We’re in the thick of resolution season. While this year may look a little different, we hope you’ve seen more traffic through your doors and an uptick in new joins. But with a focus on getting those members in the door, it can be easy to lose sight of your own business resolutions. This year, feel empowered to face new challenges with a fresh perspective and make a resolution for healthier finances.
Whether you own a one-room studio or are the CFO for an organization with dozens of locations around the country, here are a few simple ways to maintain healthy finances through 2021 and beyond.
Know Your Budget....Be Your Budget
Sounds simple, but simple ideas are often the easiest to overlook. The key here is having a document to track your expenses and cash flow throughout the year. Additionally, taking the time to craft your budget will help your memory, granting easier access to your month-to-month operating numbers, and an immediate ability to see the big picture. This will allow you to maintain a consistent budget throughout the year. Below is a list of common budget items to get you started:
- Rent/Mortgage and Utilities
- Paying Employees and contractors
- Operating Supplies (office, cleaning, etc.)
- Management Software
- Equipment replacements and upgrades
- Licenses and permit fees
- Equipment finance payments
See Where You’re Losing Money
Having a picture of your budget allows you to see small and even accidental holes in your operations, like members accidentally taking a towel. Another hidden money-sucker are declined payments. Aside from not collecting those payments, you run the risk of losing members. 1 in 3 payment declines results in a terminated membership. Sometimes a decline is due to insufficient funds, but often it is simply a matter of not updating member credit card information. Executing this simple task can maintain member loyalty and keep cash flowing.
Stop Losing, Start Gaining
A payment processing solution can ensure fewer declines, and even resolve any that do come through. This helps you sidestep uncomfortable interactions with members. So choosing a payments processor that will work for you is key to maintaining your financial health goals throughout the year, with the added benefit of improving member loyalty.
Gains is one of these processors. With a holistic suite of solutions, Gains full-service billing will heighten your existing payments to help you maintain happy members and keep cash flowing. An automatic credit card account updater, as well as a team of specialists will help resolve insufficient fund declines to help maintain member loyalty. Connect with us today and get a custom payments report, and learn how Gains can be your way to paid.