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Make Your Vision for Your Club a Reality
For example, increasing cost effi-
By Billy Katelnikoff Establishing and measuring strate-
gic objectives can boost club success Strategy is an often-used term de-
fined as “the way by which your busi- ness will achieve its goals.” A club’s strategy can be unclear and/or unsuc- cessful unless you determine strategic objectives that link it to your vision of your club’s overall performance and fi- nancial performance.
To develop these strategic objectives,
look at four areas: organizational ca- pacity, internal processes, member per- spective and financial perspective.
1 Organizational Capacity Your club’s organizational capacity
the many tasks your business com- pletes, from signing up a member through the expiration of the contract.
An example of a strategic objective
in this category could be to improve contact and communication with ex- isting members. The benefit of mak- ing improvements in this area is that members will be better informed about your programs and you will have the opportunity to resolve problems more quickly.
Make Your Vision for Your Club a Reality
3 Member Perspective Strategic objectives in this area are
some of the most common club objec- tives. Improvements here directly im- pact financial performance and overall performance of a club (see Table 1).
But how does a club know if it is ac-
Establishing and measuring strategic objectives can boost club success
has three key elements: the people who work for the business, technology and strategic partnerships.
area by simply looking at your staff. For example, a common strategic objec- tive here is to improve staff members’ customer service skills and knowledge. Success with this objective will obvi- ously have a direct impact on your club’s ability to retain members and improve word of mouth marketing.
You can develop objectives in this BY BILLY KATELNIKOFF
S An example of an initiative could
be offering weekly coaching meetings to provide training to improve skills in this area.
2 Internal Processes Strategic objectives in the internal
36 Fitness Business Canada May/June 2014 Fitness Business Canada May/June 2014
tually improving the member experi- ence? Measuring attrition can provide answers, but also look at other metrics such as “sales per member amounts” and “total members over a period of time.” When these trend upwards, your initiatives are working.
Member experience is a very com-
trategy is an often-used term defined as “the way by which your business will achieve its goals.” A club’s strategy can be unclear and/or unsuccessful unless you determine strategic objectives that link
it to your vision of your club’s overall performance and fi- nancial performance. To develop these strategic objectives, look at four areas:
organizational capacity, internal processes, member per- spective and financial perspective.
ments: the people who work for the business, technology and strategic partnerships. You can develop objectives in this area by simply look-
1 Organizational Capacity
processes area are often the most dif- ficult to pinpoint. To do this, consider
ing at your staff. For example, a common strategic objec- tive here is to improve staff members’ customer service
plex objective to measure, although well-trained and engaged staff will often accomplish the heavy lifting in this area. Other initiatives in this area could include running contests with prizes or offering perks, such as a free smoothie day (that you may have ar- ranged in a co-sponsorship with an- other company).
Your club’s organizational capacity has three key ele-
4 Financial Perspective Strategic objectives in the previous
skills and knowledge. Success with this objective will ob- viously have a direct impact on your club’s ability to re- tain members and improve word of mouth marketing. An example of an initiative could be offering weekly coach- ing meetings to provide training to improve skills in this area.
2 Internal Processes Strategic objectives in the internal processes area
are often the most difficult to pinpoint. To do this, con- sider the many tasks your business completes, from sign- ing up a member through the expiration of the contract. An example of a strategic objective in this category
three areas have a strong cause and ef- fect relationship with financial strate- gic objectives.
could be to improve contact and communication with ex- isting members. The benefit of making improvements in this area is that members will be better informed about your programs and you will have the opportunity to re- solve problems more quickly.
### Initiatives in the financial area can
be as simple is reviewing monthly fi- nancial reports and holding monthly meetings with key staff to review the expenditures of the business.
ciency is a strategic objective that can be easily measured by tracking the percentage of revenues are retained within the business.
Billy Katelnikoff,
B.Mgt., CA, is
owner of Power Forwards Chartered Accountant Firm which provides chief financial officer services with an em- phasis on improving profitability and making key organizational decisions for privately owned fitness clubs in Canada. Contact him at www.power-
forwards.ca.
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