Now in its third year, there is little doubt that the 2 to 10 Project is unlike anything else in our industry. The level of the information and peer networking is unparalleled. Participating salons and spas include market leaders with between two and 10 or more locations. The 2 to 10 category represents 80 percent of the industry’s chain salons.
We are excited to be underway with our annual Financial Performance and ‘Next Practice’ Study as well as announce several other exciting new features to 2 to 10. So, here's what's new in 2013...
What began as a benchmarking study has now evolved into a member organization. A 2 to 10 membership provides data, analysis, leadership experiences, education, peer networks and other resources appropriate for all members of multi-location leadership teams. By serving as a resource center, 2 to 10 works to propel growth opportunities, drive higher profitability and create business succession strategies for its members.
2 to 10 Membership is by invitation only, and members are truly visionaries and drivers in salon practices for the future. They share a quest for information and solutions specifically catered to multi-location market leaders.
By the time this article is published, we will be immersed in the 2013 Study, updating the financial benchmarks and operational guidelines for 2 to10 members. This year’s study consists of:
Financial Performance Report: results from an in- depth study of member Profit and Loss statements complete with quartile rankings in key 15 categories
Next Practice Report: a synopsis based on answers to a 50-question survey of current and future business practices from member salons.
The 2013 Study will be led by Barry Matthews, a top financial professional with over 30 years experience and who served recently as the 12-year chief financial officer for Gene Juarez Salons.
Each of the 45 members will receive a confidential “Find the Money” scorecard with rankings in the 15 performance areas compared to the 2 to10 member group. Rankings are in quartiles and center on profitability, labor, revenue mix, space, cost of goods and more. Member salons and Salon Today readers have found this objective and unbiased information to be incredibly valuable and many have had measurable increases in performance.
All data from the Study and Scorecards are held in strict confidence according to an executed nondisclosure/confidentiality agreement.