This white paper by Jim Thomas provides a comprehensive guide for gym owners facing financial struggles. It begins by helping owners assess their gym's viability and readiness for a turnaround, asking crucial questions about market demand, available time, cash flow, team capability, and stakeholder belief. The core of the document outlines a 13-step "Turnaround Playbook," emphasizing immediate action like seeking expert help, taking financial control, prioritizing expenses, and identifying root causes of decline. The playbook also focuses on operational discipline, proven marketing strategies, team rallying, vendor engagement, and obsessive sales and data tracking to ensure recovery. Ultimately, the paper advises continuous effort and cautious optimism even after initial improvements, stressing the importance of reinvention and ongoing investment to sustain long-term success.
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