. These stocks are usually the products that are used in any salon business and closely correlates with customer experience of a salon.
Imagine if one of your hairdressers was applying hair color to one of your customers and that very same hair color runs out. You also find that your salon doesn’t have a backup. It would be an experience that no customer should go through. This is why salon inventory management is important, which can help with replenishment of the stock at your salon correctly. There are seven points that you should know about salon inventory management.
1. The Benefits
Salon inventory management pertains to huge advantages for your beauty salon business. When done right, your business's cash flow is vastly improved. It simultaneously helps improves profits and customer experience. The customer becomes a returning customer if he or she is happy with the experience. It streamlines the ordering process and reduces shrinkage of stock. Also in the end, it saves your and your client’s precious time.
2. A salon business is not a guessing game
The process accrues consistent checking of salon inventory lists and the correct timing of orders. This type of process is also called Just in time Inventory, which is a popular way of stocking inventory in many multinational businesses.
3. Set stock goals before initiating salon inventory management
It is essential that you have to set some major stock goals in order to simplify what you want to do for example stock loss/shrinkage targets or maybe the lowest level of cost accrued.
4. Know what to include in the inventory management of salons
One should know that every bit of a stock that is directly related to the customer experience should be included in the stock inventory management.
5. Knowledgeable about the inventory data to record
The kind of data that should be recorded depends on the size of the business. One should always record correct information about the distributor and the product itself. The information can be a reference number, product name, brand name, distributor name, current stock levels, and the different prices.
6. Know the estimated inventory usage in the salon
The owner should require their employees to report the actual usage of inventory in the salon on a day to day basis. This is important to quickly adapt to the ever-changing landscape of salon management.
7. Know about different methods to track salon inventory
There are many ways one can keep track of salon inventory. These methods include but are not limited to, inventory spreadsheets, inventory software like MyCuts, and the paper inventory list (not recommended because it is not automated).
Managing your Hair and Beauty Salon Business
Tues, 31 Oct.
People in the hair salon business often go through the business dilemma of mismanagement. The truth is, once the burden of numerous recurring clients falls on your shoulders, then the entire task of managing a thriving business can become tough, especially if the business is a hair salon. And this is where you need to be proactive in comparison to being reactive which can help you avoid a lot of mistakes. There are plenty of ways through which you can manage a hair and beauty salon business. Plus, with the rise of Internet and digitalization, one can find many opportunities to exactly do that in an efficient manner. Here are some tips to help you better manage a business:
Get a Grip of HR
Human resources is an area in any business that needs to be in your grip. By that we imply, that HR matters aren’t only related to hiring employees. Efficiency as well as the incentives to work in a fast paced environment should be introduced. This will help you to sustain customer complaints and appointments. Hiring as well as firing underperforming employees should be strictly done on the basis of performance and ability.
Follow a Target Oriented Approach
A target-oriented approach is extremely important in terms of achieving goals. Obviously, you as a salon manager must make some analysis that identifies your profits and costs. Hence, an analysis of the budget is required in order to take things under consideration. When you know your budget and your expected target, managing sales or appointments will not be a problem.
Meetings are what we all typically ignore. Meetings are essential for a variety of reasons. Number one is that it serves the employees a reminder of what their targets are. If an employee is underperforming, then that factor alone can be highlighted in a subtle way. Meetings generally can be very effective in maintaining the overall environment and it can possibly motivate the employees as well as yourself. Meetings can further be divided into two types. Try holding a team meeting once a week, where you can decide all matters related to running the place. The second option is to hold individual meetings on a monthly basis. These meetings are essential to highlight individual performance.
Just Observe for Flaws
All businesses have flaws. Admit it or not, businesses do have shortcomings and it can be really hard to identify those. Hence, we suggest to just observe in silence where your business is falling short. Try to observe all matters related to operations, which can be vital. You can never know, something might just click and you can turn things around.
Technology is there to help us out in things we can’t even imagine. The best part is that a lot of people are using apps that can help you in managing clients and several other matters. A perfect example of an app that you can use to schedule appointments for your client is MyCuts. MyCuts allows a salon manager to schedule appointments and by doing that one can easily manage their day to day proceedings. Similarly, there are a ton of other apps that you can download in order to help you manage your day-to-day operations.