Spa and salon inventory management isn’t exactly the thing that makes beauty and wellness business owners leap out of bed with excitement (believe me, we know!)…
Yet, inventory management is an essential part of running a successful business. It can enhance client satisfaction, streamline operations, and significantly grow your bottom line. And luckily, with the right tools and strategies, managing your inventory can be a breeze, not a headache. So without further ado, let’s dive into the essentials of effective salon and spa inventory management and how it can take your beauty and wellness business to new heights!
Why Inventory Management Matters
First things first—why should you care about inventory management for your salon, spa, or med spa?
Here’s the deal:
- Guest Satisfaction Is Everything: Your guests depend on you to have their favorite products ready to purchase fresh off the shelf
- Service Quality Depends on Inventory: Your service providers need the right products at their fingertips so they can deliver top-notch treatments and services
- Product Availability = Profitability: Managing your stock levels appropriately helps prevent wasted dollars and missed sales opportunities
In short, good inventory management keeps everyone happy and your business thriving. Yay for delighted clients and prosperous profits!
Key Strategies for Effective Inventory Management
1. Set Optimal Stock Levels
Figuring out the right amount of stock to keep can be daunting. Here are some key factors to account for:
- Does your distributor require a minimum order amount?
- How much do you pay for shipping?
- Do you have enough storage space?
- Do you have help unpacking orders?
Use your salon or spa software to track inventory trends and determine the ideal ordering schedule for your business. This empowers you to easily make smart and informed decisions about how much to purchase and when you should purchase.
2. Create an Inventory Budget
When it comes to keeping your inventory spending in check, budgeting is CRUCIAL. A good rule of thumb is to allocate roughly 5% of your service sales to professional supplies and 50-52% of retail sales to your retail budget.
Meevo Tip:
Run the MR080 Register Summary report in Meevo to get the data you need to create the ideal budget for your beauty or wellness business.
3. Track and Monitor Inventory Usage
Inventory management isn’t a set-it-and-forget-it kind of task. You’ve got to stay on top of it constantly, be flexible, and keep an eye on your sales vs. product usage.
With smart solutions like Meevo’s product recognition and automatic purchase orders, you can manage your inventory effortlessly, without getting slowed down by tedious manual work.
4. Designate Inventory Floor Locations
Whether products are on the floor, on the display shelves, or in the back, you should always know where they are. This helps ensure your retail area is tidy and your products are easy to find for both guests and your employees.
Did you know?
Meevo conveniently allows you to assign individual Floor Locations within your business so you never have to go on a wild goose chase searching for products.
How MeevoSimplifies Spa and Salon Inventory Management
- Mobile Management: Walk around your business with a mobile device, take barcode photos, and enter product information on the spot. Real-time updates mean fewer errors and more productivity.
- Smart Product Recognition: Save time by documenting multiple-size products once, filing all their variants on the same screen.
- Floor Locations: Assign products to specific locations within your salon or spa. Whether it’s on the floor, on a selling rack, or in the back, you’ll always know where your products are.
- Automatic Purchase Orders: Meevo can set up automatic purchase orders based on your stock levels, so you never run out of products.
- Multi-Location Inventory Management: Consolidate your inventory management for multiple locations in one central place, so you can easily manage any and all of your beauty or wellness business locations.
The Perks of Better Inventory Management
- Always Stay Stocked: Keep guests and your team happy by always having the products they need on hand.
- Better Time Management: Spend less time on tedious inventory tasks and more time focusing on your clients and your craft.
- Simplified Order Processes: Automated reordering helps ensure you get the right products, ordered and delivered at the right time.
- Reduced Shrinkage: Avoid inventory over-ordering and prevent lost revenue by ensuring existing products are sold before they expire.
- Increased Profitability: Less wasted product means a healthier bottom line!
- Better Client Experiences: Inventory accuracy not only helps your staff recommend products with confidence, it goes a long way in enhancing client loyalty and retention.
Salon and spa inventory management doesn’t have to be a headache! With the right software features and a solid strategy, you can streamline your operations, reduce waste, and keep clients and staff smiling.
Discover how Meevo can save you time, increase revenue, and simplify your day-to-day
with smart and reliable tools designed for beauty and wellness businesses just like yours!
