40 min listen
549: Crucial KPI's: Overhauling Profits Through KPI's featuring Coach Michelle
549: Crucial KPI's: Overhauling Profits Through KPI's featuring Coach Michelle
ratings:
Length:
17 minutes
Released:
Feb 23, 2023
Format:
Podcast episode
Description
Here’s what we’re talking about in this episode: Introduction to KPIs: KPIs (key performance indicators) are quantifiable measures used to evaluate the performance and success of a business. Importance of tracking KPIs: Without tracking KPIs, businesses operate blindly and make decisions based on feelings or hunches instead of actual data. Vanity KPIs: Not all data is valuable and some KPIs, like followers on Instagram, may not translate to increased revenue. Focus on KPIs that drive growth. Starting with financial performance KPIs: Michelle recommends starting with a few important financial performance KPIs, such as monthly revenue and revenue per member, to get a baseline understanding of the business. Revenue per member: This KPI measures the average amount of money generated by a member each month and can help improve revenue by upselling or adding new services. Revenue per square foot: This KPI measures the revenue generated per square foot of physical space and can help optimize utilization of the space to increase revenue. Payroll as a percentage of revenue: Payroll should be no more than 30% of total revenue and tracking this KPI can help make informed decisions on hiring and class scheduling. Links: https://www.linkedin.com/company/studio-growco/ https://studiogrow.co/
Released:
Feb 23, 2023
Format:
Podcast episode
Titles in the series (100)
010: 5 Launch Lessons {and 2 major mistakes} from a $294,000 Launch: In this episode, you’ll learn: The definition and importance of “unpacking” after a launch Why it is important to follow up your launches with promos and webinars How to use customer feedback for things like copywriting, emails and... by The Business of Boutique Fitness