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Spa Business > final test > Flashcards

final test Flashcards

1
Q

balance sheet

A

outlines where business stands in terms of:

what it owns

what it owes and how much investment owners have in business

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2
Q

income statements

A

shows sales of a business over period of time

what it costs to conduct business over period of time

how much profit/loss resulted in that time

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3
Q

cash flow statements

A

represents same period of income statement

gives details of cash coming in and out of the business

broken down on a monthly basis

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4
Q

projected financial statements

A

statements Predicting what the financial performance and positions of the business in the future

aka pro forma financial statements or preformance statements (could be a typo)

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5
Q

assets

A

things that are owned and have value

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6
Q

fixed asset

A

buildings

machinery

equipment

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7
Q

current asset

A

cash

inventory

prepaid expenses

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8
Q

liabilities

A

legal debts

money owed by the business

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9
Q

current liabilities

A

debts that you will pay off with in 1 year

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10
Q

long term liabilities

A

debts that will have to be paid off within a period greater than 1 year

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11
Q

equity

A

the amount of calm an individual has on an asset

or measure of individuals wealth

asset+ liability + equity

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12
Q

break even

A

point at which a company starts to make a profit

where sales are sufficient to cover the costs and expenses of the company

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13
Q

fixed expense

A

expenses of a business that tend to remain constant

example rent, utilities, salaries

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14
Q

variable expense

A

Expenses of a business that will fluctuate with sales

example - supplies, delivery, packaging

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15
Q

projected cash flow

A

a statement predicting how money will flow into and out of the business during a given period in the future

aka a cash budget

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16
Q

finance section of the business plan section 4

A

contains financial statements and projected cash flow

17
Q

operations section 3

A

how will I organize my work

18
Q

inventory control 13

A

stock management - turn stock once every 6 months

having too much vs not having enough

cabin (back bar)

retail

purchase list

ordering pattern- season, services in demand

organize stock room- product placement

computer software- set minimum

book inventory -1 year

dead inventory (expiry)

discount and bargain baskets

donate

discard - Write off

19
Q

floor plan - things to consider 8

A

nails near front

10x10 aesthetic rooms

electrical, lighting, water

laundry

washroom

storage

retail waiting area/ reception

staff room

20
Q

traffic flow

A

zig zag (department store

21
Q

ceilings

A

over 10ft

painted same colour- directing attention to retail

22
Q

retail tips

A

first 10 ft into store should be retail

cabinets/shelving no lower than knees

display new items/testers

stock in 3s

23
Q

job description

A

statement of duties, responsibilities and other issues pertaining to a particular job within a company

24
Q

responsibility

A

task that employee is obligated to complete

25
Q

autority

A

specific area within which an employee has the power to make decisions

26
Q

accountability

A

duties on which an employer judges the performance of an employee

27
Q

leadership

A

motivational aspects of management that encourages greater productivity from employee

28
Q

hierarchy in salon

A
  1. salon owner
  2. bookkeeper
  3. hairstylist, aesthetician, nail tech
29
Q

policies and procedures 11

A

room/table setup

order of service/add ons

opening/closing salon

handling conplaints/returns

booking appointments

inventory

cashing clients out

housekeeping

telephone/social media

uniforms

safety regulations

30
Q

golden opportunities

A

you leave a positive or negative impression

every contact has an impact; client enjoys, returns, and recommends

31
Q

8 golden opportunities

A
  1. client decides to take action
  2. client physically arrives
  3. physics layout of the spa
  4. treatment and service execution
  5. product sales
    6.staff exposure
  6. check out time
  7. management activities
32
Q
  1. client takes action 5
A

can they pronounce/spell spa name/ is it identifiable

is contact info easily found/ clear directions to find you

what have they heard

do they know what to expect

how long does it take to answer/respond- how are they helped, at what tone

33
Q
  1. the client physically arrives
A

is there a sign/number/in directory

can you see into salon

sufficient parking

are they greeted / first impression/ welcomed/ introduced/ offered refreshment/coat

do they know where to go once entered/ how long is wait /instructed

mood of spa/smell/seating

34
Q
  1. physical layout o the spa/salon
A

what’s the first thing they see- clean, colour, decor, empty bottles, dirty glasses

clean and sufficient bathrooms

crowded

clearly defined departments / look like salon

35
Q
  1. treatment and service execution
A

organized work area/setup

products cleanliness

consultation/home care/expectations/desired results

does hair or makeup get messed up

is client left unattended/ are they told

is tech experienced/client satisfied

comfortable temp, noise

36
Q
  1. product sales
A

are you out of stock/can you locate/sufficient stock

is product dirty/on shelf too long

organized/priced/displayed

how often is stock rotated

does it look like a business of selling/important info available

37
Q
  1. staff exposure
A

do staff gossip

hair/make up/fashion up to date

how they dress, skin, nails

so they acknowledge clients/friendly/helpful/supportive/knowledgable/genuine

unprofessional conversation

enjoy job

38
Q
  1. checkout time
A

do you have enough cash to give change/do they know how to use machine/can they make change

are prices posted

were they rescheduled/is home care suggested/discussed

can client find coat and belongings

is it crowded

was client thanked

39
Q
  1. management activities
A

are staff supplied enough

do you take calls while servicing

proper training/technical skill/communicationn

is there a follow up/listen

do you praise staff/ happy to see clients or overlook

positive outlook ‘

do you allow time for planning

Spa Business (2 decks)

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