Salon owners and booth or suite renters, do you ever wonder how you can tell if your business is a success? Is it enough to put in 12-14 hour days or to promote your services endlessly? While only time will tell if a business is successful or not, here are five simple ways to determine whether or not yours is on the right path.
In the Black
Profitability, or running your books “in the black,” is probably the first thing people think about when measuring success. Basically, is the business making money? If there’s any money left after paying your monthly bills, then you are doing something right. However, if you find that your bottom line is always running “in the red,” your chances of success become much less likely.
A Growing Clientele
Having a clientele that is growing is a sure sign of success. It says that you are reaching your target market. The long-term growth of your salon is tied directly to your ability to not only reach your target market, but to expand your clientele to accommodate your long-term goals. Without an ever-expanding customer base, your success will be limited, at best.
Customer Satisfaction
The satisfaction of your customers is an indication that your company understands the needs of your salon clients, which is crucial to the strength of your business. Just remember: Happy clients tell a few people about their positive experience while unhappy ones tell at least 20. Having strong customer service polices will help insure the success of your company.
Employee Satisfaction
If you have employees, it’s important to do everything in your power to keep them happy with their job. Employee satisfaction spills over into the work environment and is contagious to others. Unhappy employees, on the other hand, become a major problem for moral. Develop a work environment that rewards employees for their hard work and let them know that they are appreciated, that way they are much more likely to go the extra mile for you.
Owner Satisfaction
Much like with your employees, if you’re happy, the work environment is happy. On the other side of things, if you’re not pleased with your business, it won’t be long before your dissatisfaction affects everyone else, including salon customers. Every once in a while do a reality check to identify the source of any dissatisfaction and then make the needed changes before it’s too late.
Measuring the Success of Your Business
Salon owners and booth or suite renters, do you ever wonder how you can tell if your business is a success? Is it enough to put in 12-14 hour days or to promote your services endlessly? While only time will tell if a business is successful or not, here are five simple ways to determine whether or not yours is on the right path.
In the Black
Profitability, or running your books “in the black,” is probably the first thing people think about when measuring success. Basically, is the business making money? If there’s any money left after paying your monthly bills, then you are doing something right. However, if you find that your bottom line is always running “in the red,” your chances of success become much less likely.
A Growing Clientele
Having a clientele that is growing is a sure sign of success. It says that you are reaching your target market. The long-term growth of your salon is tied directly to your ability to not only reach your target market, but to expand your clientele to accommodate your long-term goals. Without an ever-expanding customer base, your success will be limited, at best.
Customer Satisfaction
The satisfaction of your customers is an indication that your company understands the needs of your salon clients, which is crucial to the strength of your business. Just remember: Happy clients tell a few people about their positive experience while unhappy ones tell at least 20. Having strong customer service polices will help insure the success of your company.
Employee Satisfaction
If you have employees, it’s important to do everything in your power to keep them happy with their job. Employee satisfaction spills over into the work environment and is contagious to others. Unhappy employees, on the other hand, become a major problem for moral. Develop a work environment that rewards employees for their hard work and let them know that they are appreciated, that way they are much more likely to go the extra mile for you.
Owner Satisfaction
Much like with your employees, if you’re happy, the work environment is happy. On the other side of things, if you’re not pleased with your business, it won’t be long before your dissatisfaction affects everyone else, including salon customers. Every once in a while do a reality check to identify the source of any dissatisfaction and then make the needed changes before it’s too late.