Here’s what almost everyone overlooks when it comes to referrals:
Referrals aren’t the result of one conversation between a happy member and an eager prospect…
They are the result of hundreds of conversations amongst friends, family and colleagues.
Retention is like dating. The first date is good, but very few celebrate it. Weddings on the other hand… that is an achievement. If you celebrated and tracked your long-term members as much as you did your new sign ups, your business wouldn’t need to worry about acquisition.
You can’t treat the front end of your business like a brothel and expect a thriving & saintly community at the back end.
The best solution to your growth problems is not having a churn problem.
A team full of “yes men” will make you feel good at the end of meetings, but it won’t surface great ideas to move your business forward. Great solutions are a result of disagreement, ending in decisive agreement.
How to build a business empire with no money down while doing deals in your undies is the fastest way I can think of for getting yourself in a worse financial position compared to when you started. If it tastes like Kool-Aid and looks like Kool-Aid…
There are 4 business metrics that every gym owner needs to know that no one has probably told you:
1. Return on Fixed Assets
2. Return On Employees
3. Operating Profit Margin (%)
4. Cash realisation from Profits.
I break these down in my podcast. You can listen here: