3 Tips to Organizing Your Hair Salons’ Finances

As the country comes out of several months of COVID-19-related shutdown, consumers are ready to burst out of their houses. While social distancing guidelines are still largely in place, smaller-scale events will begin taking place again, from milestone anniversary celebrations to birthdays, and intimate weddings. With events comes a necessity for people to get their hair done and get back to looking their usual, beautiful self. 

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For salon owners, the sudden reopening during what is normally your busiest time of year can be a lot to handle. While you follow all the necessary procedures to open safely, it’s just as important you have your salons’ finances organized so there are no hiccups during this busy season. From organizing your banking, making your services easily accessible, and even adding on revenue-boosting products, you will be glad you’re organized, and busy!

Organize Finances 

Organizing your business finances may seem like a daunting task or something you put on the back-burner. Whether you find yourself frustrated logging receipts and making payments on time, or are simply tell yourself “I’ll do it tomorrow”, there are alternative options. Though banking isn’t as flashy or stylish as the confidence you’re giving your clients through seasonal styles, it is a necessity. 

organize your business' finances during covid-19

Following the hit from COVID-19, Facebook research has found that 31% of small businesses are non-operational and cash flow will be the owner’s biggest concern in the coming months. Luckily for you, people will continue to need their hair taken care of, and organizing your finances through a small business bank may be just the answer for you. A mobile banking platform can allow you to concentrate on the day-to-day operations of the salon while feeling assured that your finances are being tracked and managed seamlessly. This should remove some of the headaches that come with the chaos of reopening and allow you to focus on your clientele. 

Be Accessible

With an influx of business during the summer season, you will want to make sure customers can get in touch with you when they need to. This can mean being available by answering Facebook Messenger questions on your business page, Instagram DM’s, or just having your hours clearly laid out on your website. While the preceding items may not directly influence your finances, one that certainly can is your ability to make reservations online. 

Being accessible to clients on their own time, and giving them the power to make reservations, is key to growing your business. If you’ve only been taking phone reservations or walk-ins, consider implementing an online salon reservation software. An online system is not only convenient for customers, it can also help you in terms of staffing during busier times of the year or specific weeks such as popular weekends for proms or weddings. Between the convenience of the online reservation for customers and yourself, it can also lend you an assist with ordering products for peak times or understanding how your clients behave and help you advertise to them as well.

Increase Your Revenue

If you find yourself continuing to offer the same several services to clients, it may be time to spice it up. Between new services and organized reservations, your revenue potential could be through the roof. One of these new items you could offer customers is hair extensions. Not only can hair extensions help complete a look and give clients confidence, but they can also help you increase your average check out ticket, thus helping you boost your cash flow and finances.

Whether it’s extensions or something else, evaluate areas where you could diversify the product offerings at your salon in particular to boost your revenue and customer experience.

Wrapping Up 

So now you have a few tips to help you not only organize your business financially but also bring in some extra cash flow. What do you think? Did we miss anything? What are a few ways you organize your salon’s finances? Between adding additional services, being available to take reservations online and organizing your finances, your salon can be on the path to great things the rest of 2020!

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