Are you keeping up with your reports? Have you checked out those numbers to see spa growth? Keeping up with reports will allow you to see where you have gaps within your spa business assessment, while also giving you opportunities for growth. Take action and get into the habit of looking at your reporting for sales, services, and website visitors. What is your conversion rate? Overall, how many clients are coming back in and how is engagement with new clients?
Making decisions that affect your spa business can be difficult if you are not looking at the whole picture. Ultimately, you need to know what is going on by analyzing your transactions. Put a reminder in your calendar to do a regular assessment of your spa business at least every 1-2 months. This will allow you to make informed decisions and see if there are new revenues for opportunities.
There are a variety of scheduling and business software’s that offer a wide range of services for a skincare business. For example, you may know Vagaro if you work in the spa, salon, or fitness world. Another software would be Squarespace which also gives access to reviews/reports. Learn how to pull reports by contacting customer services or watching help videos to become familiar with the site. Most importantly, figure out your cash flow.
Keep track of the following;
- Sales
- Expenses
- Overhead
- Website
- Marketing
- Customer follow up
- Conversion rate
- Profitability of your services and products.
With this information you can see if you can;
- Improve your conversions rates from consults or online sales.
- You can figure out what your cost of goods, services and revenue per hour is.
- Knowing what your breakeven point is.
- What is the cost of running the business?
- You can see if you need to learn more about your scheduling software to maximize use.
In conclusion, there is plenty of analyzing you can do within your spa business to see what is working and what is not. Avoid the trial and error method and get results for your company. Its time for a spa business assessment!