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Tag Archives: Finance
Rising Supplier Costs = Raising Spa Prices – Part 2
In Part 1 of this 2-Part Blog Series on Rising Supplier Costs, we talked about ’reflecting’, not ‘absorbing’ price increases, as well as the importance of setting standards for price increases in your business, ongoing.
In this Part 2, we’ll discuss the importance of cost containment in 3 vital areas; and how to increase your prices by using a spiraling method that will minimize the ‘shock wave’ and maximize your chances at profitability. Continue Reading…
Rising Supplier Costs = Raising Spa Prices – Part 1
This Part 1 of our 2-Part Blog Series on Rising Supplier Costs will cover the importance of ‘reflecting’, not ‘absorbing’ price increases, as well as an introduction to setting standards for price increases in your business.
Running a profitable spa business takes experience and know-how
It’s very important that you watch that thin line between profit and loss like a hawk. Continue Reading…
Team Bonus: A good recipe for a Bad Idea?
I recently came across a really great blog written by Sally McKenzie of McKenzie Management; a dental management solutions company. Her article on Bonus Plans really resonated with me, so I’ve decided to ©SPAdapt her blog and target it to the global spa industry. Continue Reading…
5 Thought-provoking Profit Models
Your pathway to profitability lies fully in understanding your customer…and yourself.
You may understand physical energy, but do you understand financial energy? It’s very difficult to keep making money, let alone be profitable, if you have boxed yourself into a no-profit model. Continue Reading…
Spa Business Analysis – FREE Webinar
Use Spa Metrics for Steady Business Gains
Webinar Length: 47 minutes
In this webinar, Leslie Lyon of Spas2b will uncover the most potent Key Performance Indicators (KPI’s) used in measuring a spa’s actual and potential levels of success.
These metrics are easily inserted into your business growth and goals plans, and when used constructively, can motivate staff to accelerated levels of performance, and provide you with better control over your business outcomes. Continue Reading…
Financial Management
No matter whom it is you consult with, spa industry experts will tell you it’s all about the numbers and how to take them from paper, to profits. So the focus of this article will be how to take the information your financial statements is providing you with, and turn it into something tangible that will help sustain your businesses well into the future. Continue Reading…
Top 5 Business Inspirations
Now is the time that the “luxury” of spa, must become the “business” of spa
When I see any of these 5 items in practice inside a spa, I am impressed. The business of spa has to dominate the luxury of spa, now more than ever. Continue Reading…
Figuring out my service profits
A question submitted to Spas2b:
What things should I be considering when I price my services so that I can make a profit?
Our Response:
You will probably know about where your services should be positioned if you have:
Consulted with your suppliers on average service prices for each treatment;
Done a service costs analysis (as shown below), and
Conducted an analysis of your local competition.
Continue Reading…
Knowing Your Promotional Costs
Do you know what it costs you to run each of your promotions? Again this is an area of great importance, because promotions are not always profitable ventures, however they are always laborious ventures! Let’s provide the example of running a 15% spring discount. Continue Reading…
