Tools

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!






5 Mistakes Fitness Studios Make When It Comes To Business Planning

Where is your business growth going to come from next year?


Where are you going to focus your energy, time and resources next year to make sure your revenue goes up year over year?

Where are you going to invest to ensure next year is better than this year?

Let’s say you could wave a magic wand and just like that you were in your world 12 months forward. What would be different? What would be the same?

How would like look 2 years from now?

Sometimes we get stuck in the past hanging on to things, or doing things that no longer serve us. 

What will you let go of next year to allow space for growth?

These are all questions to contemplate as we come to the end of the year. And, if you’re anything like me you haven’t had a ton of time to think through the answers, but you may also be excited to explore what the future holds!

There is something really exciting about starting over with a fresh sheet of paper and some fresh ideas.

Not sure where to start?

Thats ok. I’ve got a tool to help.

Use my PATH TO SUCCESS worksheet as your step-by-step guide to plan your next best year.



But, before you start, there are somethings to keep in mind:


  1. You’ll need space to think and be creative. Remove all distractions and be in an environment where you are comfortable and can focus.

  2. Take time to do this. Read through the guide and you’ll see it’s something that you’ll want to spend more than 20 minutes on! Consider blocking out a morning in your calendar to work on this.

  3. It can be helpful to talk through your ideas and opportunities with someone who knows your business and who can really inspire your thoughts.

  4. Be ready to make a commitment to your business. This could be a financial goal or a project that finally get completed

  5. It’s not about doing more but about doing more of what works. Look at your business objectively - what isn’t working and what is? Where will your revenue come from?


Over the past few years as a business consultant to fitness and wellness studios I’ve helped so many to think bigger and beyond the status quo. Over that time, I’ve also seen what has not worked quite so well. Here are the top mistakes I’ve seen:

Getting stuck on small tasks

It can be so easy to “just do it yourself” and not take the time to train and delegate to others. This will hurt you in the long run in so many ways. If you aren’t the one who is leading and strategizing over your next steps because you are also micromanaging schedules then you’ll find yourself on the road to no-where. Outsource, delegate or automate everything you can to free up your time for creativity and developing growth opportunities.

Promoting what you think your clients might like vs promoting what you want your client to buy. 

You might think your clients want a discount on a 5 pack of classes or privates but is that what you want your clients to purchase? Is it better for you if your clients purchase a membership or a bigger commitment pack? Yes? Then promote that instead!

Not allocating time to working on new projects or ideas

New projects need attention to be successful. Something as simple as blocking out time in your calendar each week really, truly can make all the difference. So, if you are thinking about creating a workshop series, changing your pricing or investing more time in marketing then you’ll need to dedicate time to working on this and put it in your calendar!

Sticking to what is comfortable - because that is how “it has always been done”

Doing things a little differently or testing new ways of doing things can be exactly what sets you apart from your competition. If you keep doing the same thing over and over again you will see the same outcome. Be bold when it comes to trying new things in your business, that could be a new class, price point, system, sales process or even the hours you work! Remember, businesses evolve and change with time. It’s normal and part of the journey!

Thinking too small!

Thriving studios don’t get that way overnight. Someone had a vision that felt big and bold and had the dedication to take action toward reaching that vision. If you want to double the size of your business. - great!! Let’s make that happen! Things will need to change, you will need to do things differently, but that is how you grow. Don’t hold back on your dreams, This is your opportunity to make your business work for you!



So… what are waiting for, it’s time to build your vision for the new year!

Get your hands on the planing tool that I’ve used with tons of clients just like you to strategize over the growth of their business. I use it in my business too! 

>>> Click here to access the FREE planning guide! <<<







Plan Your Next Move

We are half way through 2017. Hundreds of working hours and over 180 days have passed since you started the year with big dreams and big goals.

I know from experience that things change. Perhaps your priorities are different from what they were 6 months ago.

This is totally normal.

Although you might have chosen a different path, you still have a vision for your business.

Now’s the time to check in.

I know if studio owners get to this time of year and don’t take the time to get clear on their goals, then the rest of the year goes by in a blur and the opportunity to make real progress stalls.

Start here.

Look Back
Start by reflecting on the past 6 months. Month by month, what have you achieved? I encourage you to use real data from your scheduling system or book-keeping software to help. 

Look at revenue
What were your revenue numbers for each month? That’s the top line sales numbers before any costs or expenses.

What happened each month?
What were you doing each month to make that money? Did you take on new clients (again - check your data) or did you run a new promotion?

With the numbers in front of you, it’s easier to see clearly the patterns.

Once you’re comfortable with your numbers, let’s compare where you are today with where you expected to be.

  • Are you where you thought you would be? 
  • Ahead? 
  • Behind? 
  • What is different?
  • What has worked well so far this year?
  • What has not worked so well?

We know that challenges come along, but so do opportunities. This is the time to reflect on both. Celebrate your achievements and make a plan to work around (or through) the challenges. 

Let's focus on the future. What is your goal for the next 6 months? Most businesses have a revenue goal, some have other goals, like opening a new location, or making a new hire, or starting a new project. 

Write down your goal.

Now, focus in on the action you will take to get you there.

When will you take that action?

You might need to keep doing more of the same. If something worked before, it will probably work again.

Perhaps you are planning to do something differently, something new.

Regardless, you’ll want to map out a plan. Month by month or even week by week.

If you think about your goals in terms of action, you will always be moving forward on your projects.


Do you need some help to get clear on where you should focus for the second half of 2017?

 

Why not book a Power Session with me and we can strategize together. You can find out more and book online here.

Tools You Need For Marketing Success

Time for a pop quiz!

Q. What is marketing?

a. posting to Facebook regularly

b. being able to articulate the specific value you add to your clients lives

c. attending local networking events and handing out your business card

d. all of the above.

If you chose d. Hurrah! you win a lifetime of marketing success!

Marketing is:

Getting your message out to as many people as you can who are interested in your services, and doing that in a way that is compelling and authentic and that genuinely represents who you are and what you have to offer

Let's dive a little deeper into the above definition. @@If you want your marketing to be effective then you need some tools in your back pocket@@, these are:

 

1. A clear message to tell

2. An understanding of the selected group of people who you want to reach

3. What it is that you have to offer them

 

Once you are armed with these important tools you can go out and mingle in your community and tell them how your work can value them, be active on Facebook with a strong call to action and attend community events with people who fit the description of who you want in your business.

That’s when you get traction

If you need help with your marketing then this BRAND NEW program was created just for you. Designed to take you step-by-step from brand creation to marketing implementation, this program will give you the tools, knowledge and guidance to build an effective marketing strategy for your business today and in the future. Find out more here:

Are You Planning A Bright Future?

Pushing for bigger, wanting more can leave you feeling overwhelmed. An overly optimistic goal can trap you in a "more is better" attitude.

That vision you have for your business is out there. However, transforming that into reality takes some planning. Recognizing not only what you need or what you are lacking is important but so is making best use of the resources, people, skills and reach that you already have to get there.

IF you are serious about growing your business, take a long hard look at how your business works today. Define what you want it to look like one year from now and then get very SPECIFIC about what needs to happen to get you there. 

@@Strategic planning begins with a vision for the future and to reach that vision; there is a need for clarity and action@@. Clarity around the path that will take you toward your vision and the actual tasks, to-do’s, responsibilities that will build the bridge between your business today and your future ideal.

Being objective about your capacity, capabilities, resources and reach, will be far more beneficial to your long-term success than a lengthy wish-list of possible ways you could build your business

What actions need to happen each month, each week or each day? What mini-targets will guide your progress through the year? What resources will you need? Do you need to let go of something to make space for this new phase of business development?

When you work with this level of clarity and direction you are continually and consistently working towards your vision.

Do you need help to figure out where to focus in 2016?

Sign up for a Power Session in January and kick off 2016 with a business-building bang! This is a brand new offering from Spring Three designed to kick-start your next business move.

Find out more here: