For some businesses, summer is a slower time of year. Clients are on vacation or too busy enjoying those lazy summer days.
Take advantage of these slower days. This is your time to take a step back and assess your business for strengths and weakness. Address any weaknesses, and your business will be stronger than ever and primed for growth in the fall.
Start with an assessment of your business
Reflect on your business goals
Being passionate about your business is a good thing, but if you’re working too hard you might start to lose sight of why your business matters so much to you. Take a few minutes (or a few days!) to step back and remember why you started your business in the first place. Remembering your goals, and how much progress you’ve made, will recharge and motivate you. Keeping your goals in mind will also guide you in any improvements you need to make to grow your business.
Check your data
If you aren’t regularly measuring the health of your business you could be losing revenue without even knowing it. Check your data regularly. If clients have overdue payments, follow up with them before it becomes a problem. If a client’s membership is about to expire, get in touch with them to encourage them to renew.
The metrics you measure on a weekly, monthly, or yearly basis will vary depending on your business goals. But here are a four metrics that you should always be tracking for your business.
Assess your client experience
Providing a great client experience is critical for client retention. Does your business deliver? Try putting yourself in the shoes of a typical client. What would your experience at your business be like?
Imagine yourself as a new client experiencing your business. If you call or email your business, how prompt is the response? Is it easy to find information about class offerings and schedules? When you walk into the business for the first time, how are you greeted? As a new client, do you feel intimidated or welcomed? Does the facility seem clean?
Now imagine yourself as an existing client experiencing your business. Are there class options available for you to progress and challenge yourself? If you raised a concern would it be quickly and politely addressed? What might make you decide to switch to a competitor?
Asking yourself these questions and more helps you understand how clients see and interact with your business. Use this understanding to improve the areas of your business that fall short of your clients’ standards, and make your business stand out with a superior client experience.
This PDF takes you through the full exercise as a gym owner, but the technique can be applied to any class-based business.
Find your competitive advantage
What sets your business apart from your competitors? What do your competitors offer that sets them apart from you? If you know the answers, you can’t use them to your advantage. Conduct a competitive analysis to find your business’ strengths and weakness. Then, highlight your strengths and start working to improve areas where you’re weaker.
Take action to improve and grow your business
Once you’ve done your assessment and you know what areas of your business can be improved, it’s time to take action. Here are a few tips to tackle a few problems you might run into:
A class is losing revenue
Do you have a class that only gets one or two regular attendees? It’s most likely losing you revenue. But that doesn’t necessarily mean you need to cut it. Try to figure out why your clients aren’t engaging. You might find that with a few tweaks, your dud class can be a source of profit. Here are some tips on how to fix and underperforming class.
Your staff needs attention
Your staff are your most important tool for client retention, so it’s in your best interest to keep them happy. Are they overworked? Maybe it’s time to hire a new team member. Are they struggling with a skill or with keeping up morale? Invest in strategies for staff retention. Are they just not working out? It might be time to say goodbye.
The client experience is lacking
Client experience is often the thing that makes or breaks client retention. If clients don’t enjoy interacting with your business, they’ll go to one of the many competitors down the street. Regularly survey your clients so you know how they’re feeling, and take swift action if something is negatively affecting their experience.
Some fixes are simple, like replacing old equipment or giving your facility a fresh coat of paint. Others may take a bit more effort from you and your staff. Are your clients feeling a little neglected? Invest in personalizing the client experience to make them feel like they’re a special part of your community. If you improve your client experience, you’ll see a boost in attendance and revenue.
Regularly assess your business
With a little work, you can spend the slower summer days getting your business ready for a Fall boom. When your clients are back from vacation, you’ll be ready to go with a strong class schedule, pristine facilities, a welcoming and well-trained staff, and the motivation to always keep pushing your business a little further.
Your work isn’t done though. Regularly run through the exercises in this post to make sure you’re business is as healthy as it can be. You’ll save time and increase revenue, but the best part may be the peace of mind from knowing that your business is on track to meet your goals.
The Pike13 Perspective