Unlike your favorite cup of coffee or a bottle of booze, salon inventory management isn't exactly a fun activity. It is exhaustingly entailing. And when done wrong, it will lead to:

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- Disorganization of products 

- Cashflow problems 

- Late product delivery 

- Imminent business failure

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So as you can see, having an effective inventory management system is paramount to the success of your business. And now for the most important question...

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How can you conduct stocktaking fast and with great accuracy?

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The answer is simple - a salon management software. By the time you get to the end of this brief article, you will have learned all the fantastic tips on how to become great at salon inventory management.

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How to become a pro at salon inventory management 

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1. Conduct frequent inventory audits

Honestly, you cannot know a lot about your business if you don't execute frequent audits. This is the only way to identify your top, middle, and low-selling items. It's the ultimate way to understand what to buy in bulk vs what not to.

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Frequent audits reveal malpractices such as theft and fraud, which sadly exist. Furthermore, scheduled audits can show changes in expenses-especially where things are going out of hand.

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Related Read: Discover effective cleaning practices for your salon or spa

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2. Be mindful of the budget

It's business-not your heart's desires. Ordering too many products based on your wish list can be detrimental to your business. You need to learn to avoid impulse purchases.

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Well, the rule of thumb is to not base your purchases on your sales. Not possible? Then order based on your last month's procurement. Overspending can eat into your profits meant to grow your salon.

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3. Remember to conduct shop audits 

Conducting physical mystery audits every once in a while is important for several reasons.

One, is to ensure accurate tallying of records. Secondly, you will be able to know if potential misconducts exist amongst your employees.

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If you don't do this, you will not be able to catch minor errors that are slowly digging holes in your bottom line.

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Related Read: Explore the Salon Employee Handbook

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4. Keep tabs on product shrinkage

You certainly are not in business to make losses. So, keep a good eye on stolen, lost or expired products in your salon. You can easily avoid product spoilage if expiry dates are noted for each of your beauty products 

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5. Invest in a salon management software 

Running a salon is a full-time job. You have to supervise staff, help out with clients, handle complaints, think about restocking or other investment options. Yes, it's a handful. It's impossible to be everywhere at the same time.

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To ensure you stay on top of everything-without spreading yourself thin, invest in a Salon software. All-in-one systems come with money-saving features such as communication, online booking, marketing, with alerts that let you address areas that need immediate attention. In short, software will automate many aspects of your day to day operations.

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6. Be organized

Arrange products based on how quick they are selling. If there's an excess, be sure to find space for them. Having enough space is the key to staying organized. 

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Closing Remarks 

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Poor stocking has a direct effect on your bottom line. When done well, you'll be assured of straight-up success. But if done improperly, your business will bleed money. 

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If you are running a busy salon, consider hiring someone who will be dedicated to inventory management all through. Of course, the inclusion of salon software ensures streamlined workflows and real-time records as well as alerts that promptly notify you of inaccuracies or urgent need for stocking.

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FAQ

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1. What is salon inventory management?

It is the act of conducting stock checks to know what product needs restocking and what doesn't. It also helps to ensure records in the books and store tally. 

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2. How can you improve inventory management?

There are many ways to improve salon inventory management. However, solid ones would be to get help or use salon management software. This way, it's easy to keep accurate records that promote business growth.

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3. What are the three primary inventory management techniques?

Going paperless, hiring a dedicated person, and using a salon POS system. These are the ultimate ways to guarantee effective inventory management for your salon.

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