The New Year is upon us. I hope everyone had an awesome 2011! Now is the time to reflect and evaluate your progress.

However, I often see clients who aren't sure how they did because there weren't any targets actually established. Sure there was good months and bad months. There were some big wins and little hang ups we can all expect but how well were you prepared and how close did you come to meeting your objectives?  Club owners should take the time to sit down and do a little planning to make sure that their business is on the right track and that it has the necessary tools to ensure goals will be met.

Outside of the planning phase slight course corrections can greatly impact how easy it is to accomplish goals and support the cause.

Who are your vendors?

It should go without saying that you should periodically review vendors and suppliers to make sure they are giving you the most  competitive prices and delivering top notch service. The beginning of the year may be the best time of year to review this since suppliers may have just completed their budgets for the  year and they are looking to secure business and cut deals to ensure that they achieve their annual financial goals.

With that in mind, ask the following questions:

1. Am I getting competitive rates?
2. Are these guys providing good service?
3. Are there any new suppliers who deserve a chance to earn my business?
4. Does it make sense to try out a new service? 

Again, fitness business owners will need to answer these questions in order to know whether they are getting getting the best deals and keeping expenses low. We should always lok for ways and stratagies which  improve the bottom line. 

Is My Equipment Antiquated?

Many gyms are so caught up in running the business  they sometimes forget to do periodic equipment checks so they have what they need to grow the business and stay current with up to date programs and offering a State of the art facility.

1. Does the club have the equipment necessary to succeed and profit over the long haul?
2. Can the equipment last another year, and can we get by using the existing equipment?
3. What will new equipment cost, and who can quote us for the new equipment?
4. Does the company have the cash on hand, can it qualify for finance  or will the money need to come from future cash flow?
5. Are there any expenses that could be cut in order to offset and help justify such expenditures

Staffing needs should also be considered. It's good to recognize any deficiencies early on  so that appropriate adjustments can be made. Also, keep in mind that finding, hiring and training the "right person" can take a lot of time, so it's a good idea to get on the ball as early as possible. Heck this one should be constant.

Preferably we get the team in place well before the new year!!!

Furthermore, it's important to realize that many staff tend to ponder their own futures at the end of a year. They start thinking about whether they intend on sticking with the industry, club, or job they currently have or moving on. 

Are We Covered?

Like the old adage says the best offense is a good defense 

At the beginning of the year, new rates for health insurance  liability insurance, other types of policiies change and it's a great time check coveratge and benefit offerings.

1. Is the facility adequately covered in terms of liability and/or does it have adequate fire and health insurance?
2. Are insurance companies running multi-policy deals at the beginning of the year in order to garner your business?
3. Are there any new insurance carriers that might be able to provide a competitive quote?
4. Has the company taken on any new assets or business interests that haven't been accounted for and protected by existing policies?  
5. Are there any new compliance issues to be aware of
6. Are everyones certs and creditials up to date

The Bottom Line

Fitness business owners should continually evaluate their businesses and make adjustments accordingly. I think most  operators go into the 1st quarter with a plan for sales and how to maximize the increased traffic. However, from a number of perspectives - such as insurance, staffing, vendor and equipment needs - the New Year is a particularly good time to sit down and plan even further. This could make 2012 even better.