The truth is that running a successful school business is more complicated than what most career coaches and bloggers will tell you. It goes well beyond having state-of-the-art infrastructure and the world’s best teachers.
To be successful in your venture, here are some common killers of school business you have to guide against.
1. Having an Unclear Purpose
For an organization to succeed, it must have a clearly defined Vision (where they want to be some time in the future) and mission (what they will do to get there). The Vision should be further broken down into goals – Short term, Mid-term, and Long term goals.
Every school must articulate why it exists and what it’s striving to achieve. Owners must focus time and attention on developing a clear mission and vision. When business goals are unclear, then there are more chances of the business going extinct within a pretty short time. Note that your vision should not be cast on stone. As the business environment changes, your vision may also change or be updated to cater to the needs of your customers.
2. Sacrificing your clients for profit
There is nothing wrong with wanting to make money, you just need to ensure you create a good brand that people would always want to associate with and recommend to others. Understand the needs of your target market and ensure you give them value for their money. When people feel they are being exploited, then they will start searching for better alternatives
3. Having No Budget
It’s not uncommon to find businesses, even schools operating without a budget. When the management does not draw up a budget, then financial decisions are made without attention to details. When a school doesn’t have a budget, then they spend as they are receiving fees. Although your school business may appear ‘seemingly’ successful, but having a budget will ultimately improve your bottom-line.
4. Poor Record Keeping
Record keeping has a great impact on business performance. Quite often most school owners believe that because the bank balance is impressive, then things are not that bad (Really?). Your cash balance is only one aspect of your financial position, and without a solid accounting and reporting mechanism, that cash can disappear real fast. Therefore, having an accounting system will help reveal the true financial position of your business and help you make business projections.
5.Not Always Looking for Ways to Improve
In the business environment, what is exceptional today could become average tomorrow and outdated the day after. Therefore, constantly looking for ways to improve your school’s standard is crucial. Management should always review their internal processes of delivering education services. It is important to look for improvement opportunities as much as possible. You could incorporate new technology, new teaching methods, offer better customer service, etc. Even very little changes like a new touch of paint can make your school business come alive in the minds of your customers.
Are there other ways that have worked for you? I look forward to your thoughts, comments and questions.
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