Take Stock: Make a Difference to Your Bottom Line

Stock Management may seem like a tedious task, but it is one of the easiest jobs in your spa or salon. Being able to keep an eye on what you have coming in and what is going out or being used up can make a massive difference to not only costs, but the amount of waste too. If you look after your stock, you look after the pennies, which may leave some money to invest in new trends and products.

So what can you do as a business to improve your stock take and make a difference to your bottom line?

Have a System in Place Monthly stock takes are a vital component when it comes to running your salon, for both retail and professional products. If everything is accounted for, your losses will be reduced. Consider creating marketing activities around those products that aren’t shifting and train up another member of staff to help out should you not be there.

Make it a Team Effort Ensuring that all members of your team follow your stock take system can avoid any hidden surprises later down the line and unexpected cost. Do they want to borrow an item or do they need to open up a new tester bottle? Get them to sign a form. Same goes for any products that you decide to use for raffles and competitions. This will help you plan ahead and always be on top of ordering the stock you need, not what you think you need.

Know What is Going on From your treatment room to your nail bar, being aware of how much product your employees use per treatment or service will enable you to work out how much of a particular product you will get through on a monthly basis and reduce the amount of wastage, as these products tend to be misused.

Be Selective With Marketing Promotional offers are a great way of driving sales in your spa or salon, but too many and we worry about losing income. Impulse buys at the till are important for clients who hadn’t thought of buying but may be persuaded by the price or the product. If you want to create a bit more of a buzz around your offers, it could be an idea to have an area in your salon where your “product of the month” is, whilst also linking the product to certain services or treatments that you offer.

Consistency is Key You should be doing a stock take every month and have a clear idea of where you should be with it. Keep the dates and time of the month that you do your stock take consistent so all members of your staff know when this is happening, should they want to make a request or inform you of any extra product they may need. It is also a good idea to have a report after each promotion to see whether you should run it again and whether a particular treatment or product was popular. This will help you make your stock purchasing decisions for the future easier.

Premier Spa and Premier Salon software manages your stock levels, making your job even easier. For more information speak to one of our Premier representatives on +44(0)1543 466 580 or alternatively email sales@premiersoftware.co.uk