Save yourself by avoiding these money mistakes….
Source: 5 Small Financial Mistakes that Can Lead to a Major Cash Crisis
If you read the article you will see that there is a theme here. Don’t play fast and loose with other people’s money or your time.
- Taxes are not your money, including income tax, property taxes and sales taxes. These are your first priority, either pay them monthly or set them aside in a separate account. Do not intermingle with your regular operating funds.
- Your time is most valuable. Spend it on the things that matter most, revenue generation and protecting the goose that lays the golden eggs.
Spend time each day working on membership sales and retention, refining your membership structure and programs, generating new programs and profit centers, and nurturing the goose that lays the golden eggs. This would be your employees and your members. Remember the old adage, “Happy wife, happy life”. Well this also works in the club industry. Happy employees literally create happy members. Happy members create more happy members. Happy members create profits and profits create opportunities for growth of your employees and facilities and programs.
Like it or not, as a health club owner or health club manager you are married to your club. If you want a happy life, you need a happy wife! Your health club can be a beautiful thing, but it needs constant nurturing and care.