With The Business Health Dashboard, gym owners are able to see the key metrics for their business at a glance.
You can access the Business Health Dashboard from Wodify Admin under the menu Insights > Business Health Dashboard.
Here is a breakdown of the metrics available:
How it’s calculated: Total revenue brought in to the gym, including all memberships, retail, and other services in the selected time period
What it means to your business: Before you can spend it, you have to get it. Knowing your gross revenue answers the most basic question: is there enough money coming in?
How it’s calculated: The total dollar amount of the discounts given on memberships, retail, and other services in the selected time period
What it means to your business: Every discount you give means another client you have to recruit and retain. It means that one client gets a benefit that others don’t. And worst of all, discounts don’t actually improve sales OR retention. It’s important to have this number at your fingertips so you know the missed revenue from your discounts.
Average Revenue per Member (ARM)
How it’s calculated: Gross revenue divided by the average active athlete count in the selected time period
What it means to your business: You should be able to cover costs, pay a coach or two, and take home a decent income on 150 members. If you have 150 members and you’re not making any money, your ARM is too low. ARM is a measure of your value: are people paying what you’re worth?
Athletes With Memberships vs Total Athletes
How it’s calculated: Total athletes with any membership plan compared to total active athletes (as of today)
What it means to your business: How many freebies are you giving away? How many trades? Can you get that number lower? Is every “trade” delivering? Are they all providing the same value?
Average Length of Engagement (LEG)
How it’s calculated: The average length of time that a member has been active in your gym (as of today), with any membership plan
What it means to your business: A LEG score lower than 18 months means you’re losing clients to poor delivery. LEG is a measure of operational excellence. The average gym owner could net another $38,000 per year simply by keeping every client 3 months longer. Before you spend too much on advertising & marketing, lengthen your LEG.
Average Active Athletes
How it’s calculated: Simple measure of the average active athletes in your Wodify account, across all locations, in the selected time period
What it means to your business: Knowing your total client count will keep the other math in perspective. While headcount tends to be the red herring metric (it matters less than you think!) having an accurate client list means you can calculate the metrics that really matter, above.
When viewing the Business Health Dashboard, you can view an 18 month trend for all revenue metrics by clicking the metric number, then selecting the “Last 18 months trend” from the dropdown.
You can also ‘drill down’ on athlete details contained in the “Athletes with Memberships vs Total Athletes” and “Average Length of Engagement” measures by clicking the metric number. This will pop-out a display of a table with all of the data included in the calculation.