To run a successful fitness club one of the most important task is to manage and use your deposits and cash flow. In order to do so you need to right tools to make sure your business stays healthy and in growth.
Its not that difficult once you have the right setup and flow for you debtors, cash and accounting. Lets have a look at these tasks below.
Payments and Debtors
Keeping track on your debtors is at least as important as generating revenue. Once your members are onboarded and using your kick-ass product you must make sure the payments are completed and are handled smoothly.
In general we need to consider that all customers want to pay for product – why shouldn’t they? Else they shouldn’t be your customers and something you are planning building your business on.
Setup a nice, easy and automatic payment and debtor flow, so you save time and resources on manual tasks. Here is an example:
1. Automatic payments – Subscriptions are essential and important for your business. Relax and let the automatic Sport Solution subscription service handled them nice and smoothly for you.
2. Friendly reminder – Our studies shows that almost 90 % of all declined subscripts are due to new payment cards or bank information that hasn’t been updated in your database. So if you have a declined payment we recommend that you set up a friendly reminder where the customer can update their information and pay their dept.
3. Payment reminder – If the payment is still missing out you can take harder funds in use and get your management tool to send an automatic payment reminder after a couple of days. We recommend that you kindly remind the customer that the payment is missing out and notify them what will happen if no action will been taken soon. Studies shows that you will get the majority of debtors to pay by this stage.
4. Debt collection – It will happen that you have a customer that does not pay even though you have reminded them a lot. You can decide that a debt collector must take care of the overdue payment. This is a delicate balance and you need to consider what cause and effect it will have for the future relationship between you and your customer. In the other hand you don’t what to build your business on customers that doesn’t pay for you product.
Remember all this is should be automated in you management tool so all you need to do is setup your flow once and for all.
Cash flow and Accounting
Good management of your cash flow will define if your business is healthy and have the possibility to grow. The automatic recurring payments from Sport Solution makes the cash run smoothly into your bank account and your bank reconciliation cannot be easier.
It should be easy, fast and safe to do your bank reconciliation and do a forecast of the cash flow for your business.
Management tools like Sport Solution will make it easy and error-free. The transactions are imported automatically allowing you to match at the click of a button. You must make sure your cash records are correct so you have the best possible overview of your business.
This data is key and your business has never been more reliable on analysis and reporting so you can make the right critical business decisions so Sport Solution created a tool to gather, standardize and organize your data into a understandable and useful way for you to make the right decisions.
Have fun with your optimized and automated payment and cash flow.