Bettjemans, 2010 Salon of the Year, has truly learnt the positive impact that being prepared has on their business. For businesses such as Bettjemans, some of the key challenges are keeping the wage percentage sustainable, keeping margins at a profitable level and increasing profit.
Owner, Phif Bettjeman, says: 'It is important to look at your business with a magnifying glass; cost out the service and charge accordingly. It can be easy for businesses to forget that everything has a value."
She annually works out the cost of each client visit and adjusts pricing accordingly.
"Business owners must take into account the cost of the product, hourly wage increases, GST and supplier price increases. Being prepared and proactive in this way also has a positive impact on the company's cash flow."
For Bettjeman, the benefits of regularly assessing her business with WHK principal, Brent Whatnall, include peace of mind and greater financial freedom.
"There is nothing like getting up every morning, knowing you are working really hard and making a profit. It is important to know the costs of your business and to make sure you are charging accordingly so that you don't go backwards."
It is also imperative to take the time to work on, rather than in, the business.
"It can be really hard for a lot of people to realise they need to step back and work on the business. This gives you the opportunity to act proactively, rather than reactively, and that has a positive impact on the bottom line."
In the future, Bettjeman hopes to spend more time to develop her business, become totally debt free, and eventually run the business without working in it. She will also continue to grow Bettjeman's social media presence, as this has been an invaluable tool in getting publicity for the firm. She believes that being prepared will help her achieve these milestones.
For more information about how the WHK Business Advisory team can help your business contact Auckland@whk.co.nz
Bettjemans / Photo: Bettjemans.co.nz