Wednesday Wink - Do You Know Your Numbers?

Posted by Maryann Matykowski on September 07, 2016

I clearly remember when I was in high school hearing just how important math was going to be in my daily life. Well, being that I am not very strong in math I just fluffed that off. After all my career was going to be made up of making people beautiful. Why on earth would I need math? Lashes, brows, hair and nail services were to become my life’s passions. When did I need to look at the numbers? As soon as I took my first client. My employer told me I would be paid on commission of 50%. Boom!! MATH!!!! Then I needed to know how much my products were going to cost me. Here we go again with that pesky math. Fortunately, my husband was a genius with numbers. He helped me create a spreadsheet to keep track of all my expenses. This is when I became a business professional. When I started tracking. Today I hear many salon professionals make comments like... "I don’t know where all my money has gone". Or, “I just spend my tip money every day so I have no idea how much I really make”. Comments like these are how you lose control of your income and expenses.

Keep a Record

To really know your business, your numbers count. Save every receipt, no matter how small. Track every sale. Keep records, if for no other reason than for your income tax. I have a folder for every receipt. I have a folder for my online purchases on my computer as well. If you work with your vendors, some even keep track of your purchases on their company portal for your convenience. This comes in handy at year end. I know this isn’t a very popular or sexy topic, but none the less, if you know your numbers, you are in control of your business. So make a vow to run your business, not let your business run you. Just look at your numbers, you will see where you need adjustments and watch your business grow.