How a salon chooses to pay its staff can make all the difference in employee retention, quality of service, profitability, and your ability to compete. After payroll, salon owners are often left only with their own tip money and revenue from services they've performed. Should you abandon the traditional commission structure for a pay system that rewards behaviors that are key to the salon's overall success?
Forget what your competitors are doing and what you think your clients will pay –the most important factor in pricing services is to ensure your salon is making, not losing, money.
In this first of a year-long series, NAILS, with the help of a certified financial planner, helps salon professionals over-haul their finances to meet their short-and long-term goals.