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Money Talks: The Surprising Truth About Salon Profit-Sharing
Manage episode 474326435 series 3520125
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Creating a fair and effective profit-sharing system is key to motivating your salon team while ensuring sustainable business growth. We break down the essential foundations and step-by-step implementation.
• Profit-sharing motivates team members to think like business owners, not just employees
• Without proper reward systems, businesses face staff lacking motivation beyond wages
• The essential foundations include strategic pricing, monitoring KPIs, and weekly one-on-one meetings
• Three effective profit-sharing methods: simple above-target sharing, total sales sharing, and multiple benchmark system
• Implement four-week calculation periods rather than weekly to create balance
• Transparency with team about salon financials eliminates resentment and builds understanding
• Set up your team for success with achievable targets that still drive growth
• Remember that different team members may be motivated by different rewards
Join us next week when we dive into client attraction, retention, and the client journey. If you'd like to learn more about implementing fair pricing and profit-sharing in your salon, check out our Salon Accelerator program demo by clicking the link below.
Book Your FREE Salon Accelerator Program Demo!!
If you would like more info about how we help salon owners increase their revenue in under 90days, WITHOUT hunting for new clients... book a FREE Salon Accelerator Program Demo and we'll break down everything for you in the demo.
Our guarantee to you... Increase your revenue in 90 Days without hunting for more clients OR YOU DON’T PAY.
Chapters
1. Welcome to Beyond the Mirror (00:00:00)
2. Why Profit-Sharing Matters (00:01:30)
3. Business Impact Without Profit-Sharing (00:05:20)
4. Three Foundations Before Implementation (00:08:36)
5. Three Methods of Profit-Sharing (00:18:23)
6. Implementing and Sustaining Your System (00:34:42)
7. Key Takeaways and Next Episode Preview (00:43:18)
34 episodes
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