cash flow management
As salon owners and stylists, it is crucial that you know how and where you are spending your money regardless of whether your bookkeeping is done in-house or outsourced. Either way, you must keep a watchful eye on your finances.
For your business to reach its true potential, good and clean financial records must be part of the plan. Without knowing where every single penny of your income is being spent and how much is coming in during any given period, the potential for your business to fail increases.
Most of us go into business to do what we do and not to agonize over all the “other stuff.” Moreover, as much as I hate it for myself and you, the “other stuff” is part of what keeps everything else, namely operations, running smoothly.
The first thing we MUST do is to RUN OUR SALONS or our BOOTH RENTAL SETUP LIKE A REAL BUSINESS which starts with understanding your salons financial position.
The number one requirement for a seamlessly smooth running salon or booth rental setup is to create systems and procedures that everyone is required to follow. Creating systems and procedures ensures that steps required to keep operations running smoothly are not missed or overlooked.