Chances are, you’ve heard of the term KPIs, or Key Performance Indicators. While you may have a solid understanding of what KPIs are and what they do, you’re probably still left with the burning question: “Do I really need to establish KPIs for my school?” The answer? Absolutely.
It’s simple – what gets measured gets managed more effectively.
KPIs are more than just numbers. They enable you to make decisions that are not only better, but far more intentional. As a school owner, your time is limited…but you already know that. KPIs ensure that you are spending your time on the things that most impact your success.
So now that you know why you need KPIs, what should your KPIs be? Lucky for you, you don’t need to manage a million different KPIs in order to be successful. In fact, you should have no more than 5-6 KPIs. Instead of trying to manage a bunch of moving pieces, make sure you and your staff are focused on what matters most.
Still looking for answers? We’ve got you covered! Here are 6 common KPIs for martial arts schools:
1.) Student Count
We won’t beat around the bush – let’s talk about student count, a school’s single most important metric.
When it comes to student count, there’s more than one way to take advantage of it. For example, some school owners pay attention to their “active students.” This includes students with accounts that are either current or are no more than one or two months past due.
While it’s certainly important to know the number of current and past due accounts, an even better method of keeping student count is simply asking yourself, “How many students did I have in class tonight?” If your students aren’t attending class on a regular basis, they are more likely to drop out. Everyone knows that!
2.) Number of New Leads per Month
Tracking the number of leads generated each month gives you key insight into your marketing efforts. If your marketing is effective, you will be generating the number of leads you need to keep your classes full or to grow based on your Lead Conversion Rate (see KPI #4).
Of course, you have to be aware of your marketing spending as well. The cost to obtain a new lead has to be reasonable based on your budget. (Don’t worry – we’ll talk about this in a future article.)
Want access to all 6 KPIs that are crucial to your martial arts school? Click the link below to download your copy today!