If you have followed the first three segments of this column, you realize by now that I believe management effectiveness begins with the person who looks back at you from your mirror! I have attempted in the initial three segments to give you ways to improve your well-being—a trait all great managers have.
The vast majority of new businesses fail because of undercapitalization, according to Stewart Welch, III, a certified financial planner and author. But obtaining the necessary capital is the biggest challenge new ventures face. With 50 percent of small businesses failing within the first year of
operation, banks are loath to lend to such start-ups; lenders look for at least two years of profitability before loosening the purse strings.
If you made the investment in yourself to do the exercise I suggested in the last column (three sheets of paper—two columns each—titled “Things I Like to Do,” “Things I Don’t Like to Do,” etc.), you probably learned a lot about your true abilities, your shortcomings and who you are as a manager.
This column should help you begin to take better care of yourself in everyday management, which should positively affect your well-being. This change in you will ultimately affect your employees, your members and your organization in an extremely
Establish a routine. When you get a receipt that can be deducted, immediately file it in a place (organizer, wallet, checkbook) where you can retrieve it later and put it into the appropriate file.
Make sure you can read it. When you get the receipt, be certain all the information printed clearly. If not, fill in the missing information (date, amount, location, purpose).
If you you have to fold it, fold it printed side up. This will make it easy to find later.
Despite a setback in the national economy, fitness facilities in this country are in good health. According to IHRSA, the total number of U.S. health clubs and fitness centers increased by 5.1 percent during 2001. This percentage reflects the leap from 16,938 health clubs in business in January 2001 to a record 17,807 clubs operating in January 2002. This is the fourth consecutive year the fitness industry has posted gains, and this growth represents a 41 percent increase in the number of clubs since 1992.
For more than 20 years, IDEA has focused on providing fitness professionals with the educational resources they need to succeed in their careers. Now, as we begin our third decade of operation, IDEA is directing a large portion of our efforts to helping fitness facility managers and owners acquire the business skills and systems they need to make their facilities successful and profitable.
Don’t just ignore your nest egg, check on it regularly to make sure
it’s growing at a rate that equals your projected retirement needs. Get information for all of the following retirement concerns at www.quicken.com. Also, see the Profit Center column in the January 2002 issue of IDEA Personal Trainer for a more in-depth discussion of tax and
retirement planning options for personal trainers.