Simply copy the MD formula it works and I only pick up their magazine because nothing comes close, see here is why that formula works, flex, m&f is picked up by schmoes they are not dedicated to bodybuilding, MD because it has real content people make it a point to pick up month in a and month out hence they are growing by leaps and bounds.
Now here is your mistake, you think that posting a few swimsuit photos will help sales, well you know by now that dont work, magazines that have full hardcore sections dont sell anymore, its not 1980 anymore its 2008 that stuff dont sell in magazines hence FHM is already out of business and almost all that banked on bikini or even sex photos are heading to bankrupcy court.
So this is the only way to rescue the mag.
Real content, stop with those stupid pages on how to do pushups and how many reps and sets to do for chest, you dont need those fly by night readers.
Now lets remember tabloids make money, why because they have juicy gossip.
So the cover should stop reading "Add 12 inches to your arm in 14 days" and start reading something about industry gossip, and stuff like "The truth about Dbol" etc real stuff not the stupid shit
The content should be Q&A's with pros and write ups from pros just like MD, make sure the Q&A are real not every answer is "Drink nitrotech"
Write about steroids that sells end of story and that has a following,
You have 2 choices be out of business guaranteed within 12-18 months or make drastic changes ASAP
I understabd you are up against the same mindset of people that dont listen, people like old guys at blockbuster who didnt think netflix is a threat people like steve balmer that laughed at google, my point being they need to learn its a new world and give younger guys who keep up with that world total control and let them change everything about the mag.