This time of year, we are flooded with sale and bargain ads as retail revs up for the holidays. 20% off this, 20% off that…
But what if you had systems in place to ADD 20% to your salon revenue during the holidays…and then year after year after year?
“Sign me up,” you say?
Cosmetologists Chicago did just that at the November 3 FIRST MONDAYs session featuring Neil Ducoff of Strategies. Neil shared his wisdom and experience in no-compromise leadership with more than 50 salon owners and guests.
How can a salon owner increase revenue by 20%? Neil shared that these Three Critical Numbers for Salon Owners will have an impact on the top…and bottom line. Always be aware of these critical numbers, and you will drive your company in the right direction…whether you are a solo owner/practitioner or have a staff of a hundred.
Critical Number 1 – Client RE-BOOKING rate
It’s one thing to get clients in the door, and another to keep them coming back to the salon. But it is essential for improving growth and security. Owners should make re-booking mandatory for stylists. Neil suggests stylists work with clients on a long-term hair maintenance plan that requires three months advance bookings before they leave the salon.
Yes, you can!
Critical Number 2 — CLIENT RETENTION rate
Neil also believes that all stylists should have a client retention rate of 80-85%.
Yes, you can!
If your retention number is lower…it’s time to put a system in place to provide the experience and expertise clients are looking for in a salon. It’s more than a haircut or color service. It’s the entire salon experience that will keep them coming back.
Critical Number 3 — Cash = Fuel
Always know your cash flow numbers. Have a cash flow plan that covers you in the lean months…that’s where re-booking and retention come into play. Without cash you cannot fuel business growth!
Neil Ducoff and Strategies have a lot more good advice to grow salons. Cosmetologists Chicago members are encouraged to go to www.Strategies.com website to explore all the possibilities. Provide your email and get on his list for Monday Morning Wake Up emails.
We hope to see you at the next First Mondays…December 1st at the Ruth Page Theatre on North Dearborn Street, Chicago, for our Holiday Hair event featuring talented artists from Moroccan Oil!