Thinking about financial management may not be high on your list of priorities, but like it or not, understanding your finances is a necessary part of running a successful fitness business.
Mike Michalowicz is the founder of three multimillion dollar companies and the author of Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur. In 2016 I had the opportunity to interview Mike and I learned that finance doesn’t have to be complex and daunting.
Here are some simple rules he shared:
- Stop what’s not working, and start focusing on what IS working and amplify that.
- Set up multiple accounts, when money comes in, disperse it in pre-determined percentages.
- Change the way your operating to work within the confines of what money is available for operating expenses – remove the temptation.
- Be selective of your clients – not all clients are created equal, look at the ones at that are your best and focus on them. If you have the courage to get rid of your weakest clients and automatically your profits get boosted.
Two years after our first catch up, Mike generously agreed to share his knowledge once again during our 2018 interview for The Fitness Business Podcast Intensive Series on Financial Management.
This time we covered 4 specific areas:
- Recourses to improve your knowledge around financial management
- Tips for improving cash flow in your business
- Strategies to reduce expenses
- How to stick to your New Year financial resolutions
For each topic, Mike, provides detailed information and key take-aways for fitness professionals. Each episode is available as a podcast as well as a downloadable transcript.
If you are wondering how we could bring you a complete 4 week series completely Free of Charge, well, its thanks to the amazing support of our exclusive podcast partner for The Intensive Series – ABC Financial.
Plus we have to give ourselves a high five, because Active Management are the proud providers of the weekly transcriptions (You’re welcome!)
Go to www.FitnessBusinessPodcast.com and click on the Intensive tab, in fact I’ll make it even easier for you by giving you the exact links to his shows: