The operational cost of running a standard and profitable school is quite high and generating sufficient revenue to cover these costs and also make a profit is often very difficult.
Oftentimes, people delve into the school business with very high expectations. Some eventually become frustrated and lose hope when things are not going according to their plan and projections, while some others persevere and continue to nurture their dreams until they achieve success.
For those school owners who are on the brink of giving up, please don’t throw in the towel yet! Here are 5 tips that can help you achieve success in your school business.
1. Keep your Records intact
Businesses that are non-committal to good records keeping often experience many problems. When data like expenses and revenue, liabilities and assets, customer and vendor records, are not properly stored and processed, then the management would be ‘flying blind’- make uninformed decisions that could prove fatal to the business.
These records can either be stored using physical files or using a school information software.
2. Review your suppliers
If you’ve used the same suppliers for several years, there may be other vendors you can leverage on for a better deal. However, in your cost analysis you should compare apple for apple. Your financial decisions should not only rest with price, but also on quality of product and reliability of the vendor. For school supplies like stationeries, textbooks, school uniform, laboratory equipment, computers, etc, sourcing from online suppliers or warehouse stores can provide savings.
3. Grow your school website
I have spent a great deal of time looking at websites of different schools. Some are really great and represent the school well, while some are just okay. Others are…well…terrible. Your school’s website is your first representative in the online community. Therefore It should be well designed, easy to navigate, and visually appealing. If you want to attract new clients and increase enrollment, then having a remarkable website is the best place to start. Schools which have websites integrated with good functionalities like a strong responsive portal where parents can make enquiries, make payment for school fees and other fees, apply for admission, receive feedback on the go, and more, are bound to have increased revenue, customer loyalty and customer base.
4. Choosing to Be Exceptional
Let’s be honest, oftentimes, people make buying decisions based on their emotions. A number of parents will chose schools they like, not necessarily what is best for their children. In the many years we have provided consulting services for schools, we discovered that oftentimes it is the little things that make all the difference. These things could be as little as birthday messages to parents and students, wedding anniversary and holiday wishes, etc.
When you make your parents and their wards feel special on their special days, they are bound to recommend your schools to neighbours, friends, colleagues and acquaintances.
5. Adopt Technology!
Streamlining administrative processes with technology can reduce labor and material costs. For instance, adopting Computer Based Testing (CBT) for exams over paper-based testing will not only reduce your cost, but will also save time in marking and processing results.
There are many technologies in the market designed mainly for schools, however, Nortify is one school information Application that has astounding features like Smart messaging, Student information system, CBT testing, Admission engine, online payment system, etc Click here to see more…
This information is not exhaustive as there are many tips others may have used to achieve success. What other methods do you advise? How have they worked for you?
Kindly share with us!