Ringing in the new financial year

[skymark]

Ok so a day or so late....but Happy New Financial year all the UK geeks.

I always have a sense of newness at this time of year. Its a bit like Jan 1st feeling but in my business life. A sense of a clean slate and possibilities for the next year.

So some of us may be struggling, some of us may be wading thigh deep in debt, but I do love the feeling of that brand new slate.

So what are the things that we all plan to implement in the coming year to make our business thrive?

Are your budgets going to change because you've learned certain lessons?
Do you have plans to implement new services that could add more profit?


Personally I am hoping for a better bottom line next year than this and to help with this I will be:

- Introducing Shellac on its release
- Expanding my training budget so I can expand my treatment list
- Increase my marketing spend by a LOT
- Decrease my 'random nail things' spend by a LOT
- Cutting certain retail product lines that do not sell well
- Making sure I make the most of the discount days and weeks that I keep getting notified of (how many times do I throw these away and then order at full price a couple of weeks later)

 

[geeg]

Some great ideas there! One thing I KNOW for certain ... no business thrives without some forward planning like you are doing. You have to have a realistic plan. Think of 10 things you'd like to achieve .. then prioritize and choose the 3 most important and then concentrate on doing those 3 things. This has been very successful for us for the past 15 years. 3 is doable .. 10 is not.

 

[Lipstick-Jungle]

Ok so a day or so late....but Happy New Financial year all the UK geeks.

I always have a sense of newness at this time of year. Its a bit like Jan 1st feeling but in my business life. A sense of a clean slate and possibilities for the next year.

So some of us may be struggling, some of us may be wading thigh deep in debt, but I do love the feeling of that brand new slate.

So what are the things that we all plan to implement in the coming year to make our business thrive?

Are your budgets going to change because you've learned certain lessons?
Do you have plans to implement new services that could add more profit?


Personally I am hoping for a better bottom line next year than this and to help with this I will be:

- Introducing Shellac on its release
- Expanding my training budget so I can expand my treatment list
- Increase my marketing spend by a LOT
- Decrease my 'random nail things' spend by a LOT
- Cutting certain retail product lines that do not sell well
- Making sure I make the most of the discount days and weeks that I keep getting notified of (how many times do I throw these away and then order at full price a couple of weeks later)

Some really good thoughts there.

Can I ask if you prepare a marketing calendar/plan at the beginning of your year? How do you allocate your budget?

The reason I ask this, is because you will find it much easier to stay on track with your promotions and budgets if everyone has a plan to follow. Get your staff together one evening after work, get a few bottles of vino and have a brainstorming session. You will be amazed at some of the ideas your staff (one of your businesses most valuable assets) come up with.

The end result will be a team who feel valued because they've been asked to contribute something to the business and they will be more likely to commit to achieving your salons objectives for the year.

x

 

[Sharkster]

I always have a sense of newness at this time of year. Its a bit like Jan 1st feeling but in my business life. A sense of a clean slate and possibilities for the next year.

I so have this too, I've even filed and submitted my tax return already as I like to get on with a nice fresh start!

I agree with Geeg too, making too many plans is unrealistic so often none of them get done so I just have a few:

Stop making random/off the cuff purchases of the 'next best gizmo' (most of which have gone on e-bay!) What I have works, it does not need fixing/replacing.

Enrol in a few workshops for advanced treatments such as waxing, massage and skin analysis.

Marketing, Marketing, Marketing.

I think this will do me!

Em x

 

[skymark]

Often a rather useful thing to do although scary, is to look through your book of invoices from last year and make a list of all the things you bought that were for 'business' that really were useless tat. Any things you bought that just looked pretty etc or that you havent touched since you bought them.

When you tot up this amount, although usually shocking, it certainly works to make you a bit more frugal in the coming months.

Sometimes we have to be brutal with ourselves when it comes to NECESSARY business expense.

 

[skymark]

Some really good thoughts there.

Can I ask if you prepare a marketing calendar/plan at the beginning of your year? How do you allocate your budget?

x

Personally I find that budgeting is all a learning curve. What sets your budget for this year is based on how successful your budget was last year.

For example in my case last year I did not devote enough money to my marketing and it showed in sales and a general feeling of unpreparedness. I dont know how many times I was asked if I have a full brochure that a person can take to friends only to say...errr no not at the moment.

Allocation for me depends on how consistent the business has been and what is in the coffers at the time. If it has been consistently good and there is money in the bank then one can budget for round numbers that will be budgeted because you have consistent incoming funds to support that.

If the coffers are a bit low or its the first year out etc and you dont know too well what the incoming will be, I find it easier at this stage to budget for things as a % of the incoming. So what is incoming is split into a % will go on this, a % will go on that etc. This bit takes quite a bit of discipline but I find it to be the easiest way to keep on top of things.

 

[skymark]

Some great ideas there! One thing I KNOW for certain ... no business thrives without some forward planning like you are doing. You have to have a realistic plan. Think of 10 things you'd like to achieve .. then prioritize and choose the 3 most important and then concentrate on doing those 3 things. This has been very successful for us for the past 15 years. 3 is doable .. 10 is not.

Thank you Geeg, and I like this idea. I always have way to many things on the to do wish list and they never get done, to concentrate on 3 thoroughly might help me focus a little better

 

[Nataliya]

I want too many things too often lol

But the objective for next year - to get new table, KUPA E-file and start CND Masters Programme)))

Hope my husband gets well and goes back to be a bread maker, so i can spend more))))