Tips for hair salon inventory management

Tips for hair salon inventory management

So, you’ve succeeded in opening your very own hair salon. Congrats! You must have sacrificed a lot in order to make it happen. But how are you doing now? Salon management is completely up to you and you can’t afford to make mistakes. One area where you need to pay close attention is inventory tracking. It’s of paramount importance to maintain the right balance of beauty products in your hair salon. If you have too much inventory, then you’ll register profit losses. On the other hand, if you have too little inventory, then you risk losing your clients. Chances are that inventory management isn’t the kind of thing that you’re good at, so we have some tips for you.

 

Use a hair salon application

The best thing that you can do for your business is to use a hair salon application like MyCuts app. As the name clearly suggests, this kind of program is for salon owners and independent stylists. What the app does is allows you to schedule appointments, manage client information and, last but not least, track inventory. But why would a hair salon app have this kind of feature? The explanation lies in the fact that salon software is designed to meet all your needs. Simply put, it isn’t just to help you out with appointment scheduling. Are you curious to know what an app like MyCuts is able to do? Well, the software program empowers users to add and remove stock, view inventory levels, search through items, and create repots. Now, what do you say about that?

Sort out your priorities

When it comes to inventory tracking, you have to sort out your priorities. What you have to do exactly is focus on the items that matter the most, like hairspray or dye. The matter of that fact is that you’re going to need only 20% of the stock, not more or less. This is the reason why you should be focusing your attention as well as your efforts on the things that carry real value. It’s not necessary to enter details for every beauty product that you have in stock. Focus on the items you need to do your thing or the ones that have the power to generate sales.

Forecast when you do inventory management

If you want improved financial performance, know it’s not possible if you aren’t able to predict the demand. Forecasting plays an important role in inventory management, so it shouldn’t be neglected. Precise anticipation leads to better resource allocation.  The main problem is that forecasting is very hard to do. Why? Because there are several factors involved, like planned spend, yearly growth rate, and the overall economy. It must be noted that these are only a few examples. So, what are you going to do? To forecast your stock needs, it’s a good idea to use am expert system. Sure, you could do the math yourself, but do you really want to leave room for mistakes. Relay on a professional tool.

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