Hey everyone!
This podcast was super fun because as I was walking on the treadmill I had this ah-ha moment of ‘I need to record a podcast about 5 must-track business reports, like now.’ So I hopped off and sat down to record this for you!
If you have ever worked with me 1:1 you know that reporting is a huge cornerstone that I teach. Running specific reports helps us pay attention to what is going on in our business with strategic focus on our goals. It focuses our attention on what is working, but also, what needs a fresh approach.
As business owners, we want to pay attention to our audience, how it’s growing, email subscriber lists, new client numbers month-over-month, etc. All of the reports I mention below give us great insight into our business. The goal is to grow, right?! So let’s break down why these reports are so important and the 5 reports I recommend for every business owner to run bi-weekly.
**With my 1:1 clients, we have a reporting document that we refer back to at every session! If you are a TFSM you have access to this report, but if you are not a member, you can download my Reporting Freebie here!
Let’s get into it..
#1 Client Frequency Report
This is incredibly important because it shows us retention and how often someone is wanting to work with us. Client results are an indicator of how successful our business is at this particular point in time.
Let’s say a client has been coming to your studio for several months, but they aren’t getting any stronger or flexible. We would want to take a serious look as to why they are not progressing and what we can do to help them achieve their goals. Clients are hiring us for a reason so it’s our job to provide the solution. However, there are some situations where clients aren’t showing up on a consistent basis so it’s hard to see results. I prefer to work with clients bi-weekly because this sets consistency, and overtime, this is the cadence I have found to work the best.
If you are a group fitness studio, on average, I recommend clients visiting your studio at least a frequency of 1-2x over a 7 day period and 6 visits over a 30 day period. This creates a routine and accountability. So encourage your clients to have consistency in how often they show up.
PS – I cover all of these strategies within TFSM membership webinar, Client Retention. If you are not a member you can purchase the Client Retention webinar here!
#2 Sales By Revenue Stream Report
You may have several revenue streams. For example, a group fitness studio may have package sales, membership sales, 1:1’s, and retail. By differentiating each revenue stream, and looking at them separately, it will give you clear insight into how your business is tracking. Within TFSM we went over these in-depth so refer back to those trainings.
Revenue streams help you understand your clients purchase behavior, what you are doing well, and how you are tracking towards your goals with active and scalable revenue streams. Check out my Revenue Stream workbook if you want to map out different scenarios and how you can hit specific income goals. *If you are a member you already have this workbook!
#3 New Clients Report Report
For this report, the goal is to track at least monthly, or best case, bi-weekly. Make sure within your systems you have a method to capture new client sign-ups. Some ways my clients have captured this information is by putting a required field on your class sign-up registration or when subscribing to your email list. Also, just having a simple conversation to deepen your connection is a great way to not only learn more about your customer but to understand the full journey of how they found you.
Connecting with clients has significantly helped me understand how my marketing is resonating on their end. This will tell you a lot about customer acquisition and which channels you should be investing more resources in. For example, if you are investing $2k a month on Google Ads, but the primary acquisition channel is referral, perhaps you take this investment and move it towards a customer appreciation strategy.
I touch on these topics within my Acquisition Course or you can find this webinar in the membership.
#4 Conversion Rate Report
This tracks the clients who have converted from their first interaction with you. This could encompass your first timer converting into a package sale or consultations who convert into a customer. Depending on your business model this will look different, but when you start paying attention to your conversion rate you will get a great sense of what is working (or not working) in your business. I personally found that Zoom consultations yield higher conversion rates so I continued this within FFC.
#5 Capacity Filled Report
How many people are actually utilizing your product and showing up? If clients are not seeing results then the longevity of your business won’t last very long. This is different from Client Frequency reporting. For example, you could have high client frequency with 10 clients but your classes can fill 50. Best case scenario, lots of clients are coming back often. Your booking software should be able to report this information to you so pull this report bi-weekly. 70-85% is a great benchmark to aim for. I go into why anything higher may not be the best marker and how I was hitting 110% capacity on the podcast so listen all the way to the end!
Check out the Report Freebie! You can down this document that I literally use with all of my clients!
I’d love if you’d join us in The Friday Society Membership where we meet 2x a month to cover topics like these. Check out the details here!
Listen to the Friday Society Podcast about the 5 must-track business reports that every small business owner should be running!
Be the first to comment