Starting a fitness program is like financial and business planning. First, you find a facility you like. You start with the assessment of where you are, define your goals, and decide on what areas need focus. Next comes the training, and through the personal pain, initial results make you feel great and that you are heading in the right direction.
Moving towards better financial health requires your attention to a few important aspects of your business, as follows:
Balance: Business wellness happens when things are in balance. Financial aspects of the business in balance create growing sales, consistent profitability, and growing equity. If you understand how things can work, then adjustments can be made and the business can move forward. Set goals and manage six key numbers. As this occurs, profitability will be managed. Managing Breakeven Sales, Direct Labor, Total Direct Costs, Overhead Expenses, Net Profit and Debt Service is where you need to focus. I call this Core Strength. Did you make money today? Are you profitable? What are your plans to improve profitability?
Budget: People create a budget, not because they love doing it, but because it provides clarity and direction. It allows you to paint a picture of the of the end results you want. You define your objectives and commit them to paper. You share it with your staff so they buy in.
Goals and Limitations: Be mindful of potential conflicts within your business. Are you trying to do something that doesn't feel comfortable? Set goals that you are willing to commit to personally. Guest Experience. Your staff will do what is expected if you teach what you expect. As business owners, we must be the working role model of the behaviors and performance that we want. The cost and expected financial return of all of your business and financial goals should be projected on your plan.
Want to budget accordingly with realistic goals while keeping the guest experience top of mind? Financing can help. It’s simple, conserves capital, and improves your cash flow.
For additional information and educational resources, please call Universal Companies at 800-558-5571.