Get to Know your Numbers
One common factor I’ve noticed across successful fitness businesses is how well the owners and managers know their numbers. Private businesses need to know their numbers in order to survive and thrive, but in government run facilities it’s not uncommon to find that the numbers aren’t well known, and even if they are they are often vague and possibly even inaccurate.
This is dangerous practice. If you don’t know your numbers how do you know how you are performing today compared to yesterday and how can you plan for tomorrow?
Make it amongst your next quarter priorities to work out how to get to know your numbers better. Get to know your membership numbers; not just the total but the complete breakdown, work out your cash vs DD ratio, keep track of the membership finances drilled down to the cash vs DD breakdown, work out your retention – your TRUE retention not your monthly cancellation rate (this is a common mistake facilities make when calculating retention).
Use your membership management system to support data extraction…but be careful…some systems are either not built to produce quality and accurate membership reports or they require an extensive data cleanse to allow the system to report accurately.
Also, don’t forget about your KPIs. Review your actual KPIs not just the data alongside them. Are your KPIs relevant to the audience reading them? Are they relevant or are we just collecting data for collecting datas sake? Think what KPIs are strategic, management and operational. Break them down accordingly and remember to delegate the ownership of these to the relevant employees. Managers will be pleased to acknowledge that it’s not solely their responsibility to own these numbers, it’s a team effort!
Drop me a line if you need support with your performance management. I can draft various tools to assist with recording and monitoring your numbers.
Until next time,