Every salon owner, manager and independent stylist knows that salon inventory management can be a delicate, often time-consuming balancing act. You need enough product on hand to properly conduct business over an extended period of time, yet you shouldn’t tie up too much of your precious budget on inventory that will be sitting on shelves. This can be a daunting task, especially if you’re a new salon or a stylist who has just stepped out on their own. Oftentimes, in this case, you might not have a lot of extra padding in your budget to tie up on product purchases.
Here’s five simple tips that anyone can implement to help make the process more efficient and affordable.
Put one person in charge of ordering.
This is especially important if you’re a larger salon with multiple people managing different areas of your company. If you’re not able to do this yourself as the owner, assign one person who will be responsible for managing and ordering both retail and back bar products. While it may be tempting to have someone at the front desk oversee this task, it’s usually best to let someone with experience take the lead.
Stick to a budget.
Inventory falls into the #2 slot of top salon expenses, and can easily get out of control if the salon manager fails to stick to a budget. Set guidelines to outline how much there is to spend on each category, and adjust accordingly as your business grows.
Perform a physical count.
A recent poll suggested that most salon managers base their product orders on a visual of the stock room. While that can be helpful in a pinch, it’s vital that physical counts of on-hand product be performed at least quarterly for inventory control and to identify new trends.
Managing “turns” or re-stocking.
As a financial model, it makes sense to manage how many times you truly need to re-stock the shelves versus how much you order. Inventory turnover – or turns – is a measure of the number of times your inventory is sold or used in a period of time (such as a year). A low turnover could mean you are stocking too much. A high turn number can mean inadequate inventory for your business.
Let Mia by SureTint help you determine REAL amount product usage, while reducing overall waste.
Mia by SureTint not only tracks and measure the exact amount of product you used for each client formula, it also provides insight and essential reports to help you with your inventory management and ordering. Get precise analytics of what you use during a given time-period to help identify new trends and place efficient orders.
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Mia by SureTint can be downloaded for free on the Apple App Store as well as on Google Play. If you’re looking for more efficient inventory management processes, Mia salon inventory management app can help. The app can accommodate needs and budgets of every stylist or salon.
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