As the COVID-19 crisis continues, clubs across the U.S. are being impacted in numerous ways, and oftentimes uniquely, depending on the community being served.
Family Fitness’ membership base in this county is largely employed in the petrochemical industry and service companies that are based here. Over 60% of Family Fitness’ memberships are corporate members and their families. All schools and most small businesses are closed here, but all petrochemical companies are considered “Essential Businesses” and remain open. Our company response to our community is a five-pronged approach at this time.
HALF PRICE SALE OF ALL INVENTORY
All inventory is being offered at 50% off to members and followers. We have a protocol in place to eliminate the passing of any potential virus in completing these transactions. Family Fitness offers many products that are unavailable in the local stores here. We will completely re-stock our inventory prior to our re-opening.
#FAMILY FITNESS HOME CHALLENGE
Our program to our employees and membership base is asking them to post home workouts and challenge one another while social distancing. We have had so much fun watching each other’s presentations.
EQUIPMENT LOAN PROGRAM
We have implemented an “Equipment Loan Program” to our trainers, instructors and members. They are allowed to take various pieces of equipment home to continue their fitness routines. This includes BODYPUMP sets, dumbbell pairs and spinning bikes. All equipment loaning requires a deposit for security to guarantee their safe return.
BUSINESS PLAN
We have applied for all applicable loans and grants that are available, which includes PPP and EDIL, among other programs.
FINANCIAL STRATEGY
Family Fitness has established a separate banking account to closely track our federal grants and their expenditures. This separate cash management account will shield our general operational funds and keep exact track of our disbursements. Our reasoning on this decision was prompted by the need for having accurate reporting regarding the difference between a loan and a grant from the federal government. This will make our accounting more streamlined and transparent when it is time to report our year-end.
As we navigate these uncharted waters, we look to you, our colleagues, for communal guidance. We are all in this together. Let’s look forward to being more in touch at this time.
