Top 10 Mistakes Gym Owners Make
- For this article, Log In to:
- View eVersion | Download PDF
Melissa Knowles, VP of Gym HQ, a ClubReady Company
It's that time of year again! Time to look back on 2016, find opportunities for improvement and plan for a bigger, better 2017! We work with many operators who are doing some really exciting things. Some have gotten it nearly right from the get-go and others have learned from a few bumps along the way. Getting to be at the helm of the behind-the-scenes team here at Gym HQ as these businesses grow and prosper is a fun, fulfilling and exciting experience.
In this article, I would like to pass along some of the big no-nos we've seen and areas we've noted many owners have questions. I've included notes on what we've uncovered in businesses throughout the years as examples or steps to take on each item. While space won't allow for a full workup of each topic, hopefully these will give you a few items on which to focus in the coming year. You work hard to drive revenues at your business; we want to make sure you hang on to them! Here are our Top 10 Mistakes Gym Owners Make:
#1: Lack of Consistent and Accurate Financials: Timely P&Ls ensure that you're keeping an eye on your margins each month so that adjustments can be made accordingly.
What we've seen: With no clear understanding of the business's performance, it's fairly common for an owner to overestimate performance (revenue) and underestimate liabilities (expenses).
#2: No Business Report Analysis (Missing KPI Reports): Without knowing your numbers, business analysis and action planning is impossible.
To view the full article, please Log In.
If you are not a Paid Subscriber, we welcome you to Subscribe Now.