What is a Feasibility Study?
A feasibility study is conducted in order to determine the success and minimize the risks related to the project. When it becomes certain that the specific project could be carried out profitably, it is only then it could be implemented. The feasibility study is not merely a project research, but a framework or a plan on how to establish and run business successfully in the long run. A feasibility study contains five essential components including market research, financial research, management research, schedule determination and technical research.
The information you gather and present in your feasibility study will help you:
What is a Business Plan?
If the feasibility study indicates that your business idea is complete, the next step is a business plan. The business plan continues the analysis at a deeper and more complex level, building on the foundation created by the feasibility study. A business plan gives you an opportunity to find any weaknesses and reveal any hidden problems ahead of time. It serves two purposes: first, it is an analysis of how well the business will work; and second, it is a written document necessary to obtain a loan.
Saudi Arabia’s Department of Zakat and Income Tax has recently published its Value Added Tax Implementing Regulations. Although regulations in other GCC countries may vary slightly, it is safe to assume that the overall VAT structure will be similar if not identical across all GCC countries.
Main Highlights
Exempt Transactions
To many companies, the introduction of VAT will pose significant financial challenges. The accounting policies and infrastructure will all have to be adapted to the new requirements. H.A. Consultancies can provide both the financial expertise and the accounting infrastructure required to have a smooth and successful transition.
For more information, please don’t hesitate to contact H.A. Consultancies at any of its offices in Bahrain, Oman, Saudi Arabia, or Dubai.
Salon Iris is a management software for beauty salons and spas. Salon Iris acts as a POS (Point of Sale) and includes customer engagement functions as well, and it will guide your businesses to increase profitability.
Even if the salon was closed Salon Iris will allow customers to book appointments online, and it will send reminders to them to reduce no-shows.
The application also can assist spas and salons in managing their operations with payroll, staff scheduling, and inventory tracking.
Alongside the desktop version, Salon Iris is also available as a mobile version so you will always have access to your salon and spa operations.
Salon Iris Dashboard
Integrated POS
Salon Iris offers easy clients checkout with its integrated barcode scanning and credit/debit card processing. And if a client wants to pay using coupons or gift cards, the application simplifies their redemption.
Electronic appointment booking and management
Even if the salon was closed Salon Iris will allow customers to book appointments online, and it will send reminders to them to reduce no-shows. This will increase business profitability since bookings can be accepted even outside working hours.
Reports
With over than 200 kinds of reports, Salon Iris allows managers to monitor how well their businesses are doing, so they know which aspects they need to improve or take advantage of.
Salon Management
Salon Iris allows businesses to manage their payroll process within the system that also takes into consideration commissions and bonuses. It will also help in managing staff scheduling.
With Salon Iris, you can keep track of your inventory. No more missing key products so the business will continue offering services without any disruption.
Mobile version
Alongside the desktop version, Salon Iris is also available as a mobile version for both android and iOS platforms, so you will always have access to your salon and spa operations.
Salon Iris Features
Managing a salon comes with a unique set of challenges. Booking appointments, managing inventory, tracking sales, and scheduling room bookings are all part of the day-to-day activities of a salon. Perhaps one of the most difficult aspects of a salon business to manage however, is the control of consumables used to perform services.
Consumption of such shampoos, creams, and cosmetics can be difficult if not impossible to track. Consumption can vary depending on the beautician and the nature of the skin and hair of the client. An additional complexity would immerge if the same products used in the services are also sold to clients. Inventory would have to be separated into two classes, those for sale and those for internal use.
It is clear to see that things can get complicated fairly quickly in a beauty salon. Without a capable salon management software, it would be difficult even to differentiate between sales and internal consumption of products.
Salon Iris is an award-winning salon management software. Amongst its other features, it includes the “backbar” option which allows salons to segregate inventories of products that are on sale to customers from products that are intended to be used internally.
Backbar represents the amount of the business’ supplies that are used to perform services. For each service performed by an employee, that employee may earn a commission based on a formula of (price minus backbar) times commission percentage. For example, a salon charges its clients 50$ for a haircut and pays its employees a 50% commission for performing the service. The salon owner estimates that during a typical haircut, 10$ worth of gel is used. The salon owner may create a service in the software called haircut with a price of 50$ and a backbar of 10$. Based on the above formula, the employee would earn (50$-10$) x 50%, or 20$ in commission.
Additionally, if consumption varies depending on the employee, this can be easily configured through setting up different backbar amounts for each employee.
For more information on Salon Iris and other business management software, please don’t hesitate to contact any of our offices in Bahrain, Oman, Saudi Arabia, or the UAE. Feel free to visit our website for more information or fill out our contact form so one of our customer service representatives can respond to your inquiry.
Obtaining and utilizing a point of sale system may seem like a hectic mess that would cost you a substantial amount of money that may be used elsewhere, however, upon further evaluation, the point of sale system will benefit you and your business remarkably.
To begin with, there are two categories of systems, one which is aimed towards retail stores as well as the other category which caters for restaurants and hotels, which is commonly known as the hospitality category.
Point of sale systems provide several benefits, some of these benefits lie within scanning accuracy, which means that scanning a product’s barcode to identify what it is and display the unit price is considerably more accurate than punching numbers from a sticker on the product or for the employee to memorize most if not all product prices, which reduces employee errors.
Moreover, POS systems allow the user to view and manage their inventory, flag items that are on demand to be reordered with the next shipment, and analyze sales patterns.
Furthermore, point of sale systems reallocate the back-office labor by having the employees work with customers, fulfill omnichannel orders and improve throughput at registers.
Other benefits include but are not limited to performing reconciliation functions easily and efficiently. In other words, if you have multiple POS systems in one location or in several locations, all the data can be automatically transferred to a single database, which in turn reduces reconciliation labor.
In addition, point of sale systems are in their very basis cash registers, however, due to being built upon a computer, it allows the user to enter a new world of data related to their business.
In summary, the added flow of detailed information in terms of sales helps business owners to come up with more effective business ideas and gives them the tools to evaluate their efficiency. To learn more about our POS systems and services that we offer in Bahrain, Saudi Arabia, Oman, Kuwait and the UAE, please visit our POS services page.