Yup… it’s Half-Time.
If your fitness business runs its financials on the calendar year, then, on July 1st, the refs blew their whistles and it’s half-time. Time to stop, head for the locker room and examine the first half, adjust the game plan and then get back out there and execute. Assess, adjust and execute.
In so many ways, operating a successful business is the same as coaching a winning team.
That’s exactly how we operate. In fact, my wife (Gigi – who also runs her own business) and I always use the July 4th weekend as a “Working Weekend” where we assess the first half of the year for both of our businesses. We assess our personal finances, too.
Don’t feel sorry for us working over the weekend. As you know, business owners can take vacations whenever they want. So, we just offset the time to when we can vacation with fewer crowds, better service and less expense.
What We Assess
I won’t bore you with all the details, but here’s the big picture of what we look at (you can probably assess some of the same things).
1.) Year-to-year comparisons (gross sales, gross profits, net profits, product margins).
2.) Current Product offerings (trending up or down and why)
3.) Competition – Pricing, Programs, Marketing (include social media).
4.) New Offerings Pipeline – (New products/services, scheduled launches, marketing)
GOD is in the Details
Nowhere is this old adage more relevant than in business analysis. How many times have you discovered that gross sales were up but net profits were down?
Without digging into the numbers, many fitness entrepreneurs would continue to do business-as-usual til they hit the brick wall of bankruptcy. Yet, all the warning signs were there in the NUMBERS. If they had only taken the time to look!
Just Do It…
Look, as a marketing and sales guy.. I hate doing the numbers. There’s no real creativity to it. It’s really not much fun… but, I’m sure that’s the way many people look at exercising and eating right. But, they just do it. And, so should you with your numbers!
Half-Time Pep Talk
What would a half-time be without an uplifting pep-talk? A friend sent this video to me about entrepreneurship. It’s outstanding and it got me fired up about our passion for this business and the upcoming second half. I hope it does the same for you. It’s about 18-minutes but well worth it. Onward…!!!!
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