Several years ago, I sat down with a very savvy marketer that I wanted to hire to help grow my business.
After 10 minutes…she told me she wouldn’t work with me.
After asking me a few questions she said:
“Vince, you don’t know your numbers.”
She referred me to her accountant and CFO and said:
“Once you know your numbers, you can hire me to help you with your marketing.”
It was embarrassing…but kicked me in gear and now I’m helping a ton of gym owners know their numbers better.
One week from today my CEO Mastermind comes into town.
These are some of the top gym owners in the world that will be flying in from all parts of the country.
They are currently working on a lengthy document that asks them some tough questions about their business.
They’re also asked to attach their financials.
Needless to say, it takes courage to be in a group like this…it’s not for the faint of heart.
One my favorite quotes is:
“All progress starts with the truth.”
There is no bigger truth than facing the numbers in your business. They never lie.
Many business owners do NOT know their numbers.
In a recent conversation with Shark Tank mogul Mr. Wonderful, he told me the 3 most important things a business owner needs…
1 of the 3 was KNOW YOUR NUMBERS!
Here’s the extent that most gym owners look at their numbers.
They look at the cash in their checking account….
…. Hope and pray there’s enough in there to keep them sane.
And go back to working IN their business.
Here’s how I know this…Guilty as charged!
For the first several years, this is how I did it.
It’s a terrible way to run your business.
One of my missions in life is to help personal trainers turned gym owners to be better at business…so they can experience the real fruit of owning a business. Freedom!
This starts with facing the reality of the numbers in your business.
I’m very fortunate that my best friend, Mike Waldron from Carmel Valley is also the Chief Financial Officer for all 4 of my companies.
I’ve learned a ton from him and continue to each day.
Listen, you don’t need to be an accountant or a financial advisor.
But you do need to know the basics:
· You need to know how to read a profit and loss statement.
· You need to understand Free Cash Flow.
· You need to be tracking weekly revenue.
· You need to know what % of your revenue should be for payroll.
· You need to know what your cash flow breakeven number is.
· You need to track a series of metrics called leading indicators on a weekly basis.
If you want to be a successful business owner…you need to know this stuff.
FREE Know Your Numbers Training
I’m considering holding a free Coaching Call to help gym owners know their numbers, but want to see if this is something, you’d be interested in first.
If I can get 30 people to reply to this email with interest in this…I’ll set up the call.
Email firstname.lastname@example.org with NUMBERS in the subject if you are interested.