Today’s blog post is about how to set stylists targets in 3 steps to pack out their columns.
Here are the three key steps to remember;
- Know Your Annual Goal – Think about the turnover you want from your salon in the next year and from your new & existing stylists? If you made £100,000 last year do you want to make an extra £20,000 this year? An extra £50,000 perhaps? …the choice is yours. Sit down with your new & existing stylists and work out a realistic target that you want to reach.
- Average into Quarterly Goals – Break down your targets and goals into quarterly sections – Work out your current quarterly takings and calculate how much more you would need your new/existing stylists to take in order to meet your new quarterly/annual goal.
For example if you are currently taking £100,000 per year at the salon (£25,000 per quarter) and want to make £150,000 (£37,500 per quarter), the difference per quarter in this example is £37,500 less £25,000 = £12,500 more each quarter– Then divide by the 3 months in the quarter = £4166.66 more per month.
- Set Your Stylists Realistic Targets –Now you know your new annual quarter and monthly targets you need to break this figure down into targets for your new/existing stylists to see if your current staff can realistically achieve this, or do you need to hire more?
If you have 3 stylists who are currently turning over £8333 per month (£2,777 each stylist per month) and you now want your salon to hit an extra £4166 per month eg an extra £1388 per stylist- is it realistic for your 3 existing stylists to now hit your new target of £4165 each per month…or do you now need to hire more to achieve your goals?
Now try it yourself! Use these 3 steps to set your stylists targets, and agree on targets going forward with your stylists or plan your recruitment campaign to grow your team if needed.