There are hundreds of reports you could run to analyze various parts of your business, but some reports are more helpful than others. What are the key metrics gym owners should track? When it comes to financial reporting, there are a few metrics that gym owners can focus on to identify potential money-related problems and take action before they affect overall business health.
Here are the four most important financial reports for a gym owner:
Unpaid invoices cause all sorts of problems. In addition to not accurately reflecting profits in your bank account, it compromises your ability to pay your staff and your bills. An Unpaid Invoices report can show you which clients are in danger of missing your payments, so you can follow up with them before it becomes a larger problem.
Expiring Credit Cards
Sometimes when a client is relying on automated payments they don’t realize that their credit card is about to expire, which can lead to missed payments in your system. Run a monthly report to see which cards are nearing expiration, and send an email to those clients reminding them to update their payment information. Usually this is all it takes to avoid a missed payment.
Revenue Through Plans and Passes
How popular are the classes you offer? This report will tell you which classes or instructors bring in the most revenue. Use this information to optimize your schedule so that the most lucrative classes are offered at the most popular times.
Revenue Through Retail
Similar to revenue through plans and passes, this report will tell you which retail items are most popular with your clients. This information can help you adjust your inventory and prices to increase profits.