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Episode 315: When to Cancel vs When to Keep a Class
Manage episode 519206778 series 2991340
What We Cover In This Episode:
Why knowing the financial baseline, and "break-even point" when evaluating class profitability and fixed costs is crucial for studio owners [5:08]
How to approach evaluating attendance trends and what to track [6:09]
The way that balancing instructor versus owner-led classes will indicate financial risk [7:24]
A reminder to always consider the ripple effect of cancellations and the full impact doing this can have [7:59]
How to communicate class changes proactively by presenting them as a strategy to better serve members [9:09]
What you can do to leverage fitDEGREE tools to track class popularity [16:54]
Strategies for boosting low attendance numbers before cutting the class [17:13]
The advantages in considering a pop-up or special series instead of a weekly slot [17:27]
How to maintain instructor and member trust by communicating changes well in advance [17:41]
Quotes:
"What makes average business owners to good business owners, to maybe even great business owners, is making decisions with data and your gut and not waiting too long to make the decision." [Nick, 3:32]
"Cancelling a low attendance class can free resources for a higher demand timeslot, but frequent cancellations can train clients not to trust your schedule…I understand this idea of freeing up resources, but at the end of the day, it might not." [Nick 8:02]
"Your schedule should serve both the business and the community, and the smartest studios are making data-driven decisions, not knee-jerk reactions." [Nick, 20:53]
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