As the new financial year approaches on 6th April, salons, beauty, clinics and barbershops across the UK are gearing up for significant changes due to the government’s latest budget. From increases in wages and taxes to other regulatory changes, it’s crucial for salon and barbershop owners to make sure they’re prepared for the shift. With the right preparations, you can transition smoothly into the new year and continue to provide excellent service while maintaining a strong financial footing.
1. Financial Health Check: Assess Your Salon’s Financial Position
Before diving into the new financial year, it’s essential to take a moment to assess the financial health of your salon or barbershop. This includes reviewing your cash flow, expenses, and any outstanding debts. Now is the time to ensure your business is financially healthy and ready for any changes.
Start by reviewing your balance sheet. Are your assets and liabilities in order? What’s the current state of your cash flow, and are you on track to meet your financial goals for the upcoming year? With increases in National Insurance contributions and potential changes to corporation tax, you need to ensure that your pricing and financial strategy are well-positioned.