Take the fear out of finance
Bumble and bumble's UK manager Irina Christof teaches the
Financial Intelligence module of the Bumble and bumble Business
Immersion course. She explains how you can reach your
financial goals without fear.
Book time for yourself
Many hairdressers are fearful of their salon's finances only because they have not spent the necessary time to understand them. Nothing comes easily without practice. Think of how long it takes to master a haircut, and dedicate a similar time to mastering your finances.
Break numbers down
It is important to dissect every number in your financial statements and ask why it is what it is. For example, look into your service revenue and what drives it – metrics such as chair and stylist utilisation, client retention, number of new clients, number of chairs and number of stylists. Once you know the relationship between the service revenue and its drivers, you will be able to interpret the history and project the future.
Keep your eye on finances
Having control over your finances is part of your daily responsibilities. Be consistent with monitoring your business's financial health. Review your numbers daily, monthly, quarterly, annually. Develop a system of what you need to track and how often, and make sure you stick to it. This will enable you to digest figures more easily, influence your figures in real time, which ultimately will generate wealth for you.
Set achievable goals
There is a saying: "If you don''t know where you are going, any path will take you there." Fear comes from uncertainty, and injecting certainty into your business comes with having an idea of where your business is going or where you want it to go. Set goals, measure goals and communicate goals to your staff. This will instil predictability within your business environment, and therefore disperse the fear of the unknown and of finance. There is nothing to fear when it comes to finance in your business. When you have clarity and visibility of your figures, finance will be a breeze.
For more information about the Bumble and bumble Business Immersion course call 020 7379 7891.
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