Money Matters

How to Stretch a Buck in the Salon

Shari Finger, owner of Finger’s Nail Studio, suggests cutting payroll hours, inventory, supplies, and insurance costs  to make a dollar go farther.

“In times like this you have to look at every area and try to work smarter,” says Shari Finger, owner of Finger’s Nail Studio in W. Dundee, Ill. Here are her tips for making a dollar go farther.

1. Cut wasted payroll hours. Be sure everyone is needed when scheduled. If you’re in a position to go to an appointment-only situation, you may want to consider that for now. Another plan is to have a back-up person that you can call in when needed rather than paying someone to sit and read a book.

2. Cut back on all spending for nail and office supplies. Be sure your staff understands the importance of not wasting product, towels, files, cups, etc.

3. Reduce inventory by keeping less on your shelf. Instead of 10 bottles of a particular color polish, keep just three or four. You may have to order more often, but you won’t have your money tied up in polish that is not selling.

4. Buy in bulk only when you get a really great deal and you need the products right now.

5. Review all insurance policies and don’t pay more than you need too. For example, if you’re making less money than you were in the past and your payroll is reduced, you may be able to lower your workman’s comp premiums.

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