BREANNA SAMEK The Edge Spa at The Lodge at Blue Sky – Auberge Resorts Spa Manager |
LIZ CORREA Renaissance Ross Bridge Golf Resort & Spa Director of Spa |
TRACY HARPER Sun Valley Resort Director of Spa & Wellness |
VIRGINIA LARA Encore Boston Harbor a Wynn Resort Director of Spa and Salon |
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“ At The Edge Spa , for each
month I usually look at our
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needs and what supplies
are low , then place the
necessary orders . After the
math has been completed ,
I look ahead to what we
might be needing to
upgrade or replace , and
items to make our
providers ’ jobs easier .”
EDITOR ' S NOTE :
Attributions for several
Sound Off quotes in the
August-September
Pulse were incorrect .
The digital edition has
been updated to reflect
accurate quotes from
Cliff Banagale , Michelle
Knight and Colleen
Stiritz , with apologies
to those individuals for
the inadvertent error .
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“ Budgeting involves careful
planning , allocation of
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resources and financial
management to ensure the
spa ’ s sustainability and
growth . Maintaining a
strong relationship and open
communication with your
finance team is imperative .
This ensures each month ’ s
allocations are appropriately
directed to achieve a
balanced P & L statement . It
is also important to receive
weekly reports to see where
your numbers are and make
adjustments when needed .
Additionally , embracing the
practice of asking questions
when uncertainties arise is
vital . It ’ s perfectly acceptable
to seek clarification on
matters you may not fully
comprehend . Collaborating
closely with your finance
team will undoubtedly
contribute to your overall
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“ Our budget categories |
include revenue , cost of
sales , payroll , payroll
burden , operating expenses ,
profit margin . I do monthly
forecasting and quarterly
forecasting for revenue .
Over the last few years , we
saw an increase in our
treatments cost , payroll and
revenue .
Fifteen-plus years ago
when I started as a director ,
I didn ’ t know much about
the details of a P & L . I had
to use my personal and
professional resources to
learn the budget inside and
out . Once I figured it out ,
the budgeting became easy ,
and I was able to begin
running a successful
department bringing in an
average 25 to 30 percent
profit margin consistently .”
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“ Everything I learned on
budgeting during my career
was taken by picking the
brains of amazing and
skillful colleagues in
accounting . Understanding
where every number comes
from and having the logic
and understanding behind it
is what gives you the power
of accurate forecasts and
budgets . The biggest budget
mistake I made at the
earliest stage in my career
was presenting unrealistic ,
ambitious goals just to meet
company expectations
without having the proper
strategy of how those
numbers were going to be
met . Additionally , every
budget should be linked to a
marketing plan , KPIs , flash
reports and monthly or
quarterly re-forecasts when
unexpected circumstances
arise .” n
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success .” |
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OCTOBER 2023 n PULSE 61 |