Beauty pros, we've got one word of advice as the year comes to a close–don't blink!
OK, OK, we're just kidding. On the real, though, if you've been in business for any amount of time, you know that the end of the year is the time when things get hectic.
You've got one of your busiest seasons (holidays!) happening at the same time you're trying to wrap up your year and plan for the next. And because all those things are unraveling at once, it's easy for things to slip through the cracks. That's where this little checklist comes in handy.
As things get busier and busier, as more clients flood your books, and as you look toward the new year and start setting bigger and better goals for your biz, some things have the tendency to get left in the dust.
This checklist is all about making sure you've done a full audit of the things that can't afford to be forgotten about. Yeah, the big important stuff, like, the business altering stuff. Our advice? This is one checklist you're going to want to add to your end-of-year routine every time the almost-the-new-year time period rolls around.
The Top Things to Evaluate & Examine Before the Year Ends
As we said, the new year is fast approaching. So, are you ready for it, beauty pro?
We can help you with the holiday hubbub and with setting goals for the next year, but that's not where our assistance ends.
Consider this checklist our little end-of-the-year gift to you–something to help you evaluate where your business is at, what needs to be refreshed, and what you should never let slip.
Expiring Licenses
It might seem like just yesterday that your cosmetology license was issued to you (after tons of hard work, no doubt)–but the fact of the matter is, it might be time to renew! Take a moment to evaluate your license–and the licenses of all your employees–and figure out when they expire.
Are you due for a renewal? Are your employees? If so, bring that task to the top of the list and make it your biggest priority. It's your obligation as a beauty pro to do things legally and by the book–and an expired license is not a good look on that front.
Automatic Renewals
Ah, the automatic renewal–we love it and we hate it. We love programs and software and bill pay that we can set up to do its thing without our involvement. But we hate it because it's so easy to forget about it.
And then, when you do forget about them, they're usually charging such a nominal amount it's easy to shove the task of canceling aside until next month (when you'll forget about it again). That's a lot of hard-earned money going down the drain.
As the year comes to a close, take a peek at everything on your books and ask yourself, what's going to automatically renew that I simply DON'T need or want anymore? What's no longer serving my business? What's just casually charging me in the background that I don't think about or use anymore?
It could be as simple as an email marketing program you bought and forgot about or as big as that POS system that's just not cutting it anymore. Take a good, hard look at where your money is going and nip those auto-renewals (that don't serve you) in the bud!
Updated Rates on Your Fave Products
You've been paying the same rate for the same products for months (maybe even years). What's the harm in shopping around a little? In the new year, you could cut costs and pad your margins (professionally) if you do a little shopping around.
Yes. It's much easier to go with what you know. But a little leg work (or outsourced leg work, even) could save you tons of money over the course of the new year. All it takes is evaluating your spending, examining where you might be able to get better rates, and running a few numbers. Who wouldn't want to start the new year with a refresh like this?
Backbar & Inventory Refresh
Trust us; you don't want to enter the new year with all the optimism and goals in the world only to be greeted with a clogged and cluttered backbar and a chaotic inventory list. Tackle this stuff ASAP at the end of the year so you can enter the new one with a clean slate.
This might look like:
- Getting rid of expired product
- Swapping out old favorites for new and better products
- Evaluating waste and tightening your inventory budget for better margins
- Examining your marketing strategy for moving products (if you've got tons left!)
- Ditching the old to make room for the new
Insurance Renewals
As the new year begins, a new year of insurance coverage often begins with it. This year–before you just sign up with your same-old same-old provider–ask yourself: is this insurance provider really the right partner for my beauty biz?
Don't fall victim to a renewal just because it's there and it's easy.
Your insurance company should:
- Cover ALL your services (not just some of them)
- Have your back with actual coverage
- Be occurrence-form and not claims-made (sorry, not sorry)
- Offer features like identity theft protection, personal injury, and product liability
- Have your back on general and professional liability
- Offer you BENEFITS beyond just insurance
Yeah, it's our hot take. And, yeah, at BIP, we do all that (and more). But it's because we genuinely believe that's the kind of coverage you deserve.
So, as the year closes and a new one fast approaches, make sure you've got real coverage you can count on!
So, what's your take, pro? Are you feeling a little more prepared to tackle the end of the year with this checklist as your new BFF? Good. (Because that was the whole point!) Don't let the end-of-the-year craze keep you from putting your best foot forward in the new year.
And speaking of best foot forward…if you're looking to make big changes in the new year, don't be afraid to make big moves. Your first big move? Subscribe to BIP's blog for routine updates and insight (like this checklist!) that keep you trackin' that target of growth, wealth, and fulfillment in your work!
