Behind the Numbers: How Custom Reporting Can Help Increase Your Revenue
Previously, we discussed how you should be keeping track of your business data to save time. The purpose of this Behind the Numbers post is to follow up and provide a more specific guide to tracking your revenue through Wodify Custom Reporting. This Behind the Numbers blog and accompanying videos will explain what custom reporting is, how to use it to track your revenue data, and how to best use it to improve your business.
What is custom reporting?
Custom reporting is a powerful tool within Wodify that enables you to have complete control over your business data, so you can easily analyze and improve your business.
Why is it important?
…Because it’s built for your specific needs. Every business operates differently, attracts various kinds of clients, employs coaches or teachers with diverse expertise, brings in differing revenue streams, and therefore, requires different reports.
When choosing a software to run your business, it is important to invest in something that doesn’t just get the job done, but can serve as a platform for your business.
Think of it this way, buying software is similar to buying a physical space for your business. Most people think buying any software that enables you to check in and bill clients will check the box of “software”. But really, that’s like investing in a space that’s meant for Yoga when you run a CrossFit business. A space built for yoga ideally has high wooden ceilings and a warm feel, but if someone were to drop a barbell or slam a med ball on the floors they’d probably disturb and destroy your space. Having software checks a box, just as having a physical space checks a box, but it’s important it is tailored to your business. Wodify empowers you with all the tools you need to run your business, and, zooming back in, custom reporting is one example of how to do just that within a software.
How to Get Behind the Numbers for Your Revenue Data
In order to fully understand how you can analyze your revenue data with custom reporting, we’ll do a deep dive into 2 report examples that answer questions many Wodify customers want to know:
How has your net revenue changed over time and why?
As important as it is to keep track of revenue changes over time, the keyword here is “why”. Revenue reports are fairly common, but in Wodify custom reporting, you can break down the revenue report to see which products are driving the changes in revenue.
It is extremely important to understand the reasoning behind your revenue changes because you should not be guessing where you should focus your time and energy within your business.
By building this report, you will be able to fully understand which offerings at your business are driving the most revenue, which are driving the least, and why your revenue may have increased or decreased at a certain point in time.
Which classes drive the most value for your gym?
We published a Behind the Numbers post where we answered this question for all Wodify businesses (find out the most valuable class day and time). In response to this Behind the Numbers post, we received many questions from individual Wodify customers asking how they could find out what the most valuable class day and time was for their business.
Since then we have developed the tools you need to answer this question and,now with custom reporting, the solution is easy.
It’s important to know which of your fitness or Martial Arts classes drive the most revenue and which drive the least. This way, you can make informed decisions on how to increase revenue, and where you could be cutting classes in order to decrease expenses.
Impact to a Business Owner’s Bottom Line
By investing time in creating reports that help you understand your business, you empower yourself to set goals and consistently keep track of business metrics. We want you to be confident in your success at Wodify, and when it comes to creating the strongest business possible, understanding your revenue is crucial.
Within custom reporting, you have the ability to set up “email subscriptions”, so that daily, weekly, monthly, or any cadence you prefer, your report can be emailed to you. This is a great way to remind yourself that you should be keeping track of these metrics and taking actionable steps on improving or maintaining them.
With full utilization of custom reporting, you can push your business to the next level, and therefore increase your client base, retention, and revenue.
If you are a Wodify customer, you can learn more about Wodify Custom Reporting here.
If you aren’t using Wodify yet, you can book a free consultation here.
Want to keep learning? Check out related Behind The Numbers posts: