Are you glad I spilled my coffee?
If you know me, you know I’m a coffee addict. Last week, I spilled one of my lattes on my planner. In the rush to clean up the mess, I found a post-it note from at least two years ago. It read, “The secret’s in the routine.” It made me think about my simple morning habit that has brought unbelievable success to the spas I’ve managed for the past 25 years. It’s one of 5 secret weapons I have! So, grab your coffee (but keep it away from your own planner), and let’s dive into the routine that will transform your business rapidly!
I hope you attended yesterday’s coaching session because I unpacked this habit in great detail. If you missed it, read on to access the recording!
I hold a firm and, frankly, non-negotiable principle regarding business management: You must know your goals and purposes daily! How can you effectively run a business without a clear plan for each day?
In line with this principle, I've developed a spreadsheet over the past 25 years with the help of some outstanding industry experts. We've continually refined it to ensure it meets our evolving needs. This tool offers a comprehensive overview of the key fundamentals you must be aware of daily to effectively guide your operations.
You simply MUST adopt this daily habit for your business. Here’s how: Dedicate the first 30 minutes of your morning to savoring a delicious cup of coffee (carefully!) while you input the essential data into the spreadsheet. This routine will equip you with the insights needed to make informed decisions throughout the day.
The next 15 minutes should be spent analyzing the information and deciding the strategy.
The metrics listed below, and whether you focus on each, may vary depending on your business structure or if you're tracking a specific promotion. However, I consistently monitor these key indicators, which provide a narrative about the business's performance:
- Retail to Services Ratio: This is a crucial and straightforward way to boost revenue. I aim for at least a 30% ratio here, though I prefer it to be around 50%. You might think this isn't achievable, but it definitely is—we've proven it!
- Average Docket Value: Incremental daily increases in this figure can lead to significant monthly growth.
- Upsell Percentage: Concentrating on upsells is an effective method of increasing revenue. I target a 30% upsell rate, and if it falls below that, I evaluate whether our offerings are enticing enough for customers.
- Gift Voucher Sales: This is an essential revenue stream, as it represents easy money. I strive for at least 10% of total revenue from gift voucher sales.
- Client Phone Calls: Currently, this is a focus area as we work on building relationships—it's an essential daily metric for us.
During our team huddles, I concentrate on these five key areas to maintain focus.
A final thought: This tool is entirely ineffective unless shared with your team. A ship's captain doesn't steer alone but directs his crew to ensure the ship is on the right course. Progress will be limited without your team's engagement with these critical metrics. Remember, sharing isn’t just caring—in this context, sharing is thriving!
If you didn't receive the recording of this vital session, please send me an email to obtain a link to it. Just click below to send a quick email and get access.
Before signing off, don't miss another crucial coaching session where I'll demonstrate how to interpret DISC assessments and structure your team effectively. Understanding how people communicate and tapping into everyone’s personality is incredibly valuable. It's free and just 45 minutes of your time for some invaluable insights.
Hope to see you there. Register below.
REGISTER NOW: COACHING SESSION MAY 8, 2024
Till then!
Marisa
