As a business owner, it is vital to know about the inner details of your business. Salons can be complicated businesses to run. They are one of the only industries that combine creativity, leadership, retail, customer service and admin work, to name a few. Trying to juggle such a multitude of skills can get messy, so organization is key. Salon reports are a quick and effective way of staying on top of this.
Choosing what salon reports to focus on can be a daunting task, but worry not! Below are some tips on the reports that you should always aim to generate to keep your salon business running smoothly and successfully. These reports are all available in Phorest, and can be tweaked to show specific date ranges in seconds.
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Financial Reports
Financial reports are one of the most important reports to be monitored in your salon.
Generating regular financial totals reports will show you exactly how much money you are making and can afford to spend in the salon. As well as this, by monitoring these reports, you will get an idea of what are your (financially) busiest and quietest times of the week, month and year. If you’d like to know how Phorest Salon Software can help you keep on top of this, click here.
Knowing your financials allows you to plan staff and rosters, opening hours and holiday leave. As well as this, financial reports give you a broad overall view of the money-orientated happenings of the salon and should be studied carefully before making any major business decisions for your salon.
Staff Reports
There is a multitude of staff reports that a salon owner could generate, but looking at a detailed employee performance report is probably the most important one.
Staff performance reports offer a great window into knowing which staff members are performing well and which staff members are underperforming. If you notice staff members performing well on these reports, be sure to praise them! On the other side of the coin, if some are underperforming, it may be time to organise a meeting to see how to boost their performance in the salon.
Pulling this type of report will help you understand how much money you are investing in staff vs how much they’re contributing or generating for the business. They are also an excellent way to see how your commission should be structured and to learn what drives each of your employees.
Inventory Reports
Generating a salon inventory report is a quick way to show you which products you should and shouldn’t be ordering.
This type of report keeps a tab on the professional and retail products coming in and out of your business. It tells you what products are costing and how much revenue they generate. Frequently, professional inventory is given all of the attention, while retail products take the back seat. However, retail is a massive opportunity to increase revenue without increasing overheads, and therefore should be encouraged!
As a salon owner, comparing stock and staff performance salon reports can show you how many retail products staff members are selling to clients. With this information, you can aim to increase staff retail performance through incentives and targets and allow your business to grow. These reports can also aid you in planning a marketing strategy designed to help you shift stagnant inventory where necessary.
Client Reports
Monitoring your clients’ booking patterns offers insight into your salon or spa client database’s level of engagement towards you.
Client reports are great for planning marketing strategies that keep your customer base engaged. Two client reports are ideal for this:
- Top Clients report
- Phorest Salon Software’s Client Reconnect report
The Top Clients report tells you which of your clients are the most valuable to the salon by highlighting your biggest spenders and most frequent visitors. Based on this information, you can then reward your top clients for being so loyal, perhaps by creating a loyalty scheme or by adding additional treatments to their visit. By wowing them with your salon experience, you will ensure that they keep coming back.
If you are a Phorest Salon Software client, the Client Reconnect report can show you which clients have gone past their normal booking patterns. This report will indicate who you should be reaching out to or targeting to get them back in your salon. Client reports can be studied to see whether or not your current marketing strategies are working, and decide whether it’s time to spruce them up a little.
Final Thoughts
How you choose to generate your business reports is entirely personal, but it’s clear that they are a quick and efficient way of monitoring all aspects of the day-to-day running of your salon. When done correctly, using reports to help make business decisions will lead to a growing and financially successful company.
Have you got any extra tips on how to use salon reports more effectively? Let us know in the comments below!
Thanks for reading! #Togetherwegrow
