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Tag Archives: Revenue
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…
DIY Mini Business Audit – Abbreviated Version
Now is the time to do more of what’s working
1. Examine Staff Compensation
If you’re seeing red, the first place you need to go is your Cost of Goods (COG) to review your service staff compensation. Consider this: to see some profit, total service staff payroll, including wages, incentives, benefits, insurance and taxes may ideally need to be 35-40% of gross revenue, in order to profit. Continue Reading…
Product Margins
Just as it is beneficial for you to understand your service margins, it is also beneficial to understand your product margins.
The standard mark up on branded skin care products is 100%, or 50% gross margin. In other words, if you purchase a product for $50., you sell it for $100. Continue Reading…
Service Margin Analysis
Look ahead towards change and improvement
Understanding which of your services have a good level of profitability and which ones do not is paramount to the success of your business. This information can be included in the development of your yield (revenue) management system, providing you with information that will uncover ways to boost your revenue and help control your costs. Continue Reading…
Average hourly service price
A question submitted to Spas2b:
I recently heard that there is an easy forumula that you can use to calculate your average hourly service price. Can you help me find that information to help speed up the process?
Our Response:
We use average hourly service prices to project revenue. Continue Reading…
Know your Key Performance Indicators (Key Metrics)
Key Performance Indicators are your Spa’s measures of success. KPI’s measure your Critical Success Factors (CSF) and CSF’s are what your Spa must excel in, to succeed at doing business. There are KPI’s for both retail and services. Choose your Spa’s top priorities make the decision today to measure and monitor your KPI’s for immediate improvements by tomorrow. Continue Reading…
Revenue (Yield) Management
What is it?
Yield Management is zeroing in on the best mix of services and products to sell at given times to generate the highest revenue and profit.
It all about better managing your financial outcomes.
There are business measures that have been used for many years in the hotel and airline industries that help to maintain a consistent, somewhat controllable, even predictable bottom line during seasonal highs and lows and fluctuating supply and demand. Continue Reading…
