August usually means Summer vacations, backyard BBQs, and preparing for back-to-school. For business owners, it’s also a great time for reflection and planning.
Reflecting and planning are topics we often discuss with our BFS members. During our peer-to-peer meetings, we've had the opportunity to discuss our business status with others. One of the highlights of this year has been learning that the majority of BFS members are profitable. Take a moment to consider some of the questions that we discuss in our peer meetings as you reflect on the first half of the year and plan for the second half.
These questions can help you to remember your successes from the first half of the year:
1. What was your most profitable month in 1H24?
2. What were the key drivers of that success?
3. What do you need to do to replicate and automate that success?
Did you know that there are only fifty (50) work days between Labor Day and November 1st and only ninety one (91) work days until the unofficial end of the year on December 21st? That’s right, the lazy Summer days turn into a sprint to the end of the year and now is a great time to prepare for that sprint by considering these questions:
1. What is your #1 priority for 2H24 and what resources do you need to achieve that goal?
2. Does everyone on your team know these priorities?
3. Do you have the right team to achieve these goals? If not, what is your strategy to right-size your team?
4. Does everyone on your team understand their role and how they impact success?
5. If you had a lot of members who either paused their memberships or have taken fewer classes this Summer, do you have a strategy to re-engage them after Labor Day?
6. What is your biggest challenge in 2H24? What is your strategy to navigate those challenges?
7. What projects will you delay until 2025 so you can reallocate time & resources to your #1 priority?
Not sure where to start or how to turn these questions into actionable next steps? Want to compare yourself to other studios like yours? Get a 1:1 with our CEO, Julian Barnes.