Next year may be two months away, but October and November is when many businesses of all sizes start planning. The annual planning process for affiliate gyms can help you keep your focus and continue growing in 2020.
Analyze the State of Your Business
You’ve likely heard of a “SWOT” analysis and for good reason, they are an effective and simple way to analyze any organization. SWOT analyses have four components: Strengths, Weaknesses, Opportunities and Threats. Answer these questions about your box:
- What are the strengths of our business? Weaknesses?
- What opportunities for growth and improvement do we have?
- What things could threaten the success of our business?
In addition to a SWOT analysis, take a deep look at your financials from the current year. Answer these questions about your box:
- How much gross revenue did we generate?
- How much profit did we make?
- What is our net profit margin?
- How much did my team and I make in income?
- How much did we/ will we pay in taxes?
Ask Your Community for Feedback
One aspect that cannot be overlooked in your annual planning process for affiliate gyms is the athlete experience. Create a simple survey to send to your athletes and ask questions like:
- What do you love about our affiliate gym?
- What could be improved/ added at our affiliate gym?
- Would you recommend our affiliate gym to your friends and family?
Determine Your Business Goals for Next Year
It’s hard to plan without setting goals. Just like an assessment and fitness goals dictate the programming, your business assessment and goals dictate the plan. At a minimum, think about these categories when setting goals:
- What are your revenue goals?
- What is your net profit margin goal?
- How much would you like to make personally?
- Do you have any facility improvement/ expansion goals?
- Do you have any class/ programming update goals?
- What is your athlete acquisition goal?
- What is your athlete churn goal?
Outline Your Plan for Reaching These Goals
This is a big part of the actual plan for next year, and it’s best to itemize this plan by your specific goals. For example, you may have one section focused on finance, one section focused on programming and one section focused on retention.
Establish Your Itemized Budget for Next Year
You’ve completed the assessment, goals and plan; Now it’s time to budget so you understand how much it’s all going to cost and generate. In its simplest form, itemize your budget based on your basic business functions. Anywhere you have any expense is an item on your budget, and anywhere you generate revenue is also an item on your budget. All things must be considered to fully execute your plan for next year. That means you estimate your PnL (profit-and-loss) statement, and then you update that PnL each month throughout the year.
The Annual Affiliate Gym Benchmark Report covers every aspect of your business, from finance to facility. Use this report to guide your planning process, download it today.