How Data-Driven Decisions Improve Your Teaching Business
Using data to drive decisions offers a competitive advantage for growing your teaching business. Data provides deep insight into what makes your business great and where there is room for improvement. If you pay attention to what the data is telling you about your business, you can leverage it to your advantage and use it to grow your teaching business.
Why Data Is Important
Data is objective, and objectivity is arguably the most important quality of a good decision making process. Data is the story of your business’ history; it provides insight into how your teaching business has developed, and where it’s likely to end up if continues on it’s current path.
A few examples of decisions about your teaching business that would benefit from a data-based approach are: setting prices, planning and implementing marketing campaigns, adding or altering services, designing curriculums and lesson plans, determining how many new tutors you can afford to hire, and how much you can pay them.
How To Leverage Your Data To Improve Your Teaching Business
Making data-driven decisions about your teaching business doesn’t need to be difficult or time consuming. You can gain significant insights into how your business works by evaluating a few simple metrics. Below are a few examples of ways you use data to take a quick look at your teaching business before deciding what aspects of your business to focus on:
- Look for specific days of the week or times of day you see an increase or decrease in lesson bookings
- Are lesson bookings consistent across each month, or do they skew towards the beginning, middle, or end of the month?
- Look for seasonal trends in lesson bookings
- Has there been a surge in demand for a specific service?
- Do you have any services that aren’t being requested or aren’t being optimized?
Once you notice a few high level trends you can spend more time analyzing their causes and use them to adjust your business strategy.
Identify Marketing Opportunities
An objective evaluation of your business is a fantastic way to guide future marketing content. After analyzing how your business is performing you can divide future marketing content into two general areas: continue developing your business’ strengths and addressing areas of need.
Analyzing data will also help you evaluate the effectiveness of your marketing campaigns so you can continue improving what works and adjust what doesn’t.
Improve Goal Setting
Almost everyone has heard of SMART goals (Specific, Measurable, Achievable, Realistic, Timely). Using data to drive decisions will improve your ability to both set SMART goals and make adjustments as you work towards them.
How Teachworks Helps
Teachworks will help you make data-driven decisions by keeping up-to-date records of all your relevant information, allowing you to easily view, filter, and download it as spreadsheets so you can work with it in more detail offline.
Even if you don’t spend a significant amount of time analyzing every bit of data in your account, performing simple, routine checks will go a long way towards growing your teaching business.
You can use the following reports to Monitor Trends And Gain Insights With Teachworks to better understand your business and make informed decisions about your teaching business:
Objectivity is essential for managing a teaching business, and one of the simplest ways to perform an objective analysis of your business is to rely on data. Data-driven decisions will keep your business strategy up-to-date, and therefore more likely to succeed.