As a fitness business owner, you know that your main job is to ensure the health and wellness of your clients. However, do you know how to make sure the needs of your business are met, so you can provide your clients with everything they deserve?
This is one of the biggest challenges business owners like yourself face when running a business. After all, you are the person in charge of making sure your equipment is in excellent condition, you have a full staff that engages with your clients, and your clients are happy.
However, if you have deteriorating equipment, staff that comes and goes with the wind, and unhappy clients, you need to face the facts soon and make a few changes. While you may be ready to rush in and attempt to fix everything at once, please be aware that never works!
You need to choose the item that is of highest priority so you are not fixing the wrong problems at the wrong time. Yes, I know every problem you have needs attention, but by focusing on your business needs’ hierarchy, you will find the success you desire much faster.
We use Fix This Next, which is a system that utilizes the Business Hierarchy of Needs. This hierarchy allows you to see which problems need to be fixed first and which ones can wait.
There are five different levels within the Business Hierarchy of Needs. They include sales, profit, order, impact, and legacy. Each one is part of a successful fitness business, but only if you have them working together seamlessly.
Sales is the base level of the Business Hierarchy of Needs for your business and this is the level you will always want to have met right away. Your business needs cash flow and sales if you want it to thrive in the future. Once you have the sales level in a good place, you can easily move up to the next level of your business needs’ hierarchy.
Profit is what every business owner like yourself wants to see because it means your business is becoming more stable. Of course, so many businesses have issues with their profits because they are focused on sales and not the true profits. Make sure you have built profit into every transaction so that your profit can build as your sales continue to grow.
At this point in the hierarchy, you will want to focus on creating systems and processes that will have your business running smoothly without you. The more you have automated, the less you will need to do when it comes to focusing on the less favorable parts of your business. This will allow you to spend more time with your clients, finding out what their needs are, and creating solutions that will allow your business to grow even more.
At this level of the hierarchy, you will finally realize that you should never have focused on sales in the beginning. While your business needs sales to survive, you should be looking at your business as a solution for the needs of your clients. Once you reach this conclusion, you will begin to focus on the rest of the people in your community and can then determine how you can help them as well. This is where you will truly see an increase with the number of clients you have because you will be focusing on solving problems instead of how many transactions you can make each day.
The goal of every business owner is to leave a legacy behind. While a personal legacy would be wonderful, imagine the impact you will have if you simply leave your corporate legacy behind instead. Your business can provide solutions long after you are gone and that is the way you are going to want to be remembered.
Now that you know your business needs’ hierarchy, you can make better decisions to solve your current problems. Simply start at the lowest level, which is sales, and fix those issues before climbing up the ladder to the next level.
It is important to note that you will find yourself at different levels over the years. While you may have reached the order level a few years ago, you may have slid back to the sales or profit level recently. This will happen as your business changes and even grows. All you need to do is get back to the basics and start working from the base of the hierarchy up once again.
As you get used to your business needs’ hierarchy, it will be easier to see where your focus needs to be at different times. This will allow you to act faster when making decisions and knowing that you are making the decisions that are the best for your business.
Don’t worry if you do not have these skills yet though! It takes time to understand how to manage the needs of your business the right way. Our program, Fix This Next, can help with that and we can always set up a time to chat, so you can get moving in the right direction with your business immediately.
Shannon has been consulting with small businesses for over 10 years. After 2 years in public accounting she saw a need to work for small business owners to teach them how to grow financially healthy businesses. She has built on her Master of Accountancy degree from Manchester University by becoming a Certified Profit First Professional and a Certified QuickBooks ProAdvisor. When she’s not meeting with entrepreneurs or assessing their businesses, she enjoys time with her husband and 2 children serving in their community, playing and watching sports, marveling at nature or reading a good book.
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