Growth Strategy for Fitness Business

Growth Strategy
Student's Name
University Affiliation
Professor's Name
Course Title
Due Date
Growth Strategy
A proper growth strategy should focus on maximizing profits and minimizing expenses (Delmar, 2019). These two goals should be achieved against the backdrop of adding value to service delivery. Therefore, there should be a perfect balance between increasing income, reducing expenses, and ensuring customer satisfaction. Customers are likely to continue consuming fitness services when they are satisfied. In addition, customer satisfaction is also expected to increase the number of customers who consume fitness services. The following is my growth strategy for my fitness business.
Increasing Income
The growth strategy revolves around ways of increasing income and decreasing expenses. To increase income, one of the strategies I would use is upselling. This strategy would involve providing specialized services at a premium fee. The second strategy would include introducing new services. A keen analysis of the market trends and customer demand would guide the decision to add these services. The third key strategy would be designing a referral program. The program would involve providing some incentive to a customer who helps bring another customer on board. The incentive could be a free month of membership or access to one-on-one training sessions. These strategies would help increase income without impacting retention.
Decreasing Expenses
The following are two great strategies to decrease expenses. One of the strategies is outsourcing. Outsourcing services such as payroll processing, accounting, and cleaning would be beneficial. Doing so would greatly help reduce overhead costs. The second strate...