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421 bs > FINAL > Flashcards

FINAL Flashcards

(53 cards)

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1
Q

Benchmarks:

A

specific standards business strives to achieve

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2
Q

Assets:

A

anything a company owns that has monetary value

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3
Q

assets =

A

liabilities + owner’s equity

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4
Q

Liabilities:

A

financial obligations/credits owned by the business

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5
Q

Owner’s equity:

A

the owner’s investment in the business plus any profits or minus any losses

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6
Q

Balance sheet:

A

indicates the financial status of a business at any given time and is separated into: assets, liabilities, and owner’s equity.

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7
Q

Capital:

A

Money, goods, equipment to produce other goods/services

Typically one time or large scale purchases

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8
Q

What does an income statement tell you?

A

Financial results of business operations for specific time (month, quarter, or year).
Compare to forecasted
Summary of transactions that produced revenue & operating expenses & taxes incurred in generating revenue. Shows how well club is operating
Provides info on actual vs. planned performance
Make any decisions to change strategies

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9
Q

All revenue reported on income statement

A

managing income

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10
Q

How will you make $?

A

*New Sales, Retention, Efficient use of space, programming

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11
Q

*Accounts Receivable:

A

$ owed to a business
Policy for collecting delinquent accounts
EFT or no? Automatic, fast, easy for member
Long time to correct errors, negative perception,

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12
Q

Managing Expenses *‘Cutting costs is more

A

tangible & predictable than estimating member sales’

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13
Q

Control expenses *question every expense as though it were coming out of

A 
your own pocket .
Bid on everything 
	Negotiate costs 
	Do it yourself 
	Contract out 
	Trade/barter 
	Use space efficiently 
	Accounting practices (security etc.)
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14
Q

Why budget?

A

Plan for future success

Provides direction, motivation to meet goals, resources to evaluate progress

Conservative sales estimates & liberal in your expense estimations

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15
Q

budget is based on what kind of year

A

fiscal year

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16
Q

Types of Budgets

A
  1. Increment-decrement or trend-line budgeting: based off previous year, assume follow trend
  2. Break-even
  3. Zero-based
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17
Q

Trend Line Budget is what?

A

*Most popular

Use exact # from previous year, and +/-, follow trends

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18
Q

Pro’s of trend line budgeting

A

Using established, realistic numbers

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19
Q

Con’s of trend line budgeting

A

Can be misleading if numbers are off
Must keep good records WITH COMMENTARY
Justify amounts you are spending

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20
Q

Break Even budget

A

Minimum amount to cover your costs

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21
Q

*Zero Based Budget

A

Look at all areas in depth
Based on specific goals for year
Challenging to accurately predict numbers for the year
May have to justify everything you spend
Typically new construction, large scale changes

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22
Q

Preparing a budget: 4 steps

Study These Flashcards
A
  1. Determine budget expectations…ask questions
  2. Forecasting revenues
  3. Forecasting expenses
  4. Projecting profits and losses

**Comparing with industry norms

23
Q

Revenue

Study These Flashcards
A

income from normal business ops

24
Q

Expenses

25
What are profit centers?
Eliminate unnecessary expenses. Examine every cost center and determine it expendability. Fill empty spaces or cost center with profit centers such as making an office or storage closet into a massage room.
26
Profit centers add
*Add value to attract memberships *“the more they pay, the longer they stay”
27
Profit centers correlation
Correlation between high non-dues revenue and high retention rates
28
Profit centers median is
Median is 32.9% of total revenue
29
Strong PT business correlates to improved retention because
people who participate in PT remain members LONGER.
30
What are the five P's of marketing? What is there relationship like?
Product, Place, Price, Promotion, and Person, and they all depend on each other (interdependent)
31
People
1. Demographic analysis 2. Living w/in 1-5 mile radius (for local club/clients) 3. ACSM trends report/ IHRSA reports/ census data 4. 75% Americans active, focus on them as clients, not inactive
32
Product
``` Tangible or intangible Examples: what are you selling? Top reasons for joining: Improving health/fitness Improving appearance ```
33
Place
Where purchased/delivered In home, online, facility/clinic Are you trying to get clients in the door or on your website Creating environment
34
Price
What things contribute to cost? Client perception of cost Market value Region, location, ppl
35
Cost of delivery:
costs incurred in creating a product, most vital factor in pricing
36
Profit margin:
price minus cost of devlivery
37
Promotion 8 strategies:
(not limited to…) 1. Advertising 2. Referrals 3. Direct mail/email 4. Internet 5. Business to business 6. Sponsorship 7. Personal sales 8. Public relations
38
Parthenon effect | promo
Categories all interdependent (promo) | Fewer pillars, roof will collapse
39
For parthenon effect to be effective, what needs to happen?
At least 3 pillars, greater stability if one fails**
40
TOMA
Top of Mind Awareness
41
TOMA is defined as
high level of consumer awareness within community is ultimate goal
42
What are the 5 pillars of promotion?
1. Internal 2. External 3. Guerilla 4. Community Outreach 5. Corporate Outreach
43
*INTERNAL Pillar
1. Activities and promotions within the facility | 2. Conducted on smaller scale
44
2.*EXTERNAL
1. Activities/promotions outside facility 2. Goal: attract leads from demographic and geographical area to inquire via phone, email, in person 3. *Person who has been to your facility is 300% more likely to join
45
Internal Marketing
``` Flyers/signs/high traffic areas Digital signage Bulletin boards Walking billboards Announcements in music system/ group ex classes Staff contests Referrals: POS & existing member Electronic: social, push notifications, email, website, QR Missed guest or alumni mailings ```
46
EXTERNAL
Marketing done outside facility/nonmembers Advertising Print media, radio, billboard, newspaper Build brand recognition Consider costs, will affect profit TOMA
47
EXTERNAL Marketing examples
Direct mail Ex. www.getmembers.com Direct e-mail
48
GUERRILLA MARKETING
performed by club staff at the grassroots level. can be the most powerful and least expensive =more personal level. The key is organization and consistency.
49
Guerrilla Marketing examples
``` Business to business Lead boxes: reciprocation Take-one displays Rx pads for doctors Special passes Give client name directly to club Joint marketing Employee business cards ```
50
COMMUNITY OUTREACH
Community-building activities Long term strategy Creating image, recognition in community Host events in facility ``` Sponsorship, donations/gift cert, events Host events in facility Press releases Speaking opportunities Wellness fairs ```
51
Strategic Planning:
process of diagnosing the organization’s external and internal environment, and includes deciding on a vision and mission, developing overall goals, creating and selecting general strategies to be pursued, and allocating resources to achieve the organization’s goals. Defining organizations strategy, direction, concerning key issues.
52
Parts of strategic planning
 Short & long term goals for organization  Steps to be undertaken to achieve each goal  Timeline for reaching each goal  *Allocation and prioritization of time, energy, resources to each goal. Typically 5 year plan.
53
SWOT analysis
``` SW = strengths and weaknesses, can control these OT= Oportunities and threats; cannot control these ```

421 bs (2 decks)

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