When it comes to growing your beauty business, it’s important to track metrics beyond simple profit and loss. Behind every metric is an opportunity to fine-tune your business and collect more commission. For example, if you spend 25% of your time doing complex color jobs, but they make up 75% of your earnings, you could make significantly more by shifting the balance of how you spend your time.
That said, it’s easy to become so absorbed by the many possible ways to analyze performance that you become unsure what will actually move the needle in a significant way. When formulating key performance indicators (KPIs), it’s crucial to focus on those that will make a difference to your bottom line and not burden yourself with unnecessary data.
Your goals will inform the KPIs that matter most for your business, but if you’re not tracking anything on this list, you’re almost certainly not maximizing your full financial potential.