When you first opened your business you probably worried about where you’d get the money to start—and if you’d make it past year one. Now that you have, your concerns have probably shifted from how you’ll make it, to how to prioritize, manage and grow your business. Below are three tips to do just that.
Prioritize your workload
Set realistic goals, stay organized and maintain a manageable schedule. When setting your goals, compare your wants to your needs. For example, you may want to offer the latest in equipment, but do you really need to? Adding another class to your schedule would be great, but at what cost? Once you’ve set a realistic schedule, it’s important to keep it. That means arming yourself with the tools you need to succeed.
With MINDBODY’s business management software you can manage your business’s day-to-day tasks while at work or at home with the MINDBODY Express app. Keep your schedule up-to-date by setting alerts that integrate with your smartphone’s calendar and view financial reports to assess the health of your business and determine where you can grow.
Track your cash flow
Keeping track of how you spend your money is a crucial part of financial stability. And while it’s important to prepare financial reports for tax purposes, it’s also important to know what products and services are working and which aren’t.
MINDBODY does this for you with a variety of customizable detailed reports that allow you to view your sales by the individual product (i.e., gift cards, class passes, inventory) and service (i.e., class attendance, revenue, AutoPays.)
A few of the more popular reports include:
1. AutoPay Summary: Calculates your anticipated recurring revenue
2. Attendance with Revenue: Evaluates your revenue by each client visit
3. Staff Performance: Compares efficiency and productivity by staff member
4. Promotions Report: Itemizes activity by promotion and client and provides an overview so you can determine each activity’s success.
These reports give you the information you’ll need to make the important decisions for your business, like where to cut costs, increase spending or if you should open a new location. You can also use them to better understand which products and services are working and what activities you’ll want to continue to invest in.
Make the changes your clients want
You’re passionate about your business, but the daily administrative tasks required to run it may be wearing you down. Take control by offering your customers things like the ability to book and pay for classes without ever having to leave the comfort of their couch. And offer gift cards, promotional deals and automated emails to remind them of their appointments. Take advantage of MINDBODY’s reports for an easy way to see what your customers are spending their hard earned cash on so you can engage them with contests and offerings they’ll be interested in.
Your passion is the life force behind your business. It’s what keeps you going. How you manage your business and your schedule is what keeps your business going. If you set a realistic schedule, keep track of your financial information and offer your customers the products and services they want—your business will be on track to continue moving forward well into the future.
Have additional solutions on how to sustain and grow a successful business? Tell us at email@example.com.
For more tips on how to manage your business, visit our resources section.
This blog post is the fifth in our series on opening new businesses. Read the other posts in our series here.