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muhonors1111686072.pdf (685.24 KB)
ETD Abstract Container
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A Small Business Analysis: Modern Image Salon & Airbrush Tanning
Author Info
Briggs, Scott
Permalink:
http://rave.ohiolink.edu/etdc/view?acc_num=muhonors1111686072
Abstract Details
Year and Degree
2004, Bachelor of Science in Business, Miami University, School of Business Administration - Operations Management.
Abstract
Modern Image Salon & Airbrush Tanning has experienced a steady decrease in demand for its newly added airbrush tanning service since its opening in May, 2003. Because of this decrease, the salon has poor cash flow and is struggling to cover monthly expenses. The low demand for the service has major repercussions on the salon – reinvesting in the company becomes difficult and spending money on beneficial solutions such as advertising and promotion to increase demand becomes impossible. One of the main objectives was to develop solutions for the salon geared toward increasing sales at minimum cost. A key component to generating solutions was uncovering customer dissatisfactions. To achieve this, we created a customer survey and collected results throughout the consultation period. We also experienced the service ourselves. After compiling the data, we developed solutions addressing these concerns. Our efforts were primarily focused on developing successful, inexpensive marketing methods for small business that can be applied to the salon. Another objective was to improve the owner’s bookkeeping practices. This was a priority because we wanted them to have a better understanding of month-to-month financial standing. Previous bookkeeping practices did not provide such monthly information. To achieve this, we projected break-even points based on different expense allocation percentages. Also, a computer program was created that displays monthly financial information to allow for easy reference of data that will supplement current accounting practices. A third objective was to improve the level of operating efficiency of the salon. Currently, a few aspects of the business are not operating at maximum efficiency. To improve this area, we focused on understanding the costs of the salon, and we prioritized the areas appropriate for cost reduction based on the impact the reduction would have on the salon. Two of these areas are employee scheduling and the procurement of airbrush tanning solution. We developed many different solutions for the salon, mostly geared toward increasing sales or decreasing costs. Many of our solutions were implemented during the consultation period, however, others were not. For those not implemented, we suggest that the salon prioritize them and look beyond the cost of implementation. Due to the poor cash flow, it is tempting to save money rather than allocate some to “unnecessary” expenses such as advertising. However, the quote, “you must spend money to make money” directly applies to the salon. Our solutions are geared toward marketing the airbrush tanning service and increasing customer demand, thus making the salon more profitable.
Committee
Michael Broida (Advisor)
Pages
59 p.
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Citations
Briggs, S. (2004).
A Small Business Analysis: Modern Image Salon & Airbrush Tanning
[Undergraduate thesis, Miami University]. OhioLINK Electronic Theses and Dissertations Center. http://rave.ohiolink.edu/etdc/view?acc_num=muhonors1111686072
APA Style (7th edition)
Briggs, Scott.
A Small Business Analysis: Modern Image Salon & Airbrush Tanning.
2004. Miami University, Undergraduate thesis.
OhioLINK Electronic Theses and Dissertations Center
, http://rave.ohiolink.edu/etdc/view?acc_num=muhonors1111686072.
MLA Style (8th edition)
Briggs, Scott. "A Small Business Analysis: Modern Image Salon & Airbrush Tanning." Undergraduate thesis, Miami University, 2004. http://rave.ohiolink.edu/etdc/view?acc_num=muhonors1111686072
Chicago Manual of Style (17th edition)
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Document number:
muhonors1111686072
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1,353
Copyright Info
© 2004, all rights reserved.
This open access ETD is published by Miami University Honors Theses and OhioLINK.