Surprise, beauty pro–the end of the year is almost here! We know that the holiday season isn't over yet, but here's the reality: time moves quickly. Like, really quickly.
You’re biting into a Christmas cookie one second, and the next, you're ringing in the new year.
And while we can't control time, we can control how we organize and optimize our end-of-the-year business audits so that the new year can start off on the right foot.
Even if the idea of end-of-the-year organization sounds overwhelming, it's honestly a must-accomplish task for every beauty pro out there. Why? Because it's how you build on success!
We've got your attention, right? Now, all you need to do is start. Our EOY tip list is the perfect place to begin.
What to Evaluate & Examine Before the Year Ends
Expiring Licenses
First things first, let's address the elephant in the room–your license. Yeah, we're talking about your license, but we're talking about your staff's licenses, too. The last thing you want is to run a business that's not legally sound–and if you're operating with expired licenses, that's exactly the scenario you'll put yourself in.
So, above all, start there. It might feel like a basic check. And it might feel like you've got years left on your license. Trust us, it can sneak up on you.
Automatic Renewals
That love-hate relationship you have with all your automatic renewals is about to get amplified. You know how it goes. Auto-renewals' convenience is unmatched–you never have to worry about manually renewing stuff. But it's also so easy to let things fall through the cracks.
You'd be surprised how many auto-renew software, apps, programs, etc., you probably have on your business credit cards. And you might not be using many of them anymore. The end of the year is the perfect excuse to do a much-needed audit!
Insurance Renewals
Of course, the end of the year is the best time to evaluate your insurance needs. As the new year begins, it's time to ask yourself if you really want to continue with that same service provider who isn't really covering your back. Don't fall victim to the seamless renewal, it's not doing you any favors if the partnership isn't doing you any favors.
Your insurance company should:
· Cover every last one of your services (not just a select few)
· Have you covered with plans you can count on
· Offer features like identity theft protection, personal injury, and product liability
· Offer both general and professional liability services
· Offer you BENEFITS beyond just insurance
Updated Rates on Your Go-To Products
You've had that same go-list of products on the docket for years. And while many of them are probably still tried and true, that doesn't mean they're all still making the cut. Now is the perfect time to review and revamp your list of can't-live-without products that you use in your shop and recommend to your clients. We're sure that in the last few years (or even months), there's been a little change-up somehow.
Inventory Refreshes
Your backbar and your inventory closet may be looking a little stale. You probably know what we're going to say next, right? It's the perfect time to do a revamp. Clean up, clear out, and take notes of what's going on with your backbar and your inventory so you can get the jump on the new year.
That might look like:
· Finally tossing out that old, expired product
· Swapping out old favorites for new and better products
· Evaluating waste and taking a tighter approach to your inventory budget
· Examining your marketing strategy for moving products (if you've got tons left!)
· Ditching the old to make room for the new
Website & Marketing Strategy Updates
It's time to look forward. If your site and your marketing strategy have been sitting there doing a semi-OK job for you, that's great.
But if you're not updating it regularly, driving attention to it, blogging, and working on your SEO, it's probably just going to sit stagnant. AKA, you're not going to get the leads you're seeking! Now's the best time to review your current strategy, see where you're succeeding, and evaluate where you can improve.
So, what do you think? Isn't it time to enter a new year with a clean, organized business and your strategy cap on straight? We do. With these quick little check-ups, your audit can be tackled in no time–and you'll be one step closer to crushing the new year!
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