I had the pleasure of participating in a panel discussion at the GGFA Owner’s Conference in New York last month on KPIs and Metrics. The panel was lead by Eddie Tock of REX Roundtables and my fellow panelist and business partner John Custard. The number of franchisees who contacted me after the conference about the metrics we use and how we measure was staggering. It really spoke to the level of ambition to improve our gym operators in the brand. I absolutley love sharing information with any of our colleagues to help us get better as a group from one day to the next.
- Every new calendar year (or fiscal for that matter) gives us all a great opportunity to clean up any reporting and roll out new measurements and enable you to pull a full year of data.
- Remember that reporting is not measuring. Always ensure you are comparing your metrics to a benchmark of success to indicate whether you are performing to the level you expect or not.
- When developing performance based compensation plans you should ensure that your company’s success is in line with the success of an individual’s compensation success….this is a mistake we have all made at some point when creating comp plans.
- Report all data efficiently and accurately to your team as it relates to their club’s performance and their personal compensation. Your team needs to trust the accuracy of your numbers.
- Set up a reporting schedule for your team…define what gets reported daily, weekly, monthly quarterly and annually…..and stick to it!
- Provide open book accounting to your key personnel and be honest about the financial health of your company with your team.
As they say….”Knowledge is Power”