Set yourself up for success this new financial year

Your action plan of positive changes for FY 2018/2019

1. Take advantage of the $20,000 small business tax deduction

The new financial year is the perfect time to take stock of your business and plan for the future. Have you noticed a growing number of mature aged clients that would benefit from advanced skin rejuvenation services in your salon? Or have you spotted an opportunity for fat freezing cryolipolysis treatments to bring new clients through your doors?

If you are planning on investing in your business over the next 12 months, make sure to get started June 30 2018, as you are likely eligible to claim an immediate deduction on amounts up to $20,000 for your FY 17/18 tax return.

2. Reassess your current strategy

Begin by listing key areas in your business that are, and are not working. For example:

  • WORKING: A-sign outside shop front with weekly special to attract walk-in customers
  • NOT WORKING: Social media engagement/growth

Look at the areas that are working — is there any way you can improve them even further? As for what is not working, you now have a clear list of what you need to work on.

3. Analyse your communication methods

How are you communicating with new and existing clients? And is it working? Is it generating repeat bookings and maximising your customer retention? If you are not sure, you can put together a short and sharp survey with Survey Monkey and send to your email database to find out what your clients respond to, and how they prefer to engage with you. Including a little discount or incentive for participating will generate you a higher response.

4. Trace the client journey

Trace the client journey, from those who start off researching you on your website, to the journey of a walk-in customer off the street. Are all new clients offered a detailed skin consultation? It could highlight problems they did not even know they had, and this means more potential sales and treatment bookings for you.

Another thing to take note of is how you transition clients onto their next treatments, so a one-off customer becomes a regular customer. Look at ways you can organically keep your customers coming back for more without pushing the hard-sell. Have they just finished their final laser hair removal treatment? Hand them an LED facial brochure with an introductory offer with their receipt at the check-out counter.

6. Plan for growth/Envision success

With each passing year, your business should ideally be showing signs of growth and advancement. What are the next steps for growing your business? There are a number of ways you can facilitate business growth. These include:

  • Introducing new treatment technologies that are known to draw in high foot traffic (e.g. LED, hydrodermabrasion, laser hair removal, IPL skin rejuvenation)
  • Developing and launching a signature facial or treatment that isn’t offered in your area to drum up interest in your business. Use your knowledge and expertise to create something special, and get creative with how you can layer and combine treatment technologies to yield unmatched clinical results
  • Overhauling your business look and image. Is your salon feeling a bit tired and outdated? Could your logo and decor be modernised to reflect your CBD location? A new colour scheme, coat of paint, and switching up a few key decor pieces could be all you need to inject a new burst of energy and intrigue into your business

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