At PushPress, we understand that data is one of those necessary - although not necessarily fun - parts of running your fitness business.
We know you need the key gym metrics, and that they should be easy to access and understand. After all, how do you grow your business if you don’t know what’s working and what’s not?
As a team of gym owners ourselves, we get it. We’re analyzing our own businesses’ performance daily, and we want to help you with yours.
As PushPress has grown, the level of detail our clients needed has changed. And in our effort to always innovate, we’re excited to announce the upgrade of Financial Reports.
So what’s new? In a nutshell, we reviewed, consolidated and removed the clutter. Now, it’s quick and easy to acquire and interpret accurate reports for any time period. Further, an entirely-new platform allows us to grow and implement your feedback, in a timely and efficient manner.
Six Benefits of PushPress’ Upgraded Financial Reports.
1. Get a Quick Snapshot.
Accessing your financial reports is now incredibly quick and easy. Instead of jumping around to various pages or sifting through various reports, it’s now a one-stop shop. All the important gym metrics you need are visible on one page.
2. Export Data.
We heard you, spreadsheet ninjas. PushPress Financial Reports now gives you the ability to export any views. So if you prefer to download your data into spreadsheet form, it’s just a click away.
3. Compare Performance.
By customizing the dates of your reports, you can compare your key metrics from one date range to another. Over time, tracking gym member check-ins and other KPIs allows you to make important business decisions.
4. Analyze Revenue Streams.
The new Financial Reports provide an easy comparison snapshot of all your gyms’ plans and products. For example, how does personal training revenue compare to your nutrition coaching program? By analyzing each revenue stream, you can determine which ones perform best and which ones have room for improvement.
5. Evaluate ARM.
Average revenue per member (ARM) can be especially useful to evaluate how you can better help each of your clients. Are there opportunities to add high-ticket gym services or sell extra product to increase that number?
6. Pinpoint Areas of Improvement.
Finally, the new PushPress Financial Reports allow you to easily identify areas where there’s room for improvement. Even though it can be frustrating to see underperformance in certain areas, the good new is you’ve identified it. And now you can take action to level up your fitness business.
BONUS:
The PushPress team is already using some degree of machine learning, with more in the pipeline. For gym owners, this means there will be even more useful insights about your business.
Run a Quick Financial Check of Your Business.
PushPress Core Product Owner Diogo Freire wants to help you put this into practice. He says there are four important, revenue-related pieces every gym owner track.
- Membership revenue. First, this includes understanding your revenue breakdown. Second, it means having a good balance between the different plans you offer.
- Month-to-Month Performance. You should be tracking your revenue month-over-month. Ask questions, and take action as needed based on the data, such as making a sales or marketing push.
- Payment Forecast. Looking at your projected revenue in the upcoming month, quarter and year, and adjusting your action plan accordingly.
- Upcoming Invoices. Be aware of upcoming invoices where clients may need to provide a new payment method. As Freire says, “The longer you wait, the more awkward that chat can be.”
Pro Tip: Want to learn how PushPress Grow can help you save time and run your business better through the power of automation? Book a demo with our team today!
Avoiding the Common Gym Owner Mistakes.
Similarly, Freire made two recommendations for gym owners when it comes to tracking financials over time.
1. Time Invested is Worth the Effort.
Simply put, some gym owners just aren’t paying enough attention to their business metrics.
If you’re like a lot of owners, you got into the industry because you love coaching. At PushPress, we recognize this, and it’s one of the reasons we strive to make the business side more manageable.
Financial Reports is no exception. They’re designed to take the overwhelm away for those who’d rather spend more time on the floor than on admin. If that’s you, Freire says you simply need to be aware of your numbers. You don’t need to memorize everything, but just spend spend time with the data. It will go a long way in making improvements over time.
2. Don’t Forget to Factor in Taxes and Fees.
One important factor in revenue projections is taxes and fees. It’s often easily overlooked but definitely significant.
PushPress software has functions to calculate taxes, but surprisingly, only 17 percent of our clients are using them. With that in mind, Freire recommends double-checking that your tax calculations are set up properly. That way, you have a clear picture of the actual revenue that you’re bringing in after taxes.
In Summary: PushPress Makes Financials Simple.
The new upgrades to PushPress Financial Reports are uniting the data-lovers and the anti-analysts!
No matter which camp you’re in, the new reports provide you a quick snapshot of the key metrics in your fitness business. From performance comparisons to revenue stream analysis, all the info you need is easy to access and understand.
And with this important data, you can make decisions over time to keep improving the health of your gym’s finances.
