Management

Numbers 101: Simple reports that show you everything

Numbers give you data. Data you need to learn, discover opportunities and understand your business better.

Spring Three - fitness business marketing and strategy



And, if you can consistently track your numbers you will get a strong sense for what is improving and what isn’t. Counting, measuring and tracking is yet another system that enables success in your studio business - and we love systems!



So what should you be looking at? Well, how about we take a step-by-step look at the reports that will tell you just what worked and what didn’t last year… ready?

Awesome.

Let’s start with sales.

Sales

This is your top line big number! But while total sales is great, we want to find out what service or product was your best seller or biggest revenue generator.

In MindBodyOnline, start by running your Sales By Category report for 2018 (also check ”compare to previous Year box” in section 1)

Hit Go and you’ll find your total revenue for both services and products.


You can sort the totals in descending order by clicking over the top line of the services section.


What do you find?

What were your top 3 revenue generators?

How about your bottom 3?

Any surprises?

Now let’s look at how that changed vs last year. 


The far right column show a percentage change - a positive % change means you have made more $$ this year than last year.


If you are not seeing a positive number - it’s time for more investigating. Did you have big changes this year to location, schedule, teacher changes etc? Was that on purpose… or not? If not, it could be time to review your retention strategies and sales procedures.


Ok, now that we’ve seen the big picture it’s time to dive in deeper.


There are so many different area’s of your business to explore but let’s look at your biggest seller in terms of pricing option… i.e. what were your clients buying to access your services?


Revenue by pricing option

Go to your Sales by Service report, set the dates to last year and click go. (Again you can sort the columns in descending order to make it easier)

This report shows how much of each package you sold last year - both in the dollar amount and in the quantity.


Obviously your larger packages will show a large dollar amount so the quantity of each package sold is also important to look at here. 


It’s always interesting to see what was the most popular pricing option… and then ask some questions:

Is that pricing option best for your business?

Or, would you rather your clients purchased something different?

Do you need to make changes to how you sell your services?

If you ran any price promotions through the year you will see that here too - did you run more or less promotions than you expected. Were they successful for your business as well as your clients?


Ok - great stuff. Let’s keep going.


Next, let’s look at your retention numbers. We know that a loyal client base means more stable and sustainable revenue numbers. But let’s see what the data tells us about how good your studio is at keeping clients from one year to the next… 


You can track your long term retention by seeing how many people visited your studio in 2017 and then again in 2018.


Retention (Year Over Year)

In Mindbody - go to your sales by service report and set the dates to 2018 - click on tag new. make a note of the number (A)


Then change your dates to 2017. Check tagged clients only. Click on Tag new. Make a note of the number (B)

Divide B by A and multiply by 100 to see what your year over year retention number is.

You are aiming for 50% YoY retention for a class based business or 80% for session based businesses. Typically the number is actually much lower - if you have a lot of out of town visitors or you run a lot of workshops you will need to take into account these one-time visits.


Now for my favorite report of all - Attendance Analysis! I love this report because it tells you more about your client behavior and gives so much more insight into what is and isn’t being purchased, how often they attend and which classes they come to. But let’s just look at how often your clients are visiting your studio business.


Attendance Analysis

In Attendance Analysis, take a look at your total visits in the past year by setting the dates to 2018 and then under section 3 run the analysis by client in Detail. Hit go… Scroll down and give yourself a high five! This is the total number of paid visits.

Then scroll back up… as you go… see how many 1’s there are in the far right column?.. this is all the people who only came into your studio one time. We’ll come back to that in a bit.


Hit Tag New - this is how many clients visited your studio in 2018 - nice work! (make a little note of this number)


Let’s see how many people came in more than 10 times… since they are the people who are (or became) your more loyal clients.


Scroll to the top and in Section , add 10 into the box “Show clients with [] or more visits.” Hit Tag New.


What’s the difference?

This is a super simple way to see how much opportunity there is to retain visitors to your studio.

Are you letting your clients know how often they should be coming?

Does your sales process seamlessly guide your clients from one step to the next from intro offer into a long term package or membership?



These numbers give you insight and show you where there is opportunity to improve for 2019… there is much more digging that can be done but this will give you a great head start in figuring out where to focus and set some goals for the year ahead.


Most of all though, looking at these reports on a regular basis will show you where your hard work is paying off and give you reason to celebrate your amazing business accomplishments!


Well done!






Secrets to a stress-free holiday season

And so it begins…. the festive season is coming our way fast and with it, a great opportunity for small businesses to shine!

The Secrets To A Stress Free Holiday Season

Yes - really! 🌟

You might feel like this time of year is tough to manage because of late cancels, increased travel and frankly, because you are probably quite ready some time off yourself!!

But, if you can plan early - you can get ahead of the game, stop being reactive to the challenges of the season and actually turn it around to make it work for you!


Address schedules

It’s possible that your teachers and your clients will be traveling during the holidays. Probably pretty likely actually. Start early and be proactive about finding out how you can manage teaching schedules. Communicate changes in class schedules early and consider adding in extra sessions or classes before or after your clients travel to even out the potential loss of revenue (and progress for your client)?

Promotions

The goal for all your promotions at this time of year is retention, retention, retention. Your focus is on keeping your clients beyond the end of the year (in the new year your focus shifts toward those new clients!). So, what can you do to keep them coming back in the new year? How about an early sign up for a challenge or a bootcamp or special workshop event in January... perhaps 20 classes in 30 days? Or a 1 month unlimited special offer starting Jan1?

Show appreciation

This is the time of year to give thanks to your team and loyal clients. Whether this is a gift, a hand-written note, a holiday card or a text! Invite your clients and teachers to share their appreciation of each other too. Actively cultivating gratitude will help reduce stress and strengthen the bonds of friendship and community inside your studio.

Gifts cards

Help your clients take the stress out of their holiday shopping - and boost your business too! Gift cards can be a great revenue generator for your business (suggest your clients give the gift of wellness to their favorite friends!) or offer special bundles of classes and merchandise - such a neat way to help out your clients while getting your studio name out to friends of your clients!

Marketing Campaigns

Put in the effort to “seasonally brand” your business and you will be connecting with your clients and their friends. Dress up for Halloween and put an Elf on the shelf and your business will come alive oline! Don’t forget to show up on social media consistently - you don’t want to let the world forget about you. That extra nudge to make it into the studio will help your clients stay on track!

Throw a party!

Holding a staff party or even a holiday party for staff and clients is a great way to show everyone a good time. It could be themed, filled with games or a simple open house event in the studio. You decide!

Carve out some me time

Just like summer, December and January are unpredictable months. As a business owner, be conscious of your energy levels especially if you have big plans for the upcoming year (and I know many of you do). Be sure to build in time for yourself to rest and energize when your schedule allows. This is crucial to your ability to manage your team, your clients and your business!


What else do you do at this time of year to make sure you end the year strong and filled with gratitude?

Got Summer Plans?

Hey folks, 

 

Summer is rapidly approaching and I want to have a quick chat with you about how your summer plans and business plans can work together.

 

I am fortunate enough to work with business owners in all stages of life and business. I do this in my comprehensive business training program The Academy, in 1:1 strategy sessions and through my group coaching program, Empowered Branding.

 

A common theme among all these business owners is the challenge of managing changing schedules during the summer months with vacations, family obligations, graduations, visitors from out of town and so on. Not only for yourself, but also your clients.

 

All of this can impact your business.

 

So, how can we best manage this? 

 

First, awareness of the issue means we are already ahead of the game! 

 

But, by planning ahead, you are helping to make sure that your summer ends with you feeling totally content. What does your business look like this summer? Maybe that means slowing down for the summer and taking some time of for yourself or maybe that means growing and expanding your business.

 

How?

 

Start with getting clear on what you want your summer to look like. Work, fun, travel, family time? Or perhaps you have other projects you want to focus on.

 

What do you want it to look like?

 

Let’s get this down on paper. Take out your favorite notebook and start writing.

 

  1. What are your current plans? 
  2. What are your goals?
  3. Three months from now what do you want to have accomplished?

 

Once you have a vision, then you can start to map out the steps you need to take to get there. So list those actionable steps next to your goals. Perhaps number them in order of priority.

 

Perhaps you want to launch a workshop, a new class, focus on personal growth, try a class at another studio, onboard new staff, improve systems and operations, focus on winning back clients who have not been to the studio for a while… 

 

Or, perhaps your goal is to keep things the same and not add a single thing!

 

What ever your goals are - have a plan for getting what you want this summer.

 

A summer filled with intention.

How To Stay On Track Toward Success In Your Boutique Fitness Business

The first question I ask when I meet studio owners is a simple one:  tell me about your business.

The questions that soon follows: 

Where are you heading?

What is your vision?

Where do you want to be in 3 years?

 

Knowing the answer to these types of questions is often the difference between going sideways or moving forward.

 

Here's the thing; we all have a list of ideas for things that could happen. Designing an athleisure clothing line, opening a studio in Bali, becoming an author, doing retreats and building equipment are some I've heard since I started consulting 5 years ago.

And I love every single one of them.

 

Don’t they all sound like AWESOME ideas?

 

And that’s the problem.

 

That’s not a plan.

 

That’s a list of ideas.

 

Don’t get me wrong I love lists… (as in I LOVE LISTS!)

 

… but a list isn’t a vision!

 

You will see a ton of opportunities come your way as you grow your boutique fitness business.

Some may seem like an easy way to make a few quick $$. Some may feel like no-brainers. 

 

But if you are looking to make real money. You need focus. Focus on creating value and not simply getting more income.

 

To grow you have to focus on growth. Build your business like a business. Use tools, systems and plans to get you there.

 

A business that is creating value has a different way of working than a business that exists just so you can pay your bills and take a vacation.

 

A business that creates value can be sold. Your income stream cannot.

 

Be cautious about chasing shiny opportunities with promises of mega payback or an easier life. 

 

It’s not usually easy to build the business of your dreams. But it is (usually) worth it.

 

Stay true to what you do - and do it well. 

 

REALLY well.

 

Focus on the needs of your clients. Build relationships, a network and a community.

 

Talk about what you do often and talk more about your impact. 

 

Do what you are able to be passionate about day after day, week after week, month after month and year after year.

 

Focus on taking that forward with integrity, and long-term recurring value and income will come with it.

 

What is your focus? I'd love to hear (yes - really!) so let me know here

Don't Make These 5 Business Mistakes

"There is no such thing as a problem without a gift for you in its hands. You seek problems because you need their gifts.” Richard Bach
 

I prefer a positive proactive approach to business building. But, there is a place for a little reminder of some of the things we should all avoid. Mostly because from mistakes we can learn. And, as the above quote says, we need those lessons to move on.

Here are a few of the issues I've observed over the past few years of coaching and consulting with studio owners... and I've also included some suggestions for how to overcome or avoid them. 

 

Mistake 1: You do everything yourself

Instead: Hire sooner than you think & invest in training 

This is the primary issue with any owner-operator. The job of running a business alone is work enough. Teaching a full schedule along-side that can become overwhelming. Investing in yourself and in your business by learning new skills, hiring professionals or training staff is the only way that you will be able to step away for your business for a break or have the time and energy to grow beyond your individual teaching schedule. When you are also the creator of what you sell, its all the more important to off-load jobs and tasks wherever possible so that you can focus on the work that only you can do.

 

Mistake 2: You don’t promote what you do

Instead: Be yourself and share insight in the most authentic way

No-one wants to be a pushy salesperson. Your business is not about the hard sell. However, being active on social media can help you to become a regular presence in peoples everyday life. Represent your business to the fullest degree possible, not by being pushy, but by doing what you do and sharing that without question. Helping others will bring people to you. Informing your friends and followers of the latest studio updates, highlighting success stories, or make it a little more personal by sharing your favorite workout or exercise!

 

Mistake 3: You don't track your numbers

Instead: Make a system and put it in your calendar

Yes - numbers can be boring and tracking them can be time consuming. But this activity is amazingly effective at ensuring you and your business stays on track. Regularly reviewing and evaluating your chosen key numbers (or Key Performance Indicators - KPI’s) keeps you accountable, helps you to get clear about where you should make changes and gives you a tool to help guide your growth strategy. Make it part of your month-end admin. This is a must-do!

 

Mistake 4: You don’t test new idea’s

Instead: take small steps

You only learn, evolve and progress by trying something, adapting and growing. You have to start with something. No matter how small that first step - it will take you closer to where you want to be.

 

Mistake 5: You are always waiting to finish X first and then you’ll get to Y. 

Instead: Think Action not Perfection!

People often think that they need to wait until the perfect moment to do something, or until they have perfected their service or product before they share it with others… successful people understand its not about perfection, its actually about doing. Then doing some more, then reflecting and doing more, fixing what doesn’t work, then doing more. Waiting until the timing is perfect keeps you stuck. Set yourself a goal, keep plugging away, adapting, testing, changing, evaluating, evolving... and progress and success will follow.

 

If you read these “mistakes” and they are a little to familiar.. get in touch. I can point you towards some other resources and articles that can give you some guidance on how to turn it around.

 

 

 ~Seran

P.S. And because I feel bad about being a negative nancy - here are some pretty flowers to make you smile!