The Final Straight
Have you ever been in a business where things are going well, and sales are above expectations, and you assume you are making lots of money and there is cash in the bank?
Or on the other side your business is not performing well, and sales are well below expectations and you have limited cash flow.
Either way in business through good times or bad you cannot be complacent, and you need to keep your eyes on the prize.
Have you been measuring your performance and been tracking how you are going? What are your key performance indicators telling you. Do you understand your drivers? Are you breaking even and achieving the correct gross profit to cover your overheads and fixed costs?
Do you have too much cash tied up in stock for a rainy day.
If you want to reach the finish line and beat your competitors, then you must be smarter and know the answers to these questions and more.
Stage 4 of the Get on Track Strategy is the “Final Straight”.
All the lead up preparation, strategy and fine tuning comes into play on the last stretch of the track. Fortunes are made and lost in the final seconds of the race.
If your business just like a horse and jockey have come around the bend and out of the home turn, you need to have that competitive advantage and have the inside line to get the prize.
You as the business owner just like a jockey need to jostle for the best position close to the rail and you. You scan the horizon and focus forward and try not to get distracted by your competitors eyeing the prize. The reward for all your efforts in getting to this point, the hope and satisfaction of the prize being the customers, the dollars, the big trophy and the accolades.
We all want to feel like this in business, a winner and win a prize.
Your business needs to get on track and you need to Measure, measure, measure your performance real time and ensure technology is working for you and make tweaks to improve your performance.
You need to keep your eyes on the horizon and the finish line. Do not bury your head in the sand. Look to the future.
Fine Tune Your Radar, Monitor Key Performance Indicators and adjust your drivers where required.
Clubs of the future set themselves apart, know what members want and what their peer clubs are doing. It’s a focus adjustment that requires not only listening to your members and being attuned to what they’ve seen and liked at other clubs, but also being aware of what trends are happening nationally.
The key is to keep your radar fine-tuned and monitor KPI’s, such as gross profit, attendance and member usage.
Monitor member and attendance usage patterns carefully and use that information as an important guide for scheduling, programming, and as input for facility master planning. Measure how performance
Offer a Superior Experience and personalise service
Staff need to get to know customers habits, likes and dislikes, and provide service accordingly. That kind of personalisation is a challenge for larger businesses, but it’s a key differentiator and a goal worth working towards.
Keep Your Eye on the Horizon
Most businesses tend to react to yesterday’s problem or the loudest voice in the room, but top businesses keep their focus on the 5-year horizon.
Yes, fix problems when they arise, but they don’t let smaller problems interrupt your focus on the big picture and the finish line.
Spend wisely for the long term
This takes strategy and a commitment to planning. The best businesses concentrate on the balance sheet and avoid becoming consumed by monthly variances in the income statement.
The point is to look to the future.
To do so you need to focus on the end goal and stay focused on your targets and not get distracted by the new blingy, shiny things and your competitors trying to cut you off.
This is the mindset of clubs and businesses of the future.
In the next episode I will be talking about stage 5 the Finish Line and what you need to be prepared to race to the finish line.
Business is a continuous race around the track just like a business cycle as you continuously improve and grow the business.
Get race ready, business ready and start that race and “Get on Track” and focus on the finish line.
Is your Business Strategy On Track? Download 5 Easy Steps to Success 'Get on Track' Strategic Framework