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Tag archive for financials

How Can Your Gym Firm Up Its Financial Future While Clients Social Distance?

If scientists are correct, COVID-19 is here to stay. According to Dr. Gregory Poland, director of Mayo Clinic's Vaccine Research Group, respiratory viruses and their accompanying hospital stays are expected to be a seasonal threat to individuals across the world. Even now, an emerging virus from China, the H1N1 influenza virus, looms in our future. For gyms, fitness studios, and health clubs, navigating this tricky territory is job number one, as their business model relies on individuals congregating in a social, highly physical, generally closed environment. To keep members safe, gym owners must implement social distancing measures that, in and [...]

2014 Wall Calendar with "I am the master of my domain" printed on it.

The Jerry Seinfeld Success Strategy

Because my gym has been doing well recently, I've been forced to analyze all my financials. I say this because I had been solely relying on the competence of my bookkeepers for the past couple of years, blindly thinking that they would do a good job. I was so wrong! The past few weeks, I have been scrambling to brush up on basic accounting principals in order to answer basic questions that are not clearly defined by the books. That means I am completely redoing everything that the bookkeeper did (or in my opinion, did not do). The Jerry Seinfeld [...]