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10 Things You Can Do to Protect and Save Money
By: Deedee Crossett
Posted: October 1, 2013, from the October 2013 issue of Skin Inc. magazine.
- Separate POS logins. If you have more than one person at your service desk, have each log in and out of the point-of-sale (POS) system and maintain their own cash drawer in order to track accuracy.
- Open and close with the same amount of cash each day. If the register drawer or POS is over or under your daily amount, you’ll discover which employees can count, who needs training and who’s potentially stealing.
- Know who on your team can delete and void service tickets. One of the easiest ways to steal cash is to delete or void a cash ticket after the service and pocket the money. Cash drawer overage might be a sign that this, in fact, is happening.
- Own a safe! Keep a regular balance of petty cash with a record of your expenses. Small business owners tend to leave cash in drawers, tip jars and treatment rooms, which may promote theft and makes it easier to lose.
- Count your products first. Then look to see what the POS system has listed on your shelves. Inventory will take longer, but it will definitely be more accurate.
- Keep all the inventory in your POS system. Sundries, retail, back bar and tools should be accounted for when they’re ordered, checked in, and either sold or checked out for use.
- Model the process. As the owner, if you’re taking money out of the drawer, products off the shelf or using the back bar for personal use, it sets a bad example.
- Call your bank. Ask for better merchant service fees or shop online for more competitive rates. The extra and hidden fees can really accumulate.
- Review utility bills and look for savings. Understand each charge on your invoice, and ask for additional information when needed. Our waste disposable company was charging more than $200 to come into the garage, and pick up the trash and recycling. We saved more than $2,400 a year by walking it out to the sidewalk.
- Save money by paying down debt and/or transferring it to a credit card with a lower interest rate. Have one credit card for business expenses and charge everything possible to that card. For example, American Express Business Card points can be used to pay for hotel and airfare when attending advanced training classes. You’re buying product, supplies and equipment anyway, so why not benefit from the travel perks?
Founder and owner of the San Francisco Institute of Esthetics and Cosmetology since 2002, Deedee Crossett is an industry pioneer for raising the bar of undergraduate education for cosmetologists and estheticians. She can be reached at www.facebook.com/deedee.crossett and Twitter @DeedeeCrossett #10things.