Tag: cash flow

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Business tips Finance Function Gym

Independent Gyms Partnership

lady with weights

Independent Gyms Partnership announcement

The wait is finally over – we’re really excited to let you all know that the brand new Independent Gyms Platform is live!
Head over to www.independentgyms.co.uk for a closer look. There are some great features on the platform from downloadable documents, to preferred partners with discounts, to events/workshops and webinars, to a variety of giveaways and goodies.

Southbourne Accountancy is pleased to have been asked to feature as a partner on the Independent Gyms website, thanks to referrals from current clients. The web page is here (though you do need access, so sign up – it is free in January). https://independentgyms.co.uk/brands/accounting-insurance/

Independent Gyms was created to support independent fitness facilities across the UK and Ireland to grow. They want to make a difference to their members’ business and lives and in doing so improve the industry as a whole for gyms and the end consumer.

We really believe this platform will make this a huge benefit for independents across the UK and it will only get better as we move forward.
There are 3 membership tiers: with a free Basic Membership, an accessibly priced Standard Membership and a Premium Membership (that will come in to it’s own once Covid restrictions are eased).
Given the particularly tough time the industry is going through right now, Independent Gyms have opened this up so all gym owners get their FIRST MONTH FREE when they become a member in January.

It is worth signing up for the free month and looking at what is on offer. 

Also, do not forget to sign up for to be featured on the single biggest map of independently owned fitness facilities in the UK. 

Starting January the Independent Gyms membership will start to run free bitesize webinars for independent gym owners, with the support of their partners.

The sessions cover all aspects of running a fitness business, ranging from remote fitness training with Myzone, cash management with Southbourne Accountancy, to customer Retention with GG FIT. All with the aim of helping independents run their businesses more effectively.
Gym owners can find out more and book on to the webinars via our new platform https://lnkd.in/eKi3pWG

I decided to partner with Independent Gyms as they provide a supportive and inclusive environment to help independent fitness owners. I personally enjoy working with gyms and fitness facilities as I strongly believe in the benefits of exercise to our physical and mental health. I have been on a long journey myself with fitness and have enjoyed learning over the years different types of fitness. By working with business owners who have the same passion as me, we can work together well to understand the pains the business owner is experiencing and how these can be resolved. 

Let me know what you think, I am very excited for 2021 and what this collaboration could mean for us all. 

 

2. Download our free guide on “7 mistakes to avoid – to stop your fitness business running out of cash” https://debbiebaileymoney.co.uk//fitness-ebook/ 

3. Connect with me on social media: 

Categories
Business tips Cash

The Cash in your bank

Cash solves problems, cash is king 

What is cashflow? 

Snapshot of business finances, it is a picture of money flowing in and out of a business. This picture shows the long-term financial health. You can track this on a weekly, monthly, quarterly or annual basis.  

Why is cashflow important? 

It enables you to buy supplies, pay yourself and your employees and invest in assets.  

Inefficient management of cashflow will almost certainly lead to failure.  

There is a need to plan ahead to ensure all costs are accounted for correctly, on the correct dates and avoid penalties, fees etc.  

You can be profitable but be cash negative and this leads to issues.  

There is a need to account for short term cash flow issues, such as a customer who is slow to pay. 

How to analyse and monitor cashflow 

Add together all your bank accounts and any cash on hand, this is your starting number.  

Subtract all payments (do not forget VAT payments to HMRC if VAT registered, annual employee costs such as Class 1A NIC and PSA and corporation tax or payments on account if self-assessment) 

Add all income (not sales as you need to account for when you expect to be paid, not when you will make a sale) 

This will give you a negative cashflow (more cash out in the month) or positive cashflow (more cash in, in the month). It is best to do this for at least a year, so you can see the ups and downs that you can expect and when you may need to hold onto cash to ride out the negative cashflow months.  

It is good practice to use past data as well as future expectations to get the best cashflow forecast. Past data may reveal seasonal trends, or dates when major contracts are up for renewal.  

Consider future requirements of the business, such as will a greater work flow require you to hire more staff, are there any tax changes expect such as auto-enrolment pension increases and if you are not registered for VAT are you expected to reach the VAT threshold which would increase your prices to clients and change your cashflow.  

Consider if you like to see information presented visually such as graphs or in table format.  

What can you do to sleep soundly at night, reduce any potential stress and maximise opportunities? 

  • Avoid Surprises
  • Keep up to date accounts and cashflow forecast – add control and strategy
  • Consider if you will need finance in the future and start to seek out those relationships, understanding what you will need  
  • Make your cash work for you  
  • Could you move some of the funds into an interest baring account
  • Consider different methods of collecting payments such as; direct debit, GoCardless, stripe, up front payment or partial upfront payment.
  • Reduce costs
  • Repair equipment instead of re-buying
  • Look at your regular bills, have you reviewed them recently? Do you still require all the services you are paying for? Can you move utility provider?