We understand that an everyday focus as a business owner is understanding your profitability and looking for what’s working and what’s not. Having this data is important so that you can make the needed adjustments and updates to continue your success.
We strive to make useful metrics as clear and easily accessible as possible so that you can maximize your time spent rocking your craft, which is why we created the Profitability meter within your class pages. This is the first step in more updates that will give you a clearer picture of your profit margins.
You will now find a section called Profit margin within any of your class or event pages, which details the Earned revenue* for the class, the Instructor payout and the Profit margin in both percentage and dollar format. This way you can easily see if you are making a profit or not for a particular class, helping you to determine where changes to your schedule might be needed.
*Note for unlimited memberships: earned revenue will calculate the price a student paid for class based on the price of their membership divided by number of classes they have attended in that renewal.
Note: Profit margin is default to only be visible to admins, and you can adjust who;/s able to view it under Settings > Roles).
The Profitability meter is also linked to your Recurring class attendance analysis report. When you click on the meter line, you will be brought directly to this report, which shows you an zoomed out picture of how certain class types/times are doing.
On this report you can see the average revenue, average capacity filled, total and average number of visits and more over a selected date range. The report lists data for all of your classes side by side, so you can easily compare the success of scheduled times, class types and teachers to make educated decisions about what needs adjustments, extra marketing efforts, etc!
Location Reporting Upgrade 📍
Do you have multiple locations for your business? We just made a few updates that will make reporting a breeze…
Within the POS, you will now notice that you and your staff have the ability to select which location you are selling from anytime you make a sale. This - plus enabling customer home locations - allows the system to understand where every single sale is coming from, so that any cash-based report (think your total sales report) can be easily pulled based on location. This new update creates more cohesion, eliminating the need for a home location filter as now all sales will be linked to the select a location filter.
Here’s how sales are attributed to a specific location:
All sales made through the POS at that specific location
All online purchases by customers with the location set as their home location
P.S. this is why we have been asking you to note locations vs. rooms on your account - so the system can differentiate between actual physical locations & rooms within those locations!
Have staff members who only work at one of your business locations? Reminder that they can set their default location so that they don’t have to select where they are each time they process a sale!