Expert Advice

Profit Tip

Web Editor | July 10, 2011 | 7:07 PM
Biz Builder: The Producers

Best of times or worst of times, the easiest way to boost profits is to cut costs. Why? You keep more on every dollar. To do it, says Neil Ducoff, founder of Strategies and author of No-Compromise Leadership, “First and foremost, stop running personal expenses through the business.” Then, renegotiate everything with your vendors, from the landlord to the cleaning crew.

Got costs in line? Evaluate productivity rates. If you’re not running at least 75 percent or better in terms of productivity (hours available versus hours sold), take a serious look at staff scheduling and make certain it dovetails with client demand.

“If that doesn’t get productivity rates up, then you have to reduce the hours,” says Ducoff. “Take a team approach and use employees with unproductive hours to assist team members who are busy.”
Facebook Comments

More from Expert Advice

Your Little Guide for BIG Spring Promotions

April 5, 2017

Do you dread thinking of new ways to reinvent promotions and special occasions? How many times a year can you discount the same service, the same way, without your clients becoming accustomed to a “holiday promotion”? Fortunately, the abundance of springtime holidays and special occasions allows for a variety of fresh ways to delight your customers.

Expert Advice
Expert Advice

Why Professionals SHOULD Sell Retail Products

Maggie Mulhern | February 28, 2017

It has been a problem in our industry for years - retailing. Many salon pros have trouble seeing beyond the artistry and find it difficult to sell products to their clients. In this brief video Cody Fullerton of Living Proof confronts the situation and shares why salon pros should encourage their clients to buy products to maintain their hair between salon visits.

Load More