DR JOHN MORGAN

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MANAGEMENT SERIES In a nutshell Budgets: Budgets are the backbone to financial stability. A balance must be struck between setting ambitious but achievable budgets, and at the same time allowing for flexibility. Crucially, budgets must be checked regularly to ensure you’re on track. Accountability: A finance director can maintain an overview, but every centre/gym manager must be involved in setting the targets and must be accountable for their own budgets and P&L. Software: A wide range of software is now available to assist staff in the financial aspects of running a club, but a commerciallyfocused financial team is crucial to identify human / PC-generated glitches in data. Forecasting: This isn’t about long-term crystal ball-gazing, but a flexible “extension of your daily and weekly checks”, with a view to keeping all stakeholders comfortable with the business. Collaboration: Financial control isn’t just about the figures – it’s about the people, with communication across the whole business key to success. PHOTO: WWW.SHUTTERSTOCK.COM A strong balance sheet isn’t just about selling memberships, but about controlling costs or negative trends are identified and acted on early. “As with any issues, the sooner you get to them, the easier they are to solve,” he explains. To ensure smooth running of all énergie clubs, Harding is able to access what he calls ‘fingertip information’ minute-by-minute. “énergie has built a bespoke piece of software called ORA, which tracks membership sales across the network,” says Harding. “At any given time, I can check ORA and see how the clubs are performing against their sales targets, which are obviously linked back into the budgets.” With controlling costs just as important as selling memberships – and harder to track, as there are so many different variants – Harding also invested in software to manage the purchase order system and keep a tight rein on expenditure. Automated systems have certainly transformed the way profit and loss are managed, but as the familiar saying goes: ‘To err is human, but to really foul things up you need a computer.’ Health and fitness clubs therefore still need a finance director in place, supported by a commercially-focused finance team analysing and assessing progress – and staying alert to any oddities created by computer (or user) error. Forecasting Forecasting is incredibly important to ensure the long- and short-term viability of any business. This is never more so than in the fitness sector, with its cyclical income of membership subs coming in just once a month. “People assume forecasting is longterm crystal ball-gazing, when in fact I think it should be seen as an extension of your daily and weekly checks,” says Jefford. “Forecasting should be flexible and allow for changes that happen during the forecast period.” “Forecasting is essential to keep our shareholders and stakeholders up to speed with our future development plans,” adds Harding. “With our future growth funded through reinvestment of our profits, forecasting is key to giving stakeholders ongoing comfort in the business.” Collaborative approach With the right tools, well-trained staff and strong leadership from the finance director, clubs have more scope to track and control their finances than ever before. However, training people properly and maintaining a flexible, open door policy between the finance department and the rest of the business are key to success and security. The days of the company accountant being shut away and unreachable are numbered, with financial control not just about the figures. It’s about the people behind the figures, with social interaction and communication across the whole business key to bringing financial transparency and control. 80 Read Health Club Management online at healthclubmanagement.co.uk/digital November/December 2014 © Cybertrek 2014
SIBEC 14 Europe 19-22 November 2014 Pestana Casino Park Hotel, Madeira, Portugal www.sibeceu.com SIBEC 15 UK 20-21 May 2015 The Belfry, Wishaw, West Midlands, UK www.sibecuk.com What do you get at SIBEC • Guaranteed pre-qualified audience of key decision makers • Pre-set appointments with buyers of your choice • Limited competition • 2 full days of exceptional networking • Unparalleled value for money SIBEC is my favourite convention of the year! Not only is it a great way to get a lot of business done in a short amount of time but because everyone is at the same resort, the atmosphere and camaraderie are both first class. David Lloyd Leisure – Head of Sports, Health & Fitness • High Quality Seminar Program For more information about SIBEC please contact: David Zarb Jenkins Email: david@questex.com Tel: +356 9944 8862 www.sibec.com www.hoteceu.com www.spateceu.com
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DR JOHN MORGAN

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