The green kale smoothie trend is more than just a fancy drink, it’s a symbol of the exploding health and fitness space in the US. As consumers become more health conscious, a whole industry has been created around them.
According to a recent IBIS World report the health and fitness center industry is worth about $30 billion, employs more than 700,000 people and includes over 80,000 businesses. A good portion of those businesses are small and were started because the founder had a passion or talent for the service they provide.
Xero’s Head of Accounting, Amy Vetter, is not only a CPA, she also runs a yoga studio. She has seen first hand how the increased awareness around health has driven growth in her business.
Amy says, “While many of the small business owners in the health and wellness sector are passionate about the industry, they often find themselves struggling when it comes to working on their business.”
Xero and MINDBODY have partnered to help health, wellness and beauty professionals save time and improve accuracy. We’re doing this by seamlessly transferring data from MINDBODY into Xero every day.
Amy spoke at the MINDBODY conference to about 500 attendees in Santa Monica this month. Amy talked about turning on Xero to run the accounting side of the business and connecting it with MINDBODY. This is so small business owners can start to understand not just how many people are attending their classes, but also if your business is profitable.
“Being a great yoga instructor and a great business owner are two very different things. Both don’t always come naturally. But by using platforms like Xero, it can really help small business owners get out from under their business. They start understanding it and growing it,” Amy says.
“Small business owners should also be tracking their Key Performance Indicators (KPIs). This will help them make better, real-time decisions and collaborate with their accountants.”
After her session, Amy spent time talking to several small business owners about some of the issues they’re facing. The main one was how to handle staffing. Many fitness professionals open their business because they’re a great instructor. But as their businesses grow, they’ve had a hard time transitioning from doing all the classes to hiring staff to run sessions.
Also, many had questions about all aspects of running their business. They wanted to better budget, forecast, manage cash flow, as well as acquire new customers and retain the ones they have. It’s important to not do all this at once. There are many areas of the business we can always improve on. But just setting your sights on one of these areas could really help improve your results in the coming year.
Understanding the expense side of your business empowers you to make changes and track their impact. By using cloud accounting technology, small business owners can analyze what’s going on in their business on the run. With Xero you can be on your phone, matching bank transactions in an instant. This means small business owners can get back to focusing on the things that they are good at. They can save time on the accounting tasks they least enjoy.
Running a small business is a long journey. It’s a labor of love. But technology can help make it a beautiful experience.
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