8 Steps To Power Up Your Profits with Steve Gomez

Take time each week to stop and think about how things are going. Get out of the busyness and into some analysis. You cannot change if you try to put things together on the fly without analysis, ideation, and collaboration to improve areas in your business that need your attention.

Whether you own the business, operate your own suite or rental business, or are employed by a salon or spa, get a budget and Profit & Loss Statement. Use technology to get information quicker and in real time. Having the facts in front of you transforms your decision-making process.

Do this first & foremost to increase profit. If you work for yourself, a price increase is critical to sustained financial growth. The busier you become, the more expenses you have. It’s just smart business. If you work for someone, work with them to create measures that help you raise prices based on your performance

Where it makes sense, schedule your clients to come in 1-2 weeks sooner than normal. Do your homework here. If you know a client has been coming every 8 weeks on average and they should come every 6 weeks, then book them every 6 weeks. They will trust your recommendation.

What do you specialize in? How many of these services do you perform each week? Are you doing more waxes than facials? Are you doing more haircuts than colors? More basic colors or balayage? Review this and create a plan each day for your clients based on what is relevant for their look, health & maintenance. It will support them at the highest level while helping you increase sales.

This should be a given, it may not be a big chunk of money every week but it will add up over time and it will increase loyalty & retention. More importantly, save your retail commissions and tips instead of living off them. This money adds up over the years and can be invested in IRA’s that can help you plan for your retirement!

Control the experience and help your clients maintain what you create while driving retention and improving cash flow.

Promote new business if you have the room be aggressive. If you’re booked solid still take on new clients to insure that you account for the small percentage of clients that leave each year.

As you put these strategies to good use it is worth mentioning that the last step is where it should be in the pecking order. Seeing more clients and working longer hours has been the norm. I’d rather it be the last option for anyone. You don’t have to work long hours just to make ends meet. Follow

steps 3 through 7 and then focus on being busy. Imagine doing 4 high end services each day to make the same money you make doing 10 services at a lower price point. Get it?

Take these strategies, put them in action and make the money you deserve for the work you put in! It may take some time to get to where you want to, be patient, think long term and be consistent!