By Carolyn Fetters, CEO Balanced Habits
Sponsored Article
With the new economy and uncertain consumer behaviors unfolding, as a business operator, you simply cannot be lacking in any of these areas! Bringing you’re A-game has never been more important than it is today. Identifying and addressing these 8 fundamentals will separate your business from the competition and determine the strength of your brand.
Intense Competition
Intense competition, not only from multiple bricks and mortar location openings, but also online class memberships, is adding a new dimension to the concern of competition. Handle these 7 other issues and this initial concern will diminish significantly. Do that.
Lacking a USP (differentiation)
What is your USP (unique selling proposition)? What do you do that they don’t or can’t? Knowing this, or having this, is what will keep the doors open and business flourishing. Do that.
Inadequate Operating Systems
Operating Systems are a must for every department or process implemented within the business. Without systems employees can’t perform, can’t duplicate, but most assuredly can’t be successful. Systems allow operations to run efficiently, smoothly and reliably. Do that.
Insufficient Sales Training
Sales Training is key for every employee, even those that aren’t directly responsible for sales. Too many fitness businesses fall flat in this important part of the business, not considering the impact…often until it’s too late. Fitness Trainers don’t tend to like doing sales, so relying on them might be a mistake worth avoiding. Work on that.
Missing Marketing Calendar
An Annual Marketing Calendar will allow the business to be prepared for the monthly behavior and patterns of consumers. Waiting until January to promote a New Year’s Special offer? That should have begun in November! Do that.
Lacking Multiple Profit Centres (making a profit!)
Multiple Profit Centres shouldn’t be confused with trying to be everything to everyone. This goes back to the USP; “Who are you? What do you do? Why do you do what you do?” If you can get two or three profit centres all functioning with a systematic approach, you’re well beyond your peers. The saying is to “maximize your per square foot revenue.” Definitely do that.
Understanding what your Members want
Understanding Your Members is huge! What did they say they wanted when they joined? If they say they want to lose weight, have more energy and feel more confident, do you have what it takes to fulfill? Universally, it’s understood that 80% of overall transformation results are attributed to nutrition. That leaves a huge margin if you aren’t addressing this subject in a way that not only serves your members, but is delivered in a systematic way. Don’t leave nutrition up to the trainer to sell and service. This isn’t their role, nor should it be. Give your customers what they want. They have a problem and you should be able to effectively solve it. Definitely do that.
Non-Dues Revenue Options
Non-Dues Revenue generated through means other than membership dues. Sounds obvious, but many fitness businesses are more focused on monthly dues vs. finding auxiliary options to increase revenues in other ways. In some ways this is similar to Multiple Profit Centres but can be thought of in a different context of various departments all contributing to the bottom line and success of the business other than membership dues. Do that.
Carolyn Fetters is the CEO and Founder of Balanced Habits™ who has partnered with 175 fitness businesses all across the US and Canada. Reach her at carolyn@balancedhabits.com or www.balancedhabits.com
