COVID-19 UPDATE
For businesses affected by a COVID-19 closure or shelter in place order, having a way to track every aspect of your business is more important than ever. Even if you aren’t serving clients in-person right now, it’s still important to keep track of expenses and retail sales. Click here to read a letter from our CEO, detailing how Vagaro is here to help your business get through this crisis.
Having a clear view of the inner workings of your business is the most important thing you can do to stay profitable. To be effective, you’ll need to review and make decisions using data from sales, services, operations, marketing, employee performance and customer trends. This information allows you to identify and track the ups and downs of sales, monitor how many services and classes you book and process, and identify marketing opportunities. This information is also helpful when you’re processing payroll and managing employee productivity. Think of this information as your business “report card,” letting you know where you’re succeeding and which areas need improvement. Here’s the three Vagaro reports that give you a 360° view of your data, with a cloud-based, integrated software system providing the information you need when you need it.
1. Everything at a Glance with Dashboard Reports
Vagaro’s
Dashboard Reports provides a “snapshot” real-time view of your business’s Key Performance Indicators (KPIs). This document details every aspect
of the top-level data you need to keep your short-term performance aligned with
your long-term goals. With Dashboard Reports, you’ll have a real-time view of
product and service sales, payroll, client retention, bookings, your top 10
sales items, and more. By reviewing your business summaries and comparing the
numbers regularly, you’ll be able to identify trends and irregularities, which
you can then zero in on with specific reports. This allows you to make tactical
decisions based on how your business is actually performing, instead of using
guess work. Dashboard Reports help you stay on top of every aspect of your
business, which allows you to adapt your workflow to maintain your competitive
edge. For example, if you notice your sales are particularly high on a certain
day, you can schedule accordingly to cover the uptick in business to make sure customer
service isn’t impacted on days with higher traffic.
2. Employee Reports
Once you’ve got a handle on your daily figures from Dashboard Reports, it’s time to review your employee reports. This document gives you insights broken down by service provider. You’ll be able to view the number of customers they’ve seen, the number of appointments completed, service and class sales, product sales, tips, and taxes. Remember, the most valuable thing your small business sells is time. To maximize earnings, you should aim to have employees providing services continuously during operating hours. The employee report helps you minimize scheduling gaps, improve marketing, and broaden your client base. The appointments summary report provides a breakdown of services and classes, so you’ll see which staff members are performing at their peak. This information allows you to identify and correct performance issues and identify training opportunities that empower staff to achieve their full potential. Knowing which employees are busiest also clarifies your commission structure, so you can reward high-performing staff and retain your in-house talent.
3. Inventory Reports
Inventory means dollars! Product and retail sales are traditionally the most underutilized and under-tracked aspect of small businesses in beauty and fitness. Services are the core of your business, but retail sales are the fruit, there for the easy plucking! To improve your monthly cash flow, use inventory reports to set sales goals, and see how your revenue picks up! By running a weekly inventory report, you’ll be able to see a real-time view of everything related to your retail sales. For example, which products are selling, what you’re using in-house, how much cashflow is tied up in inventory, and which stock sits on the shelves. You’ll also be able to track sales trends over time and anticipate when you might need to order more than usual, like the holiday season. Inventory reporting helps you order more efficiently and identify the opportunity to create a Daily Deal to get rid of slow-moving products. You’ll lower overhead costs and give your business the opportunity to introduce new products.
But Wait—There’s More!
Vagaro reports give you more than just these three
powerhouse reports. Each kind of report can be broken down further to zero in
on a specific type of information, employee, or date range.
- Combined
sales reports give you a full overview, personalized to your
specifications.
- Transaction
reports give you a sale-by-sale look at your business.
- Customer
reports (including targeted no-show
and cancellations reports) give you insights about client retention,
shopping trends, keeping your customer base engaged, and help you develop
effective marketing strategies.
Whatever data you need to stay on top, we’ve
got a report to help you utilize it to your advantage. Every Vagaro report
can easily be printed or exported to Excel or CSV. And our software system is
integrated with both Xero
and QuickBooks,
making end-of-month
deposit reports, VMS
deposit reports, and vital tax
documents a snap. By using reports to stay on top of every aspect of your
business, you’ll be empowered to make informed decisions and strategic changes.
Ready to take a deep dive into your business analytics? A 360° view of your data is just a few clicks away!
Header Image and Icons: Mia Montemayor via Vagaro
