The unknowns and the ‘what-ifs’ can be a scary thing for a business owner. When owning your own swim school and trying to plan for the ups and downs of business, sometimes the unknowns can be the most challenging part of management. Should I get rid of this class until the Fall since enrollment is down? How much should I pay my instructors? What is the best way to communicate with my students and families? These are all questions we’re sure you ask periodically.
Key Performance Indicators (KPIs) or metrics are an important part of answering these questions. Making data-based decisions helps you be confident in your swim school’s future and gives you time to pause and re-route if needed. Here are some important swim school metrics we think you should be keeping track of as you plan the next few months at your swim school.
While you probably know which swim classes are full and which classes have openings, keeping track of enrollment month over month and year over year is a great way to paint a picture of the health of your swim school. It can help you identify trends and allow you to plan ahead. Did you see a drop in enrollment after the start of the school year? Did the Summer class special you ran in April help increase enrollment? By pulling enrollment reports, you can draw conclusions from the trends that you are seeing.
Do you need some swim school industry statistics to compare your own enrollment and growth? Download the Swim School Industry Benchmark Report to see that and more.
Many things go into the single number that can be defined as your swim school’s churn rate. This is the percentage of customers who have started a class and then left after a period of time.
After tracking your churn rate for a couple of months, you should be able to come up with a goal for that number. If you find that your swim school has a high churn rate, there are areas for improvement. Here are some ideas on ways you can reduce churn:
- Offer the right classes at the right times for your geographic area
- Communicate effectively with families
- Answer questions in a timely manner
- Value customer feedback
- Offer self-service options – self check-in, autopay, online registration
By being aware of your churn rate and implementing improvements, your rate will go down and enrollment numbers will go up.
Active Class Attendance
On an average week, how many swim classes are you offering? And how many of those classes are completely full? By tracking attendance in your regular classes, you can make decisions on class offerings in the future.
If your infant and toddler classes are consistently full or maybe even have wait lists, consider creating another class. Get rid of a low-attendance class and reassign that teacher to the new class or hire a new staff member entirely. Keep track of the best teacher-to-student ratio for different classes and focus on sticking to that guideline.
From the moment a parent fills out a registration form to the moment the swimmer ages out or leaves, their lifetime value is calculated. Calculate your swim school’s student lifetime value by taking the average tuition frequency multiplied by the billing frequency multiplied by the average student lifespan. And there you have it!
There are a few ways to increase your student’s lifetime value. Make sure you’re offering classes that cater to all ages. Consider loyalty programs or multi-class discounts. Or even discount tuition for families that have more than one student enrolled in your program.
Net Income Ratio/Profit
Keeping track of your bottom line is the ultimate indicator of business health. After all expenses are accounted for and you have drawn your own salary, how much is left over? Are you in the red? This number will help you make a more informed decision when it comes to class prices, staffing, and operational costs. A positive number allows you to invest further into your business and see growth.
Customer Base Growth
As your swim school matures, you learn what works for your business and your community becomes aware of your services, the amount of new customers registering for classes should increase. Many things can impact this number and there are a few things you can do to increase this number. Focus on marketing on social media and encourage word-of-mouth referrals. Perfect the customer experience.
Each of these metrics is important when making data-based decisions and it is crucial to review them regularly. Using class management software like Jackrabbit Class that offers easy-to-digest reports using a Business Intelligence Dashboard makes running regular reports easier. Start a free trial with Jackrabbit Class and get a step closer to simplifying processes at your swim school.
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