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Practical Finance—Part II

Monte Zwang January 2014 issue of Skin Inc. magazine
Practical Finance—Part II

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Part I of this article, which appeared in the December 2013 issue of Skin Inc., discussed becoming financially fit in your skin care business by keeping things simple and determining your break-even point.

Tools and systems for cost and cash control

Tools are only useful if they are used. Point-of-sale (POS) systems provide outstanding reports and information. If set up and used correctly, they should provide great tools for managing labor, marketing, scheduling, inventory and cost control. Sales, labor and cash register information needs to be manually entered into the bookkeeping system in order to adequately manage profitability. Managing labor, inventory control and cash is a daily activity. Information about these costs needs to be processed into the bookkeeping program each day in a timely manner. Cash control and employee responsibilities relative to the operation and security of the POS system needs definition and daily management.

Do what you do well, and don’t waste valuable time processing your own numbers. Bookkeeping requires two-to-three hours per week. Wouldn’t those hours be better utilized finding new clients, managing your clients’ experience and creating an incredible work environment for your team? Your role is to receive the numbers in a timely fashion, evaluate them and make informed operational decisions based on them.

Utilize professionals

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