The small business I will focus on is “PWRBLD GYM.” The Gym is located in King of Prussia, Pennsylvania and is tailored toward experienced powerlifters. The equipment is considered to be extremely high quality, ranging from deadlift platforms, competition plates, and different types of barbells. In order to create a profit, PWRBLD advertises itself as bridging the benefits of bodybuilding and strength training for all kinds of people. The Gym is also displayed on social media platforms like Instagram, Snapchat, and Tik Tok. Given the popularity of the King of Prussia Mall, many famous powerlifters have come to show support for the Gym.
PWRBLD gym has a few concerns to pay attention to in order to maximize financial performance and outcomes. To start, PWRBLD is known as a state-of-the-art gym; while this may attract a distinct large demographic to this one gym, it will also inherently alienate people who are not as invested or experienced in powerlifting. Dividing customers (even unintentionally) will lead to less gym profitability. PWRBLD has attempted to fix this issue by offering group classes and individualized training sessions from certified trainers. If these trainers and training sessions can bring in the less experienced demographic more profitability will happen.
Another issue PWRBLD gym faces is knowing the best ways to expand their business. Expansion can lead to maximizing financial performance outcomes. Growth is all about timing, knowing how the customers will react to the changes, and how quickly the employees can adapt to the new changes. If the new additions follow these three tenets, new clients and profitability are more probable. A few examples of recent PWRBLD expansions are the Recovery Lounge, PWRBLD Boot Camp (competition for weight loss), PWRBLD Lifting Club (group classes), and Message Therapy (trained massage therapist area). All of these new areas are being implemented around the same time; if the employees have difficulty adjusting to these changes and do not have new availability, their expansions will not succeed.
One Important Stakeholder of PWRBLD is the competing commercial gyms around the King of Prussia area. These gyms are well known and are controlled by large corporations, which have limitless resources compared to that of a small business. One of the nearest competitors is Edge Fitness; PWRBLD has to look at the deals, membership prices, merchandise, and equipment quality at Edge Fitness to make itself stand out as a small business. PWRBLD sets itself apart by offering student discounts, having unique designs for merchandise, and spending most of its budget on high-end competition equipment for all powerlifters in the gym. Regarding merchandise, PWRBLD generates excitement by telling people when merchandise “drops” will occur and offers priority shipping on all merchandise sold. An issue that can arise with respect to shared value is the lack of cardio equipment. Although there is some cardio equipment, PWRBLD customers have shown their support for weight loss programs due to the emergence of the boot camp program. In order to make this program most effective, PWRBLD should add more cardio machines rather than strictly barbells and dumbbells. Tailoring more machines to a new demographic is essential for the new program’s success.
Another important Stakeholder of PWRBLD is the customers and the community the gym fosters. People come to PWRBLD for the high-end equipment, the serious lifting and encouraging atmosphere, and the impressive people that have come to experience the gym for themselves. If one goes to PWRBLD, they will be in a judge-free zone while experiencing the adrenaline rush of having people support them. PWRBLD’s employees must stay active and innovative in improving the quality of the gym experience to keep up with the growing fanbase. One way this is done is by the gym photographer selling pictures of people working out when they are about to attempt a personal record. The potential issue concerning generating shared value is that PWRBLD staffed hours are from 10:00 AM to 8:00 PM. This makes it difficult for people who exercise before work to come to the gym with staff on board. Many people who go to PWRBLD are middle-class adults with families and 9-5 jobs. Although the gym is open 24 hours, not having staff on board early in the mornings makes it difficult for these people to have coinvent exercise time. In recognition of the community, PWRBLD should try and get staff for these early morning hours.
One organization facing competing pressures between financial performance and the need to create shared value for stakeholders is Hershey Park. This amusement park is located in Hershey, Pennsylvania, and is considered to have a more potent lineup of activities than the nearest six flags or Dorney Park. Hershey Park relies on Chocolate World and the Water Park for financial performance. There are more rides at six flags but fewer water activities. This trade-off is what attracts people who like water activities to Hershey park. Hershey Park is committed to creating value for stakeholders by being environmentally friendly. Hershey is known to disclose their environmental actions and has been working to have zero waste sent to landfills. Amusement Parks are questioned about their care for the environment, and Hershey has taken note of this and implemented the necessary actions and commitment for their stakeholders.