I could spit out some numbers that you should know, this stat and that stat. I don’t think that’s necessarily what needs to happen. I think what you need to do is look at your numbers and consider what numbers drive you towards your goal.
Everybody’s goals are different. Make it simple.
The number of leads and prospects are very important and that drives a big part of the flow across the board to net profit.
Monthly recurring revenue is a big number.
Churn. Churn is an effect of number of people who quit and number of people that quit paying. They are two different things.
Look at percentage conversion. How many people start your trial program (whether that’s free trial, paid trial, whatever type of trial doesn’t matter) versus how many people actually convert to a real membership.
A trial is not a membership. A trial is a trial. They are not members yet. They are members when they commit to a program whether that is a monthly, a class credit, fixed term, whatever offers you might have.
So, consider those numbers. Put them down on paper, 6 to 10 different numbers and really watch them, evaluate them. Watch them daily. Make sure that you’re at least evaluating on a monthly basis.
The more you evaluate it, the more you can make corrections as you go to reach that number. If you watch it on a daily basis, you’re going to be a lot better off than if you look up at the end of the month and say, “Where did it all go?”.
I know so many people that make a ton of money in their business and they all said the same thing, “Where did it all go? Where did all the money go? I made X, Y, Z and for what? At the end of it, there was nothing left.”
There was nothing left because you didn’t pay attention to the numbers. There was nothing left because you spent. There was nothing left because you didn’t have cash reserve goals.
Stay focused on a bigger picture. Enjoy what you do. Monitor the things that you need to monitor. Pay attention to the numbers.
Have fun with your staff. Build relationships with the right people. Take your time. It’s not a race. Stay in your own lane. Don’t worry about anybody else but what you’re doing.
It doesn’t matter if competition opens up across the street. It doesn’t matter if somebody opens a program and a dance school next to you. It doesn’t matter if somebody says, “Your style is not as good as their style.” None of that matters. You are your worst enemy. No one else can be a worst enemy than yourself.
So, focus on doing all those things that you know need to be done and constantly make improvements. Stay disciplined. Stay focused on what it is that matters to you and ignore all the other nonsense because it means nothing to you.
Consider your life, your family, your business. Block out everything else. You’re going to do great.