Keeping your PT business financially fit includes being able to see at a glance what your earnings are like.
Most personal trainers go into business because they’re passionate about health and fitness, and being able to bring those benefits to their clients. But that’s not all – they’re doing what they love while making a decent living out of it. Does that sound like you?
When it comes to keeping track of your finances – especially for a small business – the PTminder solution means you can get a visual on your earnings with just a glance. Monthly graphs and charts mean you can determine your financial position easily, and compare data from weekly, monthly and annual reports.
These snapshots of earnings puts you in a better position to make business decisions. For example, you may decide to grow your PT business by expanding your premises, investing in more equipment or bringing new technology on board.
Or, if business isn’t quite what you’d hoped, taking on more clients, increasing your hourly rate or finding ways to reduce costs are options.
Being able to see your earnings at a glance, and looking at them on a weekly, monthly or annual basis also enables you to spot trends. Are you making more some months than others?
What factors might be contributing to that and is there anything you can do to increase earnings on those lower months?
If you're looking for a way to keep track of the money flowing in and out of your business and forecast your revenue, download this revenue forecasting template and guide toolkit to help you visualize and plan your yearly cash flow.
Keeping track of trends and patterns means you can be proactive about expenditure. Adjusting salary costs, or reviewing your customer base to determine if it’s necessary to charge some clients more than others depending on the level of service you’re providing.
Because you can monitor your income so easily and efficiently also means you have more freedom to adjust your accounts to suit your business. This kind of flexibility is essential, especially when you’re in a growth phase such as taking on more clients or expanding the services you offer.
Just as you’re constantly assessing the progress your clients are making, the PTminder solution enables you to track your financial fitness at a glance. Having that information at your fingertips whenever you need it – and being able to look at the data in weekly, monthly and annual terms – puts you in a better position if you need to answer questions about the health of your finances. If you’re using an accountant, it makes their job much easier.
In the end, the PTminder solution means you don’t have to spend a lot of time trying to gauge your financial position. It’s right there in a ‘virtual mirror’ of your financial fitness, which means you can spend your time where it’s most needed – on your business.