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Gym Owners : Stop fixating on the dollars and cents

One thing I see a whole lot of gym owners doing is agonising over dollars and cents. They are stressing out over the state of their bank account, overdraft and credit cards. They are worried about the weekly turnover of their gym. And they can’t do anything but look at the numbers.

Now, knowing your numbers is a dead set necessity. Agonising over them is not. When you fixate on one aspect of your business, other aspects start to suffer.

For many start-up gyms money is tight and it becomes the major – if not sole – focus. And that’s where the trouble starts. When you focus so intently on money you start to make short-term decisions. You start to do whatever you can to immediately impact your bank balance, and that can lead to trouble. (Truth be told, this happens in gyms that have been operating for years too).

When your focus is short-term, you start taking actions that might look good right now but invariably bite you on the ass in the future.

Let’s look at a few common examples: discounts in pricing, free access for extended periods of time, allowing anyone to join your gym, pushing too hard for the sale, running random, and unstructured advertising campaigns. The list goes on and it is littered with mistakes that actually end up costing money not making it. Reactive business management never leads to growth. If you are making any of the above mistakes, you have to make a change immediately.

So, what can you do even if your books look terrible right now?

First, get a clear picture of where your business sits right now. Don’t put your head in the sand. Get the cold, hard facts. Next, determine exactly what you need to achieve as your number one financial goal. Then, work out the actions that you must take to reach that goal. Lastly, take action.

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The process is simple. It’s not easy.

Looking at dollars and cents allows you to justify not doing anything and remaining ignorant of your true position. And it also leads to stress. Getting a picture of where you are, forming a plan, and taking action takes guts and effort. But it’s the only way to achieve your ultimate goals.

So, stop focusing exclusively on the dollars and cents. Instead, focus on the actions that you must take to hit your financial goals. It’s action that leads to results not fixating on numbers.

Ultimately, you need to make money. It’s a business not a charity. Make more money and you can help more people. And you can achieve that personal dream you’ve been chasing too.

– – – Adam Stanecki is a former gym owner. He was one of the first CrossFit affiliates in Australia, opening in 2006. He now coaches and mentors gym owners who want to fill their gyms. You can learn more by searching for “Fill Your Gym.”

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