Money, money, money – how to unlock hidden cash in your business

Do you want to unlock hidden cash and make more money from your business? Do you really know what’s happening with your cash flow? If you’re serious about growing your revenue and want to unlock hidden cash, you need to get smart. You might be sabotaging your efforts without realising it by making some common mistakes. Here’s Timely's top four money mistakes that could be impacting your bottom line:

Do you discount?

Look at your discounting habits. You might think discounts are a way to pull people through the door, but any work you do at ‘special’ rates (such as discounts for kids, senior citizens or students) is work that earns you little or no profit. Can you really afford to keep that up?

What about no-shows?

No-shows create havoc in your schedule, especially at busy times of the year. Have you ever considered what they’re doing to your bottom line? Sit down and work out how many no-shows your salon had last week, last month and last year. Get ready to be surprised (and possibly frustrated) at all the money lost as a result.

Use sale time to unlock hidden cash

Retail products are a key source of income for most salons and spas. Do you know what your best and worst selling products are? Does your stock ordering system reflect this? What can you do to boost sales?

Mind the gaps

Look at your calendar – what’s the busiest day of the week? Are there any days where you’re constantly turning away paying customers? Could you maximise productivity and profit by only showing online booking availability before and after booked time-slots? Timely’s Minimise Gaps​ feature makes this easy and helps you make the most of the time and resources available. Now we’ve cleared that up, let’s take a look at some creative ways to increase your revenue. Here’s some ideas to get you started:

1. Express yourself

Offering your clients express services is a way to help them feel the love while also boosting your bottom line. Come up with some fast, affordable and easy-to-sell services that your clients will love. It could be quick ‘hair-ups’, massages or express blow-drys.

2. Sync with the seasons

You’ll know from experience when your busiest times are – many salons are hugely busy before the festive season kicks off, then find themselves practically empty when everyone’s on holiday. Planning ahead can take the headache out of your cash flow. Get creative with promotions and events to draw new or existing clients back when the salon is quiet. There are lots of great ideas ​in Timely’s salon promotions blog​.

3. Get your clients to be upfront

Online booking gives you the opportunity to​ r​equest a deposit​. And if someone’s already paid for some of their treatment, they’re less likely to be a no-show – saving you time, hassle and money. It pays (literally) to set up automated appointment reminders. With Timely  you can ​send custom SMS marketing and email messages​ whenever you like. Just set, forget and watch your no-show rate dwindle! Are you ready to unlock the hidden cash in your business? Download Timely’s free ​salon profitability guide​ now! This is a sponsored post by Timely.