Here are a few suggestions:
1. Evaluate your finances according to the 33% ratio guideline:
– Fixed costs come to no more than 33% of the total revenue amount
– Payroll comes to no more than 33% of the total revenue amount
– Profit is at 33% or close of the total revenue amount.
^^ This is a guideline, but will help steer your decisions in the right direction.
2. If your payroll is ABOVE 40% of the total revenue amount, then look at the following options:
– You’re paying too many people, OR
– You’re paying less people, TOO much, OR,
– You’re paying YOURSELF a gross salary that isn’t warranted
Or… the MOST likely situation…
Your team aren’t generating enough revenue.
That means its your responsibility to…
3. Increase the return on each team member.
Do this by:
– Giving them new skills
– Giving them more practice
– Giving them better training & tools
– Making sure they’re aligned with their natural strengths & qualities
– Give them productivity training to achieve their tasks in less and less time – at the same quality
As for other ways to increase profits:
4. Increase your Return on Effort –
You’re putting time into the business, sure.
But are you spending time and energy on the RIGHT things?
What are the ‘right things’?
The tasks that you LOVE, and are UNTOUCHABLE at.
Move yourself into doing these things with MOST of your time, and begin planning to delegate the other 95% of stuff.
5. Leverage your unconverted audience / list
– Send out emails,
– Messenger bot notifications
– Post in your FB group (before it dies completely)
– Deploy retarget ads to your audiences on Facebook, Youtube and Google Display Network
– Call up ALL your former clients and make a reactivation offer
6. Leverage your client base
– Offer an upsell package (that ideally has minimal labour cost – we’re trying to widen profits WITHOUT investing more time here)
– Ask your clients for referrals
– Make a Point of Sale Upsell – an order bump, or “one time offer”
– Ask your clients if they’d like to pay for 3 months upfront instead of the usual month to month, for a 10% discount. One in five will likely say yes. Boom – instant cash injection.
7. Be More Cost Efficient
-Look out for ‘money leakage’ – usually in the form of dead-beat subscriptions and unused upgrade plans.
-Delete some unresponsive contacts from ActiveCampaign or Infusionsoft, so you can reduce your monthly rate
– Delete some funnels from your Clickfunnels account to get back down to the $97 /m option
(Better yet, ditch CF for WordPress or Thrivethemes!)
– Look for the little $9 – $59 a month subscriptions that you NEVER use, but aren’t motivated enough to cancel…. and CANCEL them!
Most coaches I work with save at LEAST $500 a month in just 10 minutes by deleting unused subscriptions.
That’s an extra $500 you could reinvest elsewhere, like for advertising or staff bonuses.
——–
Overall… here’s why most coaches hit a ‘sticking point’ right when they THOUGHT they were about to scale…
Its because when we start up – from 0 – $10k/month we get there by finding the “one big thing”.
We do one thing pretty well that gets us momentum.
That ads funnel.
That awesome offer.
That determination and grit.
That sales skill.
That one big JV partner.
That working capital you had saved up.
That got you kickstarted.
But now?
Business hits a new level to get to high 6- 7 figures its NOT about one thing happening over and over again…
Its about increasing every system just 5% in efficiency.
ALL the ideas I listed above are not hard.
You could easily get 5% more clients.
You could easily charge those clients 5% more money.
And you could easily upsell 5% of those clients to a higher offer.
But the result would be a COMPOUND effect of more profits and better financial health of your company.
P.S.
Share this with a fit pro who needs more clients!
(but make sure they’re more than 10 miles outside YOUR area 😉 )
And if you want my help STEP BY STEP through all of this…
With my templates, tools and QnA at each point…
And you want help with
– Balancing your finances
– Forward projecting your growth to 7-figures
– Growing and leading a loyal motivated team
– Dominating your local area as the Expert Authority brand
– Offline marketing strategies
– Public speaking and how to sell from the stage
..then you need to be in my Mastermind mentorship for coaches.
You get business coaching with a mentor,
Access to weekly mastermind calls,
Full access to all my Facebook and funnel swipes and templates,
Behind-the-scenes case studies of how I’m growing my own fitness businesses (we have local AND online coaching each making mid 6-figures and growing fast).
Plus, we meet up twice a year live in person (In London and Europe) to work together on your business.
And its way more affordable than you’re probably thinking.
Take a look at how the Mastermind will take you to high-6 or even 7-figures+ in the next 12 months by going HERE <
We can help you grow a thriving coaching business just like we’ve helped the coaches below:
Case Study: How Stuart Scaled His Team, Outsourced Himself & Is Now Looking For Location #2…
Case Study: How Keith Escaped The Hustle, Scaled His SEO Agency & Allowed His Wife to RetireÂ
Case Study: How Imran Makes Over $50k a Month – Working Only 3 Days a Week [Video]
Click HERE to let us help you.
