The Beauty and Wellness industry in Singapore has been fast growing, with now more than 18,000 businesses operating on the island In the face of this growth in competition, it is increasingly important for business operators to streamline their operations, capitalize on their strengths, and minimize their weaknesses, lest their business does not survive. Here are a few common pitfalls of businesses in the Beauty and Wellness industry:
1. Inability to Detect Fraudulent Activities
According to the KPMG-SMU Singapore Fraud Survey, 58% of fraud is committed by employees. A common fraudulent practice involves a dishonest employee collecting cash payment without recording the sales. Given the effort to sit through hours of footage, unsuspecting managers typically would not go through the CCTV until under-reporting becomes serious enough to warrant suspicion.
2. Failure to Maintain Ample Consumables
Inventory Management is often overlooked in most spa and salon businesses. Without real time access to information, it will be impossible for employees or managers to keep track of their purchases, monitor the consumption rates and to place timely orders. It is also time consuming for employees to monitor the inventory, especially if there is a wide variety of products that can be used and is only needed in smaller quantities.
3. Poorly Managed Appointment Booking and Tracking
Booking an appointment is an often overlooked process that can be very taxing on both employees and their customers, especially in event of a conflict in schedules, or when the desired therapists are not available. Many companies are also still using physical documentation (i.e. the traditional pen and paper appointment cards) for their appointment tracking, which could be misplaced. For busier operators, the papers tend to pile up, which can be very messy, illegible and time consuming. Furthermore, overbooking for a particular timeslot may arise when businesses accept bookings from multiple sources such as telephone booking and their website.
To effectively address these issues, businesses may need to look at more targeted solutions that can help manage their business processes. While some solutions may offer more features and add-ons than others, businesses should seek solution providers that can better tailor solutions to their needs. With a fitting solution, business owners will then be able to focus on serving their customers better.