The Importance of Inventory
Keeping track of inventory is one of the most important responsibilities for a business owner or manager to have and at the same time one of the most difficult. This is the only way you will know what you have on the shelf and how much you are supposed to have.
Keeping Adequate Supplies in Stock
Your chances of running out of product is minimized with proper inventory tracking. Running out of a product can affect your sales tremendously! When a client is looking for a product that just so happens to be out of stock, the chances of the client going elsewhere to find it is extremely high. The client was looking for that specific item because the chances were that he/she wanted it right then at that moment. Do not let lack of inventory interfere with your sales! You can’t sell what is not on the shelf. Some experts recommend ordering enough retail for 6 weeks. It can vary depending on your business.
Cut Down on Wasting Products
As we all know, some of us can get a bit heavy handed with product in the treatment room. Not being aware of how much product you are using or how much you have that has just been sitting on the shelves can really affect your budget. Too much product on the shelves means something is not selling. If you find that you are ordering way more often than you normally do then either your clientele increased or someone is using way more often than they should be. This means you would need to investigate which may be causing you to re-order so often. Consistently checking inventory allows you to keep track of that along with expiration dates, and knowing what is or what is not selling. This will also make it easy for any reports you may need to pull.
Comparing what you have to what you should have allows you to catch shrinkage or theft quicker. There are cases were clients or employees like to help themselves to a little more than what they should be. This should push you even more to make sure that numbers are being checked quite frequently. We know things happen and sometimes employees end up pulling product from the shelves for backbar which is fine, but you want to be in the loop at all times. If the numbers are not adding up then it is always a good idea to investigate before you assume. If anything is pulled for back bar remember to keep track of it.
I highly recommend that you sit down with your business partner or office manager and create a schedule specifically for inventory. Doing this every 2 weeks is a great start. You also want to create a method together. An example of that would be updating the system as soon as you unpack the products before placing them on the shelves and doing inventory when you are closed. Create a protocol for your staff to follow when a product is being taken for back bar or as a tester.
Accurate inventory reports will help you make better decisions and see where you can save money and make money. It will also help you identify what items you need to increase amount ordered. Reporting helps to identify your top sellers and what you need to promote or discontinue. Maybe you can also see what items don’t sell and see if you need more marketing material or educate your team on the selling points for those items. Let us know what works for you in your business.
What products should be on my shelf?
We know you do not want to have 500 skus. Its too much, confusing for your clients and staff to even remember. This is our quick list of what to always stock. Don’t let these guys go to zero! When they are not on the shelf, you are loosing money. These products will gives you options for all skin needs, types and desired results. (Remember our site sell back bar sizes, for retail sizes order under private label. Contact us at email@example.com for private label pricing)
- Facial Gel Cleanser – This is the cleanser anyone can use. Gentle enough for your sensitive skin types, free of chemicals and synthetic ingredients and cleanses enough for those that like to feel nice and clean.
- Lavender Toner – Our lavender toner is great for any skin type. This is our favorite because even sensitive skin types do well with it. It will bring the pH of the skin down, remove any residue from skin and allow your serums and treatments to penetrate better.
- Total C Complex – This is what we call our “non-negotiable” product. This is for everyone to use every day. It is a light serum that is applied only in the morning. It fights free-radicals, sun damage, reverses aging, helps to even skin tone and reduced inflammation in the skin. The skin will look healthier and radiant in as little as two weeks. This is considered a treatment product. Wholesale pricing is $19.95, can be retailed between $39.95-65.95
- Bright Radiance Moisturizer – This is a great moisturizer for those who want to even out their skin tone. It contains Kojic which is a powerhouse for evening out the skin tone and brightening the skin. Use at least 1-2 times a day. Wholesale pricing is $18.95, can be retailed between $37.95-55.95
- Eye Renewal Serum – This serum is formulated with plant stem cells with echinacea and peptides. Created to reduce the appearance of dark circles and puffiness, the powerful combination of Vitamin C and Echincaea. Clients call apply both morning and night. This is an easy product to retail. Everyone over the age of 20 should be using an eye treatment. Wholesale pricing is $18.95, can be retailed between $37.95-55.95
- Lash Enhance Eye lash Growth Serum – This is a peptide based treatment that is applied to lashes 1-2 times a day. This is a top seller in spas. Clients start to notice a difference in about 2 weeks. Ask them to take a before picture and check in on them. This is a great product to have by your register. Wholesale cost is only $14.95 and can be retailed between $29.95-45.95.
- Clarifying Serum – This is our go to serum for people that don’t want to be overwhelmed. This is a top seller and both men and women love it. It is hydrating, light enough for all skin types, healing, nourishing helps skin look healthy. Great for even your combination skin types. Wholesale pricing is $17.95, can be retailed between $36.95-45.95
- Retinol PM – Have a client that is focused on lines, wrinkles and aging skin. Their skin is on the mature side and want to have a more firm appearance. This is a great PM moisturizer to use. If they are sensitive or have never used a retinol start them off using this 2-3 times a week only and build up to every night. Wholesale pricing is $18.95, can be retailed between $37.95-55.95
- Light Moisture Cream – This moisturizer has been described as the best moisturizer for all skin types by many spas that carry it. It is just enough moisture without feeling heavy. It is great at its job of sealing in the moisturizer.
- Papaya Pineapple Enzyme Mask – Our Papaya Pineapple Enzyme Mask is our recommendation for all clients to have on hand at home. This is a weekly treatment clients can do at home to keep what you have done looking good between treatments. It is also perfect post peel or exfoliating treatment. The enzyme is great at digesting all dead skin and keeping their skin glowing. You don’t have to worry they are damaging their skin at home with harsh products.
- Aesthetic Sonic Cleansing Brush – This brush is a must have without breaking the bank. It is an easy upsell. Clients will be able to clean their skin well at home. These types of brushes are being retailed at many cosmetic stores for $90-$200. Why not offer the option and have them purchase from you. The reason people are going to this type of brush is that clients can keep it clean and do not have to replace brushes. Clients will notice a difference within a couple weeks of consistent use. Wholesale is only $25 and can be retailed between $50.00-65.00
Private Labeling for your retail products.
Increase your profit margins by getting your retail products at a better price. Purchase your retail with only a minimum of 3 per item and make more with each sale. Pick the products you sell the most and focus on those first. We find that spas and clinics that sell private label will increase sales about 45% more of their brand because their clients cannot price shop or buy anywhere else. Your clients will be more loyal and you know what they are applying to their skin at home. Turn around time is about 2 weeks. Request a pricing and product information for private labeling by contacting us at firstname.lastname@example.org. Samples are available for purchase.
We know inventory can sometimes be a chore to stay on top of but it is a very important task in business. Let us know what works for you and if you have any tips on making it work in your business. We would love to hear from you.