This is good time to step back and review your business. The beginning of a new financial year is here again and June/July is an essential time to look closely at your financials.
If you are not a current coaching client and would like me to review this with you, I am offering a
30-minute, review and financial planning in June and July. You will need to send me your current YTD profit and loss and I will walk you through the industry benchmarks and recommend what changes are needed to improve your income, decrease your expenses and improve your profit.
Some questions to ask yourself:
- What have you achieved this financial year
- What did you focus on
- Did you achieve your goals
- What do you want to achieve during the next financial year
- What are your goals
- What do you need to change
- Have you done your price increase, particularly in view of the increased costs?
- The true measurement of your business success is your profit. In these challenging times I have worked with many salons that have faced the dilemma of less income but have still maintained a healthy profit by really being aware of controlling costs.
Every salon business should be looking at their profit and loss on a regular basis. Every month is essential and year to date monthly is also important.
Once a year is definitely not enough. It is too long and too late once the year has passed. If you need to have this as one of your goals, please look at getting this in place now. Don’t wait, it is too important.