Here are three important areas to review as the year ends.
1. Review your Retention
How many students did you have on January 1, 2018?
How many students did you enroll in 2018?
The sum of those numbers is your full potential student body.
Below is an example.
|1-Students on January 1, 2018||140|
|2-Enrollments in 2018||100|
|3-Total Potential Student Body||240|
|4-Current Actual Student Count||150|
|Retention= 4 ÷ 3 =||62.50%|
A good, steady 20% year-after-year growth rate is the goal. For that to happen in the above example, your current student count in this example needs to be 192. That will give you an 80% retention rate.
2. Review your Profits
That 20% growth rate also applies to your profits. If your profit on $150,000 last year was $30,000, that is a 20% profit. This year you would look to gross $180,000 and profit $36,000 for a 20% growth rate.
What Factors Affect Your Retention?
Curriculum – Most schools teach a terribly dated curriculum that serves the style or the association the school belongs to. It is not designed to serve the students. Dump it!
Teaching Skills – Earning a black belt does not require learning professional teaching skills. That requires additional education. That’s also why we have the MATA Instructor Certification Course.
3. Review Your Insurance Policies for #ME TOO Protection
What does the #Me Too movement mean for your school? More liability than ever. According to business.com, the #Me Too movement is making a major impact on small businesses.
You can end up paying thousands of dollars to attorneys just to prove nothing happened.
A 2018 study by SourceMedia found that respondents at organizations that employ fewer than 100 people are more likely to say that sexual harassment is highly prevalent in their industry than those at larger firms.
Get your insurance plan reviewed today! Just send an email with your name and phone number with a message, “I want an insurance review!” to firstname.lastname@example.org