Get the Skinny! This is just part of the article. Want the complete story, plus a host of other cutting-edge articles to make your job easier? Sign up!
In today’s economy with increasing expenses, high unemployment and turnaround uncertainty, all businesses are looking for ways to cut expenses. However, even in a good economy, improving your sales-to-expense ratio is critical for long-term success, enabling you to weather present and future financial storms.
A firm understanding
The first step in establishing cost-cutting measures is to have a firm understanding of your spa’s finances. Preparing a monthly, quarterly and yearly cost-of-operations and revenue report will let you see exactly where your revenue is being spent by expense type. Leave nothing out of this report; the more detailed the better.
Hone in on critical and essential expenses, and search for room to reduce them. Set expense-reduction goals, then seek out methods for reduction.
Want the rest of the story? Simply sign up. It’s easy. Plus, it only takes 1 minute and it’s free!