Finance in a Flash
How often have you wished for a financial advisor to help you manage the business side of your salon. Now you can have it with the Financial Analysis and Coaching Tools CD, developed by Milady, part of Cengage Learning a leading provider of beauty and wellness learning solutions. This new set of tools helps salon and spa owners track, merge, manage and improve their business’ bottom line.
The Year of Change
2009 will be remembered as the year the rules of business changed. The year began with the economy in the throws of the worst global recession on record. Business leaders were being pummeled by one ugly piece of economic news after another. Unemployment was soaring, financial institutions were crashing, automakers were on life support, and the government was doling out bailout and stimulous money like Halloween candy. Simply put, consumers and businesses alike initiated a lock-down on spending.
by Neil Ducoff
Keep Uncle Sam Out of Your Pocket
Ka-ching, ka-ching...the end of the year is the time to make some serious money in salon business. Not only can you boost revenues with the additional business that comes through your door during the holiday season, but you can also make money by doing some effective year-end tax planning, says Larry Kopsa, CPA or Kopsa Otte CPAs and Advisors.
by Stacey Soble
The Recession is Over: Now, It's Going to Get Interesting
You are doing business in the new economy. What does that mean for salon owners this holiday season? Well, it's not business as usual. If your holiday plans are the same as last year, you might not see the growth you need to survive. Yes, there are positive signs to the end of the recession, but the recovery will not be swift or easy.
by Bart Foreman
Partnering for Profit
Have you ever stopped and thought about how you can get more support to solve a problem or to grow your sales and customer base? have you ever wondered how you can get your work done in half the time? Have you ever wondered where you can meet like-minded people who can help you connect with other people, companies or resources? If you answered yes to any of those questions, it means that you need to find partners to help support your growth!
by Steve Gomez
Trimming your Expenses
I recently polled the community of top salon and spa owners about how they are trimming their expenses without affecting the quality of their services. Here's what they had to say:
The Carrot, the Egg or the Coffee?
The national economic downturn and resulting credit crunch has undoubtedly had an impact on the professional beauty industry. It has affected most salon owners with a decline of their salon business and profits. Other salon owners, who’ve viewed this as an opportunity, have been impacted in a positive way.
Cash Control
One of the biggest challenges facing salon owners is cash flow. Accountant Larry Kopsa guides you around some of the biggest watch-out areas that threaten to clog your coffers.
Salon Today 200: INVENTORY CONTROL
The best way to infuse cash into your business is to get a tighter grip on what you keep in inventory. These ST200 honorees have mastered just-in-time ordering and eliminated the guesswork and waste by using sophisticated inventory systems.
Investing in Employees
Lots of owners claim they take care of their employees even before they take care of their clients. But a few are paying more than just lip service to their staff. Which companies are putting forth the effort to make work a great place to be?
INSURANCE MUSTS
The peace of mind that insurance promises is only as good as the coverage you secure for your business. While a disaster can put you under great stress, the greater disaster is discovering your insurance doesn’t cover your losses, preventing you from rebuilding your salon or spa. SALON TODAY recently quizzed Megan Davidson, account executive with ABD Insurance and Financial Services, about securing the best property insurance.
Combating Catastrophe
A fire, a walkout, tropical storms—three first-hand accounts demonstrate that emergency action plans can protect salons from devastating loss and pave the way for new beginnings.
by Stacey Soble
Does Your Salon Have a Prevention Plan in Place for Disasters?
“In the state of California, everyone is lawsuit-happy and employees have more rights than employers. We spend a lot of time and energy on our policy and procedures manual to prevent being taken to court and losing our business