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Shrinkage is the term retailers use to describe missing product inventory. Simple employee error or sticky fingers can be the culprit. We asked the Secrets team for their view on this retailing pitfall in this month’s business-building update.
When Nadine Galli, OPI’s Southern California Regional Manager, visited Secrets for their monthly status meeting, she walked into a salon that was bustling with clients engaged in a myriad of salon services. The same clients were also leaving the salon having purchased the OPI retail products the salon now sells.
How many times does a great idea come up in a meeting then it never gets carried out? We’ve found that the monthly status meetings are critical to helping us achieve our goals.
Over luxurious manicures and pedicures we talked about how implementing the concepts of The Edge Program is already having positive effects on the salon’s business.
OPI launches The Edge training with a California salon and mentors them through each stage. Follow their progress in this year-long project as they learn new business skills and incorporate retailing in their salon.
Of the two main opportunities for a nail salon to generate revenue, the sale of retail products perhaps has the most potential for profit.
Start by raising prices, then follow by reducing expenses, continuing your education, and managing your time. Then watch your income grow.
At their midyear checkup, our salon professionals have gained control of their finances and focused on reducing their debts and putting their money to work for them.
Salon owner Lynette Kirsten offers her technicians an opportunity to share in the success of her salon by sharing the profits.
