By Cait Muir

Where did this year go? Honestly! We’re already well and truly into this financial year, which for us at Iconic Coaching, means it’s the perfect time for our clients to step back and take a proper look at how their beauty businesses are really performing. I know how easy it is to get caught up in the daily grind of back-to-back treatments, but seriously, taking time for this review could be the difference between surviving and thriving in 2026.

Your Financial Year Business Check Up

One. Time To Face Your Financial Reality

Let’s start with the numbers. When was the last time you properly reviewed your bank statements and financial reports? I’m not talking about a quick glance to see if there’s money in the account. I mean really diving deep into your costs and expenses. Cancel those subscriptions you’re not using, renegotiate supplier contracts, and get a clear picture of your cash flow. Compare your actual profit to the budgets and goals you set at the start of the financial year. If you’re off track, now’s the time to course correct before it all gets out of hand!

Two. Hate to Break It To Ya, But Your Pricing Is Probably Wrong!

Your costs have undoubtedly changed over the past year. Product prices have increased, wages are rising, and overheads keep climbing. But when did you last adjust your pricing to reflect this? Take time to analyse your service menu. Are all your treatments still relevant and in demand? More importantly, is every single service priced to make a profit? Check that your timing allocations are accurate and that you’re factoring in all product and labour costs correctly. Under-pricing is one of the biggest mistakes I see in our industry, and it’s a disease that plagues a LOT of clinic owners!

Three. Stock:

The Silent Profit Killer I know stocktaking is about as exciting as watching paint dry, but it’s essential. Are you sitting on hundreds or even thousands worth of products that aren’t moving? Can you return slow sellers to suppliers or run promotions to shift them? Conversely, are you constantly running out of popular items and losing sales? Also, don’t forget to update your point-of-sale system to reflect current stock levels and seasonal trends.

Four. Are Your Team Performers? Or Passengers?

For those with staff (and solo operators, apply this to yourself), it’s time to honestly assess every therapist’s performance metrics. Are team members meeting their targets? Is unforeseen leave becoming an issue? Look at productivity levels, client retention rates per therapist, rebooking rate, average ticket value, aftercare sales, client numbers, treatments, upgrades – all of it! These metrics tell a story about engagement and training needs.

Five. Know Your Clients Inside Out

Who exactly is walking through your door? Has your demographic shifted? Understanding your client base is crucial for growth. Analyse booking patterns: are clients returning regularly, or are you constantly chasing new ones? If regular clients have dropped off, why? And where are new clients finding you? This information should drive your marketing decisions, while simultaneously exposing what is and isn’t working with respect to your marketing and acquisition strategies.

Six. Is Your Salon Space Past Its Expiration Date?

Take a critical look around your premises. Does your decor scream “stuck in 1995” (and not in a good way!), or does it reflect current

Seven. Marketing That Actually Works

How much are you spending on social media ads and marketing without tracking results? Getting likes and comments feels great, but if they’re not converting to bookings, you’re wasting money. Implement proper tracking systems to measure your return on investment. Know which marketing channels bring in actual paying clients, not just social media fans.

Eight. The Boring Stuff That Can Bankrupt You

The Fair Work and beauty industry regulations change frequently. When did you last review your policies and procedures? Are employment contracts up to date? Are you paying correct award rates and allowances? Non-compliance can result in effed up fines that could cripple your business. If you’re getting more late cancellations, perhaps it’s time to review your booking and cancellation policies too. Also check in with your accountant if any changes need to be made with business structure, tax savings, and allll the boring but imperative things that we need to run a great beauty biz.

Nine. Debt: The Dream Killer

Let’s talk about the elephant in the room: debt. Whether it’s ATO payment plans, equipment finance, or credit cards, having a clear strategy to reduce debt is essential. Living in constant financial stress affects every aspect of your business and life. Create a realistic plan to tackle debt systematically.

Ten. Goals + Action = WINNING!

What does 2026 success look like? Not just “make more money” but real, specific, measurable goals. For your business, your team, your family, yourself. Without clear targets, you’re just hoping things will magically improve. Spoiler alert: they won’t.

To finish this one off… stop procrastinating and start progressing! Bookmark this article. Print it out. Stick it where you’ll see it. Because I know how this goes – you’ll read it, feel motivated for five minutes, then go back to the daily grind and forget everything.

The beauty industry is brutal right now. Clients are pickier, competition is fierce, and costs keep rising. But the businesses that thrive are the ones that face reality, make tough decisions, and actually implement changes.

So, what’s it going to be? Another year of struggling and stressing, or the year you finally get your shit together? The choice is yours, but trust me, your future self will thank you for doing this work now.

Remember: You don’t need to be perfect. You just need to start. Pick one area, fix it, then move on to the next. Let’s make 2026 your most seamless one yet!

Cait Muir XO Iconic Coaching

PS – My books are open to new group and 1:1 clients! More info at www.iconiccoaching.com.au