How To Do Payroll The Right Way

Built To Grow Fitness Business

Last month had 5 Mondays, a great opportunity for businesses that run a weekly billing cycle to collect more revenue than in other months.

But this can prove challenging if you run a weekly or biweekly payroll schedule. In some months, you can easily find P&L reading negative due to higher-than-normal expenses.

The solution to this problem is surprisingly simple.

It lies in fixing your base operating expenses and locking in your payroll twice a month, adding up to 24 pay periods in a year.

This means that with each check, the employee makes slightly more due to the reduced pay periods, but for the business, it brings stability and predictability. You can easily project your expenses.

There will never be a time in a 30-day period where an extra pay period is needed.

Wanna know how all this works in a fitness business? Tune in as Tim and Randy take you through an easy fix to this problem.

Key Takeaways

- FitPro Growth Summit 2023 dates (00:23)

- The problem with every other week payroll schedule (03:48)

- Locking in your base operating expenses (04:26)

- Locking in your payroll twice a month (04:47)

- The beauty of projecting your expenses every month (06:44)

- Pull the guesswork out of work (09:20)

Additional Resources

- Grab your tickets for 2023 FitPro Growth Summit

- Learn more about our Business Accelerator Coaching Program for Gym Owners

- Business Talk with Fitness Professionals Facebook group

- Learn more about The Iron Circle