Money Matters

How to Stretch a Buck in the Salon

Reneé Borowy of VIP Salon & Spa says renegotiating has been key to keeping costs under control.

Michigan has been particularly hard hit by the recession and Reneé Borowy’s VIP Salon & Spa in Riverview is no exception. For Borowy, renegotiating has been key to keeping costs under control. “We have a staff of 52 with 25 nail techs. With a very large overhead, everything has had to be looked at,” she says.

Here are some of Borowy’s tips:

> Renegotiate the charges you pay your merchant for credit card sales.

> Explore long-term contracts. To reduce our rates we signed a three-year contract with our telephone company and two-year contract with our cable company.

> Negotiate with your bank to waive your monthly service charge if you hold a constant balance.

> Requote all printing for your brochures and purchase larger quantities for a price reduction.

> Requote all of your business insurances (liability, workers’ comp, property, etc.).

> Renegotiate your Yellow Book and Yellow Page ads.

> Have your hourly employees punch in.

> Buy washers and dryers that are energy efficient (if you need new ones) and consider a tankless water heater.

> Add ceiling fans to help with the air flow and distribution of heat and cold air.

> Send e-blasts rather than paper promotions to save on postage and printing

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