Where You At?

     So we are at the end of the second quarter, which also means one half of the year has gone past us. Do you know where your numbers are?  Are you on track to meet your business goals for the year? Did you set any business goals? Some say to add 33% to your annual figures from last year and push toward that figure. So if you did 50 thousand in revenue in 2013 you should be on track to hit 66500.00 Maybe 30% is too lofty. Maybe some of you will do well this year to stay the same and not go backwards.  Each year you truly should be able to grow your revenue. Even if it’s by reducing costs. Could you downsize to a smaller suite and cut your overhead considerably for the rest of this year? If it makes sense, why not? Don’t be married to a space that you are only hoping to fill. Get real with yourself and your numbers. Don’t stay in a space that no longer suites your needs. Let go of ego, or whatever it is you are holding onto and make the right move. It’s also time to reevaluate every fixed cost in your business and see if you can cut some of those as well. I am looking at encouraging all my guests to pay with cash or check so I can eliminate those pesky charges from my merchant service account that add up over the year. Do you have another area business you can share Wi-Fi with? Another nail tech in town you can split bulk purchases with? Each dollar you carve off your expenses is another dollar in your pocket. Can you consolidate clients into 4 days instead of 5 and save on utilities? Or rent if the case may be? 

 

      Ok so if you are not growing, you have to ask yourself why not? Are your marketing efforts not as effective as they could be? Are you tracking how new people find you? Each person in your chair is a window to at least 100 other people. 250 if they are on social media. If you are not getting referrals you must ask for them.  Word of mouth is a great way to get new clients. Ask for testimonials, ask for Yelp reviews, ask ask ask. Some will, some won’t, so what, move on. Remember it’s all in the asking. Try something like “You know you are one of my favorite clients I truly enjoy and I’m sure you have a lot of wonderful friends I would love to service as well. Would you consider sharing a few of my referral cards with some of your contacts?  Let them know there is something in it for them as well. I automatically reward my client with 5 dollars off her next visit. I don’t keep track and wait until she reaches some unrealistic amount. I reward on the spot. For the high referrers, why not comp an entire service? Appreciation goes a long way.  I heard in relationships women only want three things. Attention, Affection and Appreciation. Our clients are no different.  Most of my clients enter with a smile and leave with a hug.  Figure out which marketing efforts are resulting in new clients and wash, rinse, repeat.

 

     Is it time to up your game? Are you keeping current? Are you able to offer the newest services that can add on service and revenue dollars? Think about what service, if you offered it could up your ticket prices. Think about this, if you ad reflexology to your menu, you probably need education in it right? Well where is that money going to come from Millie? Tell your clients I am going to be offering reflexology in the fall, the first 10 clients to pre-purchase two $50 sessions can take 20% off. So 80 times 10 is 800 dollars right? There is your education fund right there. Plus once those clients have been serviced the rest is all profit. Change it up; look for opportunities to serve in a new way. Read back through some of my blog posts for inspiration and motivation. Make sure the next half of 2014 is your best ever.

Review, Review and Review

      Here we are at the end of 2012. Did it exceed your expectations? Did you achieve the goals you set out for the year? Did you fall short of them? Did you set any? As this year draws to a close it is the perfect time to reflect on the good the bad and the fugly. One of my August segments was called Plan, do and review. I recently reposted it on my blog because it is vital to your business to implement this process, or something very close to it. January 2012 you were ready to light the world on fire, or at least your business. That's that planning part. The dreaming, the fun. Then somewhere around February, March at the latest, the doing sets in. Do, do and do some more. Not as much fun as the planning is it? Lighting your business on fire takes work, work and more work. A little easier if you have a good plan, but still a whole lot of work. So finally, December, the busiest of times for our industry, it begins the process of review. We have a whole year of numbers and information to sift through and sort out. Only by reviewing the year's history can we get the real story. Here's a few things to think about when you do your yearend review.

 

      Look close and hard at your yearend expenses. How much did you spend on nail supplies? Were your purchases cost effective? If you calculate how much you will need each year of specific products and buy in bulk, or maybe only on special you can dramatically change your margins. How much can you save? If your product costs average one thousand dollars per year and you can save 20 percent, that's $200 dollars. $2000.00 per year could be a $400 dollar saving. Think about every purchase you make and try to never ever pay full price. If you have nail tech friends in town how about purchasing in bulk, splitting the orders and sharing the expenses? Form your own buying club and save big. Examine all business expenses. Insurance, rent, phone carriers, even credit card merchant services. You need to take time in the slow weeks ahead to dig for the best deals and rack up more savings. Get several estimates for each service and compare costs. Take your findings to current vendors and see it they will match pricing or risk losing your business. I for one am going to encourage all my clients to write checks this year. I know credit and debit cards are convenient for clients, but they end up costing us money. Many ask me if I care which payment they use and in the past I have said it doesn't matter. Well you know what? It does. 2-3 percent on seventy thousand dollars is over 2 thousand dollars. I don't know about you, but I'd rather keep that two grand thank you very much. Or I may introduce a 2 % credit card fee. Looking forward at the fiscal cliff, we've got to build some wings people.

Take a long hard look at your service menu and current pricing. Have your costs started eating away at your margins? If you have not had a price increase last year, don't wait any longer. Think about introducing some express services or mini services clients can alternate in-between the full price services, but make sure they are Mini. Don't just give away the full service because you are worried your clients might cut back. Keep them totally separate protocols. Look at areas that have been super successful and expand on those. Pedicure services on the rise? Look into reflexology services and charge by the minute. What better way to relax and pamper your clients than extended foot massage? Last but not least if you're not sure what your clients will gravitate towards this coming year why not ask? Survey Monkey is a quick and easy way to figure out what areas to invest in for the coming year. A simple survey of your clients will tell you exactly what you need to know and believe me just when you think you know, the results will surprise you. I hope you all had a fantastic year and my tips have helped you this past year. I am looking forward to 2013 with added commitment to expanding my business to helping you grow yours.