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Improving your treasury without spending 1 €
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The treasury of a salon is the key ! To help you with your path to success, here are 5 tricks to respect without moderation
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Trick 1 – Negotiate with your bank adviser
A particular vigilance must concern the bank charges. Make an analysis of the different charges deducted by your bank (account commission, interest, credit card, …) and ensure competition between the financial institutions by reading the account management terms and conditions.
Make sure to have an average balance closed to 0 by putting in place a cash flow follow-up. That way, you will be able to identify the rising and the falling peaks of your liquidity and, consequently, place your excess funds on an interest account or use an authorized credit line of which you negotiated the terms and conditions before.
Finally, if you need recurrent financing linked to your activity, think about investing your own resources or choosing a short term loan of which the interest rate is less than the on eof a bank overdraft.
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Trick 2 – Reduce your stocks
Your stocks of goods and consumable products represent an amount of money which can be useless
Regarding the products for sale, don’t fall for all the novelties. Think merchandising. Take reasonable risks on new products after an analysis of the market or to complete your range of offers. Have also the reflex “margin“ by negotiating your buying-in prices and fixing the right sales prices particularly compared to the prices of the competitors.
Optimize your stocks of consumable products by analyzing your consumptions and the rhythm of your needs thanks to your informatic tool.
Finally, if despite all of that, you still have products you don't sell very well, use the sales and the promotions in order to highlight them and don’t forget your accountant so he/she can do a provision in case of inventory write-downs.
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Trick 3 – Pay the right amount
To improve your treasury, it is essential that you understand what you pay and that you should pay just what you need :- Each service must correspond to a service that you perfectly control the quality/price ratio. The lowest price is not always the best, choose the most advantageous one.
- Cause a real witch-hunt against the duplications because paying twice for the same service means waste of money. For example, review your insurances : is there one having the same clauses as the other ? Are they all necessary and adapted ?
- Reduce your general costs. For example, when you change your bulbs, think about the LED. Apart from being popular, you will notice very fast changes regarding your investments.
- Each service must correspond to a service that you perfectly control the quality/price ratio. The lowest price is not always the best, choose the most advantageous one.
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Trick 4 – Bet on the human capital
The working time of your employees must be according to the visits of your salon. Use your informatic tool which will indicate you the rising peak and the falling picks of your activity. It is up to you to use these data to increase your profitability.
The salary management implies the realization of hob descriptions. This approach goes with procedures which will enable you to analyze the individual performances and to prevent some management difficulties.
Do you want that your employees keep being motivated ? As rewarding represents a cost, stimulate your employees by boosting your turnover ! Determine objectives of individual or collective sales on some products or services can be a good solution.
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Trick 5 – Communicate !
You, your employees : Your best weapon. The basis of any business remains on the famous SBAM (SGGT) : Smile, Good morning, Good bye, Thanks.The relation you have with your clients is essential. One buy more with conviviality which generally leads to trust.
Adapt your shop windows to the seasons, regarding the disposition of your products and the decoration of your place. Christmas, New Year's Eve, Return to school are the opportunity to offer a new things, to keep up the interest of the faithful clients but also the new clients.
This change enables you to win all the time : Selling more and especially selling better.
The key words : organization, adaptation and creativity are the factors of your next success.
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To optimize your treasury, everything remains on anticipation. Your accountant can help you in this reflexion and set up the adapted tools to follow, in a regular way, your treasury in the short and medium term.
