Last weekend, I led a high-level mastermind group of fitness business owners in DC. The group is filled with multi-six and multi-seven figure fitness businesses.
Everyone is a seasoned entrepreneur, and we had some incredible discussions about expansion, growth, marketing, team development, and the list goes on.
I wanted to share some of the biggest focuses and highlights from the weekend, as I think they’ll be valuable for YOU also.
1. Profit FIRST. Last month, I brought in a Profit First expert to speak to our mastermind. It’s an incredible system for focusing on PROFIT and not just revenue.
In a nutshell, instead of the traditional method of using Revenue – Expenses = Profit, it flips the script to Revenue – Profit = Expenses. If you haven’t read the book, pick it up and check it out because it can be a game-changer for you.
While we were setting goals (see below), nearly everyone in the group was aiming to having this system implemented by year end. It’s a powerful system, and while this wasn’t of the main talking points from the weekend, it’s definitely one of the focuses of group at the moment.
Focusing on profitability is one of the most important things you can ever do in your business. Definitely check out Mike Michalowicz’s book if you haven’t already.
2. Holistic Goal Setting: When we sat down as a group to set goals for the remainder of the quarter and for 2019, we used a larger, holistic approach. While setting specific business goals are incredibly important, I believe your business should support your lifestyle and relationships, and not completely take over your life.
We set specific goals for more than just business and finances, but also for our own physical health, personal growth, relationships, spiritual, and lifestyle goals. If you’re 99% focused on business, everything else in your life starts to fall apart.
As you’re getting ready to set your goals for 2019, I encourage you to look at ALL areas of your life when you’re setting your goals.
3. We also broke down the 5 Phases of Client Appreciation, and how to deliver within EACH phase. (The 5 Phases are: Prospect / Lead, Front End Offer / Trial, The First 90 Days (onboarding), Ongoing Membership After 90 days, Past Clients)
You should have strategic actions that you take within EACH phase to over-deliver and create an amazing experience.
When you’re focused on retention, results, and how you can go the extra mile to make your clients (and prospects) feel appreciated, you can finally move out of that nightmare cycle of churning and burning clients… and move into a way more sustainable (and MUCH less expensive) way of running your business.
Not to mention- when you improve retention, you’re able to create real, lasting change with your clients… which is the reason we all started our businesses in the first place!
Spend some time going through each of the five phases, and identify 1-3 key things you can do to take it to the next level.
Hope you found this list helpful and gave you a few things to think about! If you missed my post about the scavenger hunt we did, you can check it out here <—- (it was a TON of fun!)
Make it a Productive Day!