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CASH FLOW MANAGEMENT
This may be the most important aspect in the longevity of a fitness business. This is the core of the business and if not approached methodically, it has the ability to single-handedly destroy the business on its own.
THE GYM ENVIRONMENT
Whether or not a fitness business will survive in today’s market will depend on one factor, the person in charge. In order for someone to become a leader, it requires more than a title and the sensation of power. The person in charge must set the example each and every day they must act the best, dress the best and they must have the most positive attitude. Some may feel that this a difficult task to accomplish on a daily basis. Some may feel that some days they feel better than other and therefore, some days the gym’s revenue is better than others. Some may say that they couldn’t be “on” all the time. We disagree. It may be difficult, and may take a lot of work and practice but not only should it occur, it MUST occur. Not being “on” is not an option. Now there are some days where one may be more motivated than others and if the leader has done his or her job, the staff will follow. The staff then has the ability to motivate each other to perform. An effective manager strives and studies on a daily basis to be a more effective manager. Every time we hear that business is slow, revenue is down and/or their staff isn’t performing, the first question we have to ask is, “what did you study today, this week, and this month to create the skill sets necessary to improve the gym’s performance.” It’s not that you’re in a bad market, it’s not that time of year where business is slow and your members are not cheap – most often than not, it’s the environment. Are you positive each and every day and do you set the example? Can you find revenue where it has never existed before? Very few people have the ability to dig deep inside themselves and answer these questions honestly.
This is the most difficult issue you’ll face in the fitness business. Standing for long hours, getting minimum wage and doing repetitive takes does not motivate employees to become high achievers. When you stray from your basic role as a leader, your business and staff suffer. To achieve maximum success, you must find, educate and motivate your staff to work at their highest potential. Are you prepared to build a staff that can drive your business to higher revenues? Neglecting to train staff could be costing you revenue. They need to be trained in-depth on how to handle all aspects of their jobs to be successful. Many won’t invest this time because they are afraid that staff will quit. The scary answer … What if they stay?? Staffing is an issue of talent not just a warm body.
Do you know what your product is? Do you know how to identify with your clients? How to attract new clients? How to keep new clients? How to develop reoccurring income for clients? Understanding the answers to these questions are key to financial success within your business. You can’t be successful if you don’t know what you are selling. Successful businesses are always built upon the rule that before you build a business or provide any service, you have to have two things: a client and a product that the client wants to buy.