If the pandemic years have told us anything, it is that the ability to generate and leverage positive cash flow is key to ensuring that your salon can survive and thrive. We can all well remember being forced to close the salons for ten days due to a positive Covid test in the team. This had a negative effect on cash flow. And while these days are thankfully well behind us, we can learn lessons from it about protecting future cash flows. So, how to we hedge against this?
You can generate cash on every booking made, not just appointments you’ve completed, by using online deposits. Salons that take deposits or require prepayment for their services are likely to be in a much more secure financial position in the future. Taking a deposit also helps deal with the infuriating no-shows.
Great plan. How do we do it?
For this to work you need two things: an online booking system and online payment capabilities. There are loads of online booking systems available but the salon specific one we like is www.gettimely.com which is available from £15 per month, per user. You can load up your appointment types, stylists, time estimates etc, and most importantly, cost. And obviously, you want to enable client log-in so that they can book their appointment without you needing to get involved.
Once you have this in place, you can then link it to your existing payment gateway or, if you don’t have one, set up a new online system. Again, there are loads of options on the market, but we like Stripe as a pretty solid all-rounder.
Communicating to your clients
Once you’ve got everything in place, you need to get the word out. You should have email addresses or mobile numbers for all of your clients, so a well worded message can let clients know what your plans are and can include your online booking link so clients can book ahead if time, and pay a deposit!
A well-timed social media campaign is also extremely important. Now, more than ever, people are using Instagram and Facebook to get their information. A strong social media presence is essential for any forward thinking salon. Encourage your clients to share your pages as well so that as many people can see what your plans are.
How can Acumenica help?
We’re not just boring accountants who count up the revenue figures after they’ve happened: we can actually help you generate this revenue. We’ve helped many salons implement an online system and we can do the same for you. With our help, your calendar and your bank account will be full in no time.
Did you find this article interesting or helpful? Do you think Acumenica could help your business? The next step is to book a call with an Acumenica accountant so we can find out a little more about your business and how we can help you. Definitely no hard sell and no obligation.
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