We know data can be intimidating and sometimes hard to face, but if you could get through that 8-hour color correction or back-to-back 90 minute massages, there’s no doubt you can navigate your numbers and set yourself up for success in 2023!
Reports are an important tool that will not only help you understand different aspects of your business such as taxes and revenue, but they’ll also provide opportunities for growth and improvement.
Here are 9 Key Reports You Should Run to Close Out 2022 & Start the New Year Strong:
Getting Organized for Tax Season
If simply hearing the word “taxes” makes you cringe, know that you’re not alone! But much like that heap of laundry that won’t disappear until you fold it, your business tax responsibilities won’t magically vanish either. Save yourself (and your accountant) from down-to-the-wire stress and run these reports within Meevo so you have one less cumbersome to-do on your list.
- Sales Tax Collected – View all tax liability for income and sales transactions processed through Meevo, including prepaid sales tax on product purchases. This information is a must-have for your accountant at the end of the year.
Meevo users: This report is listed as MR095 within Meevo.
- Register Summary – Another crucial report you’ll want to hand off to your accountant come tax season! The Register Summary report will show you the annual total of ALL sales, tax collected, and even the different payment types used — conveniently all on one page.
Meevo users: This report is listed as MR080 within Meevo.
Unpacking Your Business Growth & Performance
In order to set attainable goals for 2023, you MUST assess your past performance and understand what contributed to your growth, otherwise it’s a shot in the dark. These essential reports will give you a bird’s eye view of numerous success indicators and improvement opportunities so you can pivot and make more informed decisions in the future.
- Employee Key Performance Indicators – Want to know how individual team members are performing or how your business is doing overall? This insightful growth indicator report will give you all the metrics you need–and more!
Run the MA200 report within Meevo to analyze how employees, departments, or the business as a whole did for the year, and use this data to set new 2023 goals with intention. You can also use these insightful metrics to determine which client loyalty promotions you should implement to help improve specific growth indicators.
- Sales Statistics – Have you ever wondered how your business is performing this month compared to last month? How about this week compared to the same week last year? Having instant access to this data can help you determine areas of your business that are out-performing or underperforming specific goals and objectives.
With Meevo’s MA225 Sales Statistics report, you can compare business performance against various time ranges to uncover trends, discover areas for improvement, understand if new strategies are working, and so much more!
Want to learn more about the MA225? Watch John Harms talk about this amazing report!
- Inventory Sales/Usage Analysis –Before you start restocking your 2023 inventory, you’ll want to know which products were hot-sellers and could use a higher quantity for the year ahead, and which items collected dust and probably shouldn’t be carried over.
With the MI047 Meevo report, you can view important sales and usage data so you can make informed decisions on which products should be reordered or discontinued, quantity changes based on demand, and any new products related to your bestsellers that you might want to consider ordering.
- Liability Summary – Selling packages, series, and memberships are popular for many salons and spas, as are customer loyalty programs. All these help drive revenue while improving FOV and client retention. So, having a report that highlights liability details can be extremely helpful.
With Meevo’s MR129 Liability Summary report, you can see all outstanding liabilities, liabilities that were purchased or redeemed within a selected date range, Point Campaign and Point Promotion info, Client Account info, and offsite liability information (if applicable).
Digging Into Your Loss & Opportunities
When a few canceled bookings, lost clients, and infrequent visits add up over time, they can annihilate your profit potential. It’s crucial to understand the WHY behind these losses and identify your opportunities for improvement, whether that’s better client retention or a more effective marketing strategy.
- Retention Projection –We know client retention is always on the minds of salon and spa leaders. Knowing your current retention data is an essential first step. But what if you could forecast retention numbers into the future and see where you can make improvements to boost future revenue?
With a Retention Projection report, you can do just that! Meevo’s MA075 report displays retention for the current month and forecasts what retention will be for each of the next 3 months.
With these projections at your fingertips, you’ll be armed with the data needed to make decisions to improve your retention KPIs and bring in additional revenue!
- Appointment Recall Listing –Frequency of Visit (FOV) is one of our favorite KPIs, and increasing it helps generate additional revenue for your business. Running a report that shows you the clients who are overdue for their next service would be invaluable in boosting this KPI.
Well, with Meevo’s AQ070Appointment Recall Listing report, seeing these customers is made easy! By running this report, you can build segmented customer lists and then craft personalized communications to these customers to get them back in the door for their next service!
- Missed Opportunities – Understanding areas of your business that may be underperforming or costing you potential revenue is extremely important. With this data, you can make informed decisions to improve salon marketing strategies that lead to greater sales and additional bookings.
One such report exists in Meevo that happens to be one of our favorites and most powerful! The AQ210 Missed Opportunities report helps our clients view the reasons why an appointment could not be booked, or a missed opportunity. By creating or adding Missed Opportunities in Meevo, clients can run the AQ210 and analyze the revenue lost from non-bookings.
With this information, you can then see where you are losing potential revenue and take the necessary steps to turn this area into a substantial revenue generator for your salon or spa!
Want to learn more about how Meevo can support your business and help you reach your goals? Watch this 6-minute demo!