Episode 247: Cancellation Policy Q&A

What We Cover In This Episode: A look at the current activity in gyms now versus the pre-pandemic levels [0:52] What the primary goal of having a cancellation policies in your studio should be [4:39] The key components you should be considering when creating and implementing your cancellation policies [5:12] How to approach balancing flexibility with clients with the needs of the business [7:35] Some examples of factors that may influence the timeline for early versus late cancellations [9:00] How policies can differ from limited to unlimited item holders and how this will impact client behavior [12:26] Tips for introducing and enforcing the policies in your studio [17:23] The options within fitDEGREE that can help you manage your cancellation policy [19:48] Quotes: "Someone might not make it, they might be in traffic and all of that kind of stuff, but you're trying to reduce the default behavior of people flaking [out]. It's going to be emergencies and those are going to happen less often." [6:46] "If you make the fee so minimal, you're going to make a little bit of money off of it, but in the end you might lose a member who just continuously cancels and doesn't think twice and then eventually cancels their membership." [16:20] "Cancellation policies, in my opinion, are not 'set it and forget it' kinds of things. They are something that you should be continuously reviewing, resetting and adjusting in order to ensure that your business is running smoothly. So you should be monitoring your cancellation policy and its impact." [23:36]   LINKS:  Wellness Watch Report Q1 2024 Register Now for the fitDEGREE Owners Summit Happening October 15th, 16th & 17th in Atlanta, GA!  Learn More About Our Partners & Get Exclusive Offers Visit the fitDEGREE Knowledge Base Send Megan Your Playlist or Discuss the Podcast Here! fitDEGREE's Business Portal https://calendly.com/fitdegree/support  [email protected] https://www.instagram.com/fitdegree/ ​​https://www.instagram.com/fitspot_guru/  https://www.fitdegree.com/blog  https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q