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Employees Turning a Profit

Are Your Employees Turning a Profit for Your Business?

The bottom line of every business is to turn a profit, otherwise, what would the point be? If you have employees, it’s absolutely vital that you (and they) are bringing in enough money to cover costs, pay wages and make a profit. 

To help your business succeed in every way possible, you must encourage your employees to be working to a standard that’s not only acceptable but one that brings in a profit. There are many ways to keep employees on the ball – let’s look at what you can do. 

Setting Clear Objectives

There’s a reason that targets have a place business. Setting clear targets and personal objectives encourages your employees to understand what they’re working towards and why. It’s also a great way to inspire some healthy competition within the salon, especially if you offer rewards and incentives for going that extra mile. 

If you haven’t already done so, now is the perfect time to sit down and work out what your employees’ targets will be. Get together with your therapists and look at their columns and identify where they can upsell, cross-sell and bundle sell, as well as setting an expectation for repeat bookings. 3 x salary is a fairly standard target for a column at which point we recommend introducing bonuses and incentives for performance above and beyond this. 

Look at Employee Packages  

Employee salaries are critical to the finances of any business. There’s much to consider, such as:

  • Current and future revenue forecasts
  • Overheads and outgoings 
  • Employee performance

A happy employee will more than likely go above and beyond to reach and meet targets. If you offer an attractive package and good money on top of that, employees will work to a higher quality and share in the same values as you. After all, their wage helps sustain their personal life and is one of the key details people consider when choosing where to work.

It’s What You Know 

Training and development are essential in every industry, but it’s particularly important in the beauty industry. With new treatments and styles being introduced regularly, ensuring that you and your employees are highly trained means that you can stay ahead of the competition, and even become industry leading. 

Your revenue is bound to soar with employees who are skilled in what they do. After all, if they are great at what they do, why would clients go elsewhere? Putting your employees through additional training can really pay off in the long run. 

Driving Your Business Forward

Creating a happy environment to work in means that your employees will go home at the end of the day with job satisfaction. Incentives and perks can be a great way to keep morale up, especially at this time of year when busy days can bring a little more pressure.  

If your employees are happy in their job, they’ll work that little bit harder to make sure they bring in the sales which can only be a good thing for overall business. Show your appreciation and heap on the praise. Thank you might seem such a small thing to say but it really can make a difference and ensure employees feel appreciated.

Image:istock.com/NatanaelGinting

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