Focus, Priorities, and Your School’s Cash (Part 2) [7FMS Ep. #41]

by Daniel Patterson

 

I’ve talked to 100s and 100s of music studio and music school owners.

A common refrain is that there are so many things to keep track of in the business… that it’s difficult to know how to prioritize.

It’s difficult to know what to do next.

In this episode, we break down the numbers that you need to keep track of each week to make sure your school is healthy.

This is the conclusion of a two part episode. The first episode is “How to Measure Your School’s Health.”

Here’s what we cover in the episode:

What You Should Know About Metrics

  • Nate shares other metrics his people power team looks at monthly
  • The best ways to keep track of student attendance
  • The best ways to keep track of student progress & practice habits
  • Measurements for your studio don’t have to be complex – OWN it!

What You Should Know About Your Financial Dashboard

  • How to KNOW how much you’re making every month (Revenue)
  • How to easily see your incoming & outgoing money at a glance (Income & Expenses)
  • How much are you spending on your teachers every month? (Cost of Labor)
  • Understanding how much cash you have on hand (Cash Flow Reports) 
  • Understanding costs for human resources (Operations, Inventory, & Payroll)

What You Should Know About The New Business Bucket

  • Your most important job as a founder and owner of your studio
  • How Nate stays confident in his business goals year-round
  • There are some responsibilities that will ALWAYS be yours… here’s how that plays out in your studio
  • Finding new opportunities you have time to invest in – it takes consistent effort and self-assessment

 

Click below to listen to the conclusion.

 

 

Or, check out the video version of the podcast:

 

 

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.

Have a great week!

Very best,
Daniel and Nate

 

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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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