Dressed casually in sleek athleisure wear with her gold-streaked hair pulled into a ponytail, Ms Alicia Pan exudes an aura of serenity and vitality. As the co-founder of home-grown studio chain Yoga Movement (YM), Alicia impresses with her genuine warmth, hearty laugh and palpable zest for life.
Alongside her husband and business partner, Mr Peter Thew, Ms Pan has been an undeniable figure in shaping Singapore's fitness scene over the past decade. Today, YM boasts more than 85,000 members across its ten locations, including Orchard Road and Holland Village.
The dynamic duo is now venturing into the world of pilates with the recent introduction of STRONG Pilates in Singapore. Offering a fusion of traditional pilates and cardio-infused workouts, the studio combines strength training with high-intensity interval training (HIIT) for a comprehensive body workout.
With the opening of two new outlets in Orchard and Tanjong Pagar, their latest fitness concept has taken Singapore by storm. The Tanjong Pagar branch alone reported nearly 4,000 attendees in its inaugural month in June 2023.
Traditional pilates has a reputation for being a low-intensity and low-impact exercise, but Ms Pan says: “STRONG Pilates is different. It’s hard and intense and focuses on building strength and athleticism in addition to the toning and flexibility that pilates is known for. It caters more to people with some experience in resistance training. First timers should start slow, and not overextend themselves.”
A fitness trendsetter
Ms Pan was not always the fitness guru she is known widely as today. As a singer-songwriter based in Taipei, yoga didn't resonate with her at first, as she believed that high-energy activities were a better fit for her fast-paced lifestyle.
Yet, the demands of night gigs and the pursuit of a fitness routine that emphasised breathing and inner well-being eventually drew her back to yoga. Recognising an opportunity in Singapore's fitness landscape, she set out to make yoga more accessible and inclusive.
By 2012, her vision gave birth to YM. To set the studio apart, she made sure that it blended lifestyle elements with yoga's ethos.
Its flagship outlet provided a holistic experience, complete with a coffee bar and patio. This innovative model resonated well with the local fitness community, laying the foundation for Ms Pan's subsequent ventures.
In the post-Covid era, with the fitness scene burgeoning and new concepts emerging, Ms Pan envisioned broadening her horizons beyond yoga. She aspired to collaborate with renowned brands, aiming to build a fitness lifestyle conglomerate.
The opportunity arose when the founders of STRONG Pilates in Australia approached her and Mr Thew at the end of 2022 with a proposal for a Singapore partnership. The company’s pioneering concept of a "pilates-infused, cardio-inspired" workout piqued her interest.
Recalling her previous love for high intensity workouts, Ms Pan saw in STRONG Pilates an exciting synergy for their business. It shared YM's mission to democratise the fitness elements of both pilates and yoga, devoid of any gender biases, and address what she felt was a gap in both practices. They secured an exclusive franchise agreement, which promises the launch of 11 new STRONG Pilates studios across Singapore over the coming three to four years.
Changing things up
As Ms Pan's business grew, the limitations of the rudimentary accounting methods they previously employed became glaringly obvious and constricting. Back then, she and Mr Thew had been using Microsoft Excel to handle the escalating volume of financial data manually, sifting through spreadsheets to ensure formula accuracy. Troubleshooting errors became not only laborious but also susceptible to mistakes.
This manual-entry system lacked real-time precision, creating hurdles for decision-making, swift action, and accurate forecasting that are crucial for a rapidly scaling small enterprise.
In light of these challenges and the evident need for a dedicated finance expert, Ms Pan added Finance Manager Nimisha Vekaria to their team.
Ms Vekaria was quick to advocate a shift to Xero's cloud-based accounting software. Drawing from her past experience with the software, she appreciated its intuitive design and the convenience of accessing it from various devices.
Xero not only automated laborious tasks like invoice tracking and payroll calculations, but also ensured that financial records remained consistently accurate and current.
One particularly transformative feature was Xero’s automatic reconciliation. This allowed YM to produce month-end reports in a mere two weeks, a significant reduction from the previous eight-weeks required. "There's no longer a need to wait ‘till month-end to gauge our business performance," Ms Vekaria says.
When the first Singaporean branch of STRONG Pilates opened in 2023, Xero's versatility played an important role in helping the new brand succeed. The finance team effortlessly transitioned to the new platform by automatically porting YM’s accounting system and vendor contacts over. This eliminated the need for manual data input, and avoided what would have otherwise been a tedious setup process.
Today, Xero is instrumental in real-time monitoring of revenue performances and balance sheets for both YM and STRONG Pilates. The solution also grants Ms Pan and her team the flexibility to access financial data anytime, anywhere.
Eyes on the prize
Encouraged by the success of STRONG Singapore, Ms Pan is casting her gaze further afield in the region with the establishment of the lifestyle group Move [Repeat]. The overarching business looks to incorporate one or two more specialty classes. From there, it aims to branch out into Southeast Asia, setting its initial sights on Malaysia and Thailand.
Ms Vekaria anticipates a pivotal role for Xero in facilitating this regional expansion. "The platform will streamline foreign transactions and centralise finances," she says. Furthermore, Xero's cloud capabilities will effortlessly connect teams both locally and regionally, fostering enhanced collaboration.
This setup will allow the company to operate more independently and expediently. With Xero, team members have immediate access to crucial performance metrics, including profit and loss statements and department-specific budgets.
For Ms Pan, her venture into the fitness industry transcends mere service provision - it’s about leaving a lasting impact on lives. Reflecting on the shift in public mindset off the back of the pandemic, she says: “Over the past two years, there's been a heightened awareness of self-care and well-being. Amid the demands of work, carving out moments for personal wellness has become a cherished luxury.”
“Engaging in exercise not only releases a surge of endorphins but also amplifies our productivity throughout the day. In essence, we're offering an invaluable service to individuals.”
