Set financial goals for the laundromat
Every business needs to have goals and plans for the future. Laundromats are no different, and owners should do what they can to ensure that everything is moving in the right direction. Taking the time to set up a strategy may help bring in more revenue for the laundromat and help the business prosper in the long run.
Create a business plan
It is important to have a plan set up each year, as this can help guide the business in the right direction. Without the proper vision, the laundry may fall short of where it could be.
- Set a realistic revenue goal – It is a good idea to set a goal that is necessary to help the business improve its financial standing. Try using a laundry pro-forma to determine how many turns-per-day for each machine it will take to make a profit over time. Then refer it to each month to make sure you are meeting the target number.. Having something that can be reached manageably over a period can be positive, and increasing it after the goal is met can be done afterward.
- Factor in pitfalls – There are some issues that may come up throughout the year like machine failures, and noting that these can negatively affect business is important. It is not a bad thing to expect some losses in various categories, as it can make the overall financial goal more realistic.
- Prepare marketing goals – don’t forget to build into your plan a marketing strategy that will attract local residents. Setting up a marketing calendar with special events and promotions for the year is not a bad idea. Make sure you are always targeting the local residents with your marketing efforts. That way you keep them coming back to your laundry.
Ensure plan is carried out
While a business owner may have a plan in place that could work as a road map to success, it is only as good as the execution of the strategy.
- Stick to the plan – When a plan is established, it should be used. Making the initial point to partake in one of these systems is fine, but without following through, the process can be a waste of time. Constantly measure results and track progress. Make sure your books are kept in order and always up to date. Your return on investment is always important!
- Make adjustments if necessary – If something is not working, or something occurs that prevents business owners from being able to meet their goal once the plan is in progress, having an adjustment may not be a bad thing. It could help to take note of this issue that comes along, and re-strategize for it during the next year.
Having a strong business plan with specific goals can be a great thing, but there may end up being a need for extra help down the line. If a laundromat owner needs to work with a little bit more funding in order to achieve long-term goals, they may want to consider taking advantage of a refinancing plan. This may be beneficial, as it could give the cash needed to accomplish major goals like updating equipment or making leasehold improvements.