Salon stock management can be a time-consuming and frustrating process. If you’ve spent hours on a stock take, you probably know the drill by now. Well, whether you like it or not, inventory management is a regular and important aspect of the beauty industry. The way you manage product stock can have a significant impact on the profitability of your business. Back in the day, salon owners would resort to a guessing game to figure out what to buy in the first place and almost everything was done by intuition. Today, the game is slightly different. The stakes are higher and if you don’t properly assess what you need and what you don’t need, it can hurt your salon business significantly. For instance, if you’ve run out of colour just before an appointment, you might end up losing a client.
What is Inventory Management?
As the name suggests, inventory management is all about managing inventory in your beauty business. It’s as good as being a smart organiser and knowing which product to stock up on and let go of. When an inventory is well-organised and optimally-stocked, a salon will be able to deliver top-notch services to their clients.
The best practice to reduce waste and maximise profitability is to get salon inventory management software.
Every salon uses many tools and supplies. It’s literally head-spinning. Failing to track even one of these supplies accurately can lead to a mix-up. On the other hand, if you order a new shipment of shampoos without checking, the efficacy of the product reduces. Deadstock is another danger salons face. To mitigate the ill-effects of bad inventory management, it’s better to automate these processes.
If you’re a salon owner running one or multiple locations, this blog is for you.
How Does Modern Salon Inventory Software Help?
- Real-time Stock Updates
The biggest blessing according to salon owners is getting automatic stock updates in real-time. Investing in the right technology helps with accurate quantity tracking. For example, as soon as an appointment is completed or an item has been sold, your salon inventory management software will automatically update the inventory to reflect any changes. At no point you need to worry about appointments or if you’re equipped to handle them. The inventory levels sync automatically with sales and purchases. With real-time stock tracking, you will no longer have empty or overflowing closets. You will have just the right amount to service your customers.
- Easy Reordering
With an inventory management system in place, you simply have to enter your products and the reordering process is automated. If you’re wondering how? We’ll tell you. Once you set up your inventory in the software, you have to enter what your minimum stock should be for each product item. Once you have crossed that threshold, the software will automatically update you. It also intimates you about when you need to place an order to maintain that minimum stock level. If you’re ordering all your items from the same supplier, reordering becomes even easier. It’s important to keep in mind that the software will never order on your behalf. You can always edit or make changes in the order.
- Highlights High-Performers
Salon stock management software is pretty interesting. It not just helps you track inventory but also gives you insights about sales and usage. Analyse which products are the best-sellers and which ones are slow-moving. Also, get insights on which products are generating the most revenue. As a salon owner, it’s important to have this data. It helps you reinvest in high-performing products or double-down on what’s being loved the most by your clients. Also, this does not solely apply for salon inventory, it even applies to retail products. Staying on top of your numbers will help you thrive and salon inventory software is right here to help you.
- Organise your Inventory Systematically
Inventory software helps you organise your products neatly and efficiently. You can categorise your products accordingly. You can even mention if they’re for retail or professional use. Segregating them ensures consistency and no confusion. When you need to search for a product, you only have to type the name of the SKU on the software and it will show up along with the stock levels. It also makes regular auditing easier. The best part of investing in the right salon software is that theft, damage and pilferage are considerably reduced.
- Prepare for the Future with Easy Projections
Salon inventory management software helps business owners make informed decisions. They can decide which product they want to keep, discontinue and promote. It also helps you with budgeting and planning. When you know exactly what you want to spend on, it’s easier to create accurate budgets. You can also predict how your business will perform over time by generating sales reports. Salon inventory software also integrates with POS systems for enhanced ease.
Salon360App, A Revolutionary Inventory Management Software
Are you ready to change the way your salon inventory is managed forever? Discover Salon360, a new-age salon software designed for salons and spas. Inventory isn’t the most glamorous aspect of managing a salon. However, it’s the most crucial and plays an important role in your profitability. Request a demo to take your salon to the next level.
