Money, Measurement, and Preventing Burnout [7FMS Ep. #16]

by Daniel Patterson

 

What does it mean for a music studio owner to “get control” of their finances or become financially fluent?

How do you forecast for future growth?

What the heck should we be measuring in our studios anyway?

Financial control is more than keeping track of your expenses and making sure that everyone pays on time.

In this episode, we’re going to show you the power of financial measurement and forecasting in your school.

Not only that, we’re going to draw the connection between the fires you’re fighting and the financial metrics of your business.

This is the first episode where we’ve gone deep on “money”… you do not want to miss this one!

Click below to listen to the episode.

 

 

Or, check out the video version of the podcast:

 

Here’s what we cover in the episode: 

  • Why does a studio owner need to have financial fluency… and how do you forecast your studio’s outcomes?
  • What is “financial fluency”?
  • Forecasting with your marketing metrics
  • Forecasting with financial fluency… and its unique connection to your marketing system
  • What you should start tracking NOW in your studio
  • How much are you spending on humans
  • What is the overall cost of your company?
  • What is your net income?
  • What do you cost?
  • How to actually use these numbers to develop your own financial fluency & forecasting
  • The real purpose of forecasting… and if there’s an alternative
  • How financial fluency is influencing Brooklyn Music Factory

We’d love to hear from you… what was your big takeaway this episode? What questions do you have?

We won’t know unless you reach out and tell us!

You can do so by contacting us here.

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Daniel Patterson is a private teacher, writer, and marketing consultant for music schools. He began teaching in 2004. He co-founded and led marketing operations for a summer music camp that sees over 200 children each summer.

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