549: Crucial KPI's: Overhauling Profits Through KPI's featuring Coach Michelle

<p dir="ltr">Here’s what we’re talking about in this episode:</p> <ul> <li dir="ltr" aria-level="1"> <p dir="ltr" role="presentation">Introduction to KPIs: KPIs (key performance indicators) are quantifiable measures used to evaluate the performance and success of a business.</p> </li> <li dir="ltr" aria-level="1"> <p dir="ltr" role="presentation">Importance of tracking KPIs: Without tracking KPIs, businesses operate blindly and make decisions based on feelings or hunches instead of actual data.</p> </li> <li dir="ltr" aria-level="1"> <p dir="ltr" role="presentation">Vanity KPIs: Not all data is valuable and some KPIs, like followers on Instagram, may not translate to increased revenue. Focus on KPIs that drive growth.</p> </li> <li dir="ltr" aria-level="1"> <p dir="ltr" role="presentation">Starting with financial performance KPIs: Michelle recommends starting with a few important financial performance KPIs, such as monthly revenue and revenue per member, to get a baseline understanding of the business.</p> </li> <li dir="ltr" aria-level="1"> <p dir="ltr" role="presentation">Revenue per member: This KPI measures the average amount of money generated by a member each month and can help improve revenue by upselling or adding new services.</p> </li> <li dir="ltr" aria-level="1"> <p dir="ltr" role="presentation">Revenue per square foot: This KPI measures the revenue generated per square foot of physical space and can help optimize utilization of the space to increase revenue.</p> </li> <li dir="ltr" aria-level="1"> <p dir="ltr" role="presentation">Payroll as a percentage of revenue: Payroll should be no more than 30% of total revenue and tracking this KPI can help make informed decisions on hiring and class scheduling.</p> </li> </ul> <p dir="ltr">Links:</p> <p dir="ltr"><a href= "https://www.linkedin.com/company/studio-growco/">https://www.linkedin.com/company/studio-growco/</a></p> <p dir="ltr">https://studiogrow.co/</p> <p> </p>