Time For An Honest Business Review – Step #1 – Set Up
Published 11 Jul 2018
Author Erin Splatt
June 30th should be a big date for all PTs out there – if you’re letting the end of financial year slide on by, without a business review then you’re missing what could be an awesome opportunity for growth and development. Too many PTs in our industry either ignore this crucial date – they’re so busy “doing” their every day business tasks on auto that don’t take the time to facilitate business development OR they have an ego issue/self-denial about their business performance. June 30th should mark the time to have an honesty chat with yourself – are you happy with your progress, are there areas in your business that need attention, do you have the skill set to influence and act on these?
When I sit down to do a decent business review, it’s important to remember that your business is a multi-faceted machine – it’s not just about how much cash you’re bringing through the door, but you need to consider other things like – how’s your staff turnover, are your clients getting a consistent member experience that guarantees renewals etc. Over the course of the next few PD4PTs newsletter, I’ll guide you through business review, action planning and then implementation so you can influence the 2018-2019 new financial year, and really get your head into a business development space for growth + performance.
Allocate 4 hours – yep, literally half a day to do this review project. You may need more, but don’t short change yourself with any less. If you can review your business in under an hour, here’s a hard truth – there’s not much depth to your business.
Take yourself to a different environment – not your studio, not your study, somewhere that changes your mind space – stop thinking about booking appointments, following up with clients, planning your next Insta post – you need to be in a business focused mind to commence the review
Pull out all your data – financial, HR, operations, booking systems, social media pages – anything that is relevant to your business. This is where you’ll discover if you have any gaps/issues in your record keeping and data storage. Make notes of what isn’t easily accessible and CHANGE the way you document these details in the new financial year. Can you find your new sales volume for Sep last year? What is your average weekly cancelation rate? What’s your average staff tenure in your business?
Divide your review into sections – you’ll need a new page/tab for each section, treat it as it’s own entity and unique from the other business facets. My suggestions for each of these sections include:
- Financial (sales and spend)
- Clients/Members (retention, performance, systemised journey)
- Operations (ways of working, systems, OH&S, legalities)
- HR (staff retention, training & development, performance)
- Sales and Marketing (campaign performance, spend allocation, results)
- Business Growth (professional development, personal development, strategic direction)
Next week we’ll look into DETAIL at pivotal question under each of these sub-headings, in the meantime, if you have your own, start adding them to each header.
Remember business reviews can be eye-opening, we can all perform better, and we all need to take ownership of our weak spots. Getting uncomfortable with your business stats is the first step in a growth phase and will start the action process.