My name is Jim Thomas and welcome to the Fitness Management update. Our topic today is characteristics of a great gym turnaround plan.
Now, number one on this is you want a short-term focus. This is not forever and ever and ever. You want to get this thing done and normally, you’re looking about six months to a year as best, although I’ve seen some of these clubs – depending on what the circumstances are and what needs to be done, I’ve seen them be completely turned around in 90 days but the key here is that short-term focus, generally speaking, six months to a year is the best way to look at this, particularly if you’re dealing with lenders and other debt that might need to be satisfied.
The key objective here is you want to get through this survival phase to make sure you’re producing positive cash flow. This is the key thing. This is number one, OK? You got to get the positive cash flow.
One of the other great characteristics of a really great turnaround plan is you must have clear goals and clear objectives because you’re going to manage based on those objectives and those goals, we need to keep those at the forefront of what we’re trying to do. We like to recommend during this turnaround process and really anytime, I suppose is writing our goals down twice a day, first thing in the morning, last thing in the evening.
You want this turnaround plan – you want it to be complete. You’re not looking to cut corners or shortcut things but you want it to be short and simple. This is not page after page after page of just confusing information. You want it short and simple. This is the going to be the easiest way for people to understand and implement it.
And then finally, this turnaround plan, it’s a communication tool on not only what you’re going to do but how you’re going to do it and it’s a sales document because at the heart of any turnaround plan is increasing your business, is increasing your sales, it’s taking your business to a new level, it’s increasing performance.
So these are the characteristics of a great gym turnaround plan. If you’re considering a turnaround, if you think you need it, my advice is don’t wait, act now. The biggest single mistake that club owners make is they wait too long. They wait until that patient is on the operating table. Take action now.
You can reach me direct at 800-929-2898. My direct email is email@example.com and be sure to subscribe to us below for future updates and future information that we provide on getting your business back on track and producing a revenue that it needs to.
My name is Jim Thomas and this has been the Fitness Management update.