It is a noble profession to get to help people change and enhance their lives. Through fitness and nutrition as well as through support, a professional coach often becomes the linchpin for a large number of their clients. What could be better? So why do so many gyms struggle so much to grow their businesses or succeed financially for the long run? There is never just one problem but one of the largest places we have seen people struggle with is with their numbers…all in. If you do not know your numbers you will eventually go down.
I am not here to be a downer, I am here to build your awareness of why some businesses succeed and why others do not. Let’s break down business success for a moment. For the scope of this article, I am not going to discuss fulfillment of your job. I will make the assumption that you love what you are doing and that you also see the deep value of what you are doing with your clients on a day to day and month by month basis. If we remove the fulfillment aspect of business we get to a few big topics:
When you think about those three large topics, if any of them are not solidified you will be on a shorter leash as a business owner. The goal is to build consistency of success for all three of those stakeholders; The client, the coach, and the owner.
So, what do you do to build consistency in those areas? It is a simple planning session and then it’s a bit more granular number of projects to make the results of your planning visible to you as the owner:
Planning what you need to track:
In general you want to break down your business in a few categories:
At the core, those are the keys and you need to track them all. For the scope of this article, we are not going any deeper than that because the vast majority of the fitness arena does not track these numbers.
Implementing these metrics into your business
In reality, much of this for small business is about some sweat equity in setting up your processes to see these numbers consistently. Let’s run through a few pieces that can help you get setup:
Was this a very simplistic representation of what to track and how? Absolutely it was. But, if you aren’t already doing it, you are leaving yourself open to failure more so than you should. Let’s say that you generally have 95% retention on a month by month basis but for the last three months it has dropped 10%. If you know that you can see clearly what has happened, which coaches are struggling, and you can make decisions to fix the issue. If you do not see this happening, you will just guess how many clients you have and it’ll take you additional months to even recognize that something is broken within the system.
Get your numbers setup…you will be happy about it much sooner than you think!