Founder and owner
of the San Francisco Institute
of Esthetics and Cosmetology
since 2002, Deedee Crossett is
an industry pioneer for raising
the bar of undergraduate
education for cosmetologists
and estheticians. She can be
reached at www.facebook.com/
deedee.crossett and Twitter
By Deedee Crossett 10 THINGS
Reproduction in English or any other language of all or part of this article is strictly prohibited. © 2013 Allured Business Media.
10 THINGS YOU CAN DO TO
PROTECT AND SAVE MONEY
These 10 thrifty tips will help you make frugal decisions without affecting the quality of
Separate POS logins. If you have more than one person at your service
desk, have each log in and out of the point-of-sale (POS) system and
maintain their own cash drawer in order to track accuracy.
Open and close with the same amount of cash each day. If the register
drawer or POS is over or under your daily amount, you’ll discover which
employees can count, who needs training and who’s potentially stealing.
Know who on your team can delete and void service tickets. One of the
easiest ways to steal cash is to delete or void a cash ticket after the service and
pocket the money. Cash drawer overage might be a sign that this, in fact, is happening.
Own a safe! Keep a regular balance of petty cash with a record of your expenses.
Small business owners tend to leave cash in drawers, tip jars and treatment
rooms, which may promote theft and makes it easier to lose.
Count your products first. Then look to see what the POS system has listed on
your shelves. Inventory will take longer, but it will definitely be more accurate.
Keep all the inventory in your POS system. Sundries, retail, back bar and
tools should be accounted for when they’re ordered, checked in, and either sold
or checked out for use.
Model the process. As the owner, if you’re taking money out of the drawer,
products off the shelf or using the back bar for personal use, it sets a bad example.
Call your bank. Ask for better merchant service fees or shop online for more
competitive rates. The extra and hidden fees can really accumulate.
Review utility bills and look for savings. Understand each charge on your invoice,
and ask for additional information when needed. Our waste disposable company was
charging more than $200 to come into the garage, and pick up the trash and recycling.
We saved more than $2,400 a year by walking it out to the sidewalk.
Save money by paying down debt and/or transferring it to a
credit card with a lower interest rate. Have one credit card for
business expenses and charge everything possible to that card. For
example, American Express Business Card points can be used to
pay for hotel and airfare when attending advanced training classes.
You’re buying product, supplies and equipment anyway, so why not
benefit from the travel perks?