Is your business in the red or black?
Many studios/gyms are in ‘survival mode’ and working to transform their business into ‘growth mode’.
There are lots of reasons businesses fall into survival mode. Market shifts, forced closures, staff turnover, and more.
No matter WHY it’s happened, it’s your responsibility to FIX the problem and grow. Here’s how to do that:
1) KNOW where you are now.
Learn to understand your business Key Performance Indicators (KPIs). We recommend about 15 of them. You need to be able to organize data into a report that is easy to read and understand.
Until you know EXACTLY how many leads came in this week, how many sales you made, how many clients canceled, where your bank balance is at right now… then you’re just guessing.
This sounds simple and straightforward… but like most things it’s not. Getting simple systems in place that do this for you is key.
2) PREDICT the future
Create a cash forecast that pulls data from projected receivables and subscription revenue, new sales, and expenses that gives you a projected bank account cash balance in the future.
The hard part here is building confidence in your strategies, systems, and operations to predictably bring in leads, close sales, and retain clients/members.
If you have a plan that looks good on paper… but it’s all smoke in reality… that won’t work.
3) UNDERSTAND strategy
No matter what direction the numbers in your business are going each week, you must learn how to identify WHY.
Only when you truly understand what’s driving growth or decline, can you then engage the right strategies, tools, and resources to solve the right problems and drive growth.
4) DEVELOP skills to drive growth
Knowledge and awareness is great. Plans and numbers are great.
But consistently GETTING THE WORK DONE that increases net client count month over month is where the rubber meets the road. Only with the work done can you grow.
Take a moment and review these 4 steps: KNOW, PREDICT, UNDERSTAND, and DEVELOP.
Where are you right now? Where do you need to better focus to lead yourself and your team to more success?
Keep going and don’t stop until you see lots of BLACK in your cash forecasting up ahead!
About the Author
Sean Greeley, Founder and CEO of NPE, has an unrelenting passion for inspiring fitness professionals and business owners to realize their unlimited potential. Since 2006, NPE has helped over 53,000+ fitness professionals and business owners in 96+ countries grow their client base and income to the next level.
If your studio or gym isn’t producing 30%+ cash profits month over month, with a team in place that allows you to step away from your business when you want to, then download this NEW bundle of 5 fitness business playbooks we’ve just released here.