{"id":25272,"date":"2017-11-15T09:47:32","date_gmt":"2017-11-15T08:47:32","guid":{"rendered":"https:\/\/phorest-ob-staging.com\/blog\/financial-decision-business\/"},"modified":"2021-06-03T11:09:11","modified_gmt":"2021-06-03T11:09:11","slug":"financial-decision-business","status":"publish","type":"post","link":"https:\/\/www.phorest.com\/au\/blog\/financial-decision-business\/","title":{"rendered":"How To Make A Clear Financial Decision About Your Business"},"content":{"rendered":"

\u201cEvery decision you make should be a financial decision.\u201d<\/span><\/i> That sentence, to me, is a motto. It\u2019s a way of thinking, and it helps me revisit what works and what doesn\u2019t without any emotional attachment. Most importantly, though, it allows me to stay within budget.<\/span><\/p>\n

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As you may already know, I\u2019ve started hosting a series of webinars in collaboration with Phorest Academy. We\u2019ve called the journey the Salon Manager Development Series, and in the first webinar of the six (\u2018How To Manage Your Staff\u2019), I explained how important it is to go back to basics. Of course, this time of the year is hectic for salons and spas, but thinking of your 2018 business strategy can become motivating, helping you to put some structure in your head and your business.<\/span><\/p>\n

\"financial<\/a>
Click the image to sign up for this webinar.<\/figcaption><\/figure>\n

5 Key Focus Points To Help You Make Clearer Decisions<\/h2>\n

Work Out Your \u00a3\/\u20ac\/$ Per Rooms\/Chairs<\/h3>\n

Take your turnover for 2016; for this exercise, we will look at \u00a3\/\u20ac\/$250,000. Divide this figure by 52 weeks. That\u2019s \u00a3\/\u20ac\/$4,807 per week.<\/span><\/p>\n

Now divide that by the number of rooms\/chairs you make money from. In this instance, let\u2019s say we have 5 hair chairs, which gives us this: \u00a3\/\u20ac\/$4,807\/5 = \u00a3\/\u20ac\/$962 per chair per week.<\/span><\/p>\n

Why did I get you to do this exercise, you may ask? Analysing this figure allows you to understand what your strategy should be for 2018:<\/span><\/p>\n