Setting Tutoring Business Goals For Growth
Setting and achieving goals are an essential part of business growth. Goals provide your business and employees with direction, long and short term vision, and motivation. Below we discuss some suggestions for tutoring business goals you can modify to suit your business.
The goals you set for your tutoring business should follow the same rules that apply to all goals. That is, they should be SMART goals:
- Specific: Goals should be short, to the point, and and focused on tangible outcomes. Avoid being vague or general.
- Measurable: Goals should have a clear definition of success. For example, set specific target numbers, percentages, etc., rather than saying increase, gain, or grow.
- Achievable: Goals should be attainable. It’s okay to set the bar high when setting goals, but remember that you need to walk before you can run.
- Relevant: Goals need to be related to improving, growing, and/or building qualities and assets that are relevant to your business. Your goals aren’t business goals if they don’t contribute to business growth.
- Time-bound: Time-bound goals have a specific date set for when the goal will be completed. If you pay contractors to build you a house, you expect them to tell you upfront when it will be finished. That’s a time-bound goal.
We’ll now discuss some suggestions for specific tutoring business goals you can set, and how you can modify them to suit your business’ needs.
Reach a Targeted Number of Student Lessons Per Month
The number of student lessons your business schedules each month is likely one of the key determinants of your business’ revenue and potential for growth. This is especially true if you charge hourly rates for lessons, but also true if you sell packages of lessons (since students will need to purchase more package hours once they run out).
Your business can set this goal in a number of different ways, according to its needs. You can set goals for a minimum number of lessons per month, increasing lessons per month by a certain percentage over last year’s total for the same month, or setting target numbers to reach for every month.
Once you’ve set your goals for student lessons per month you can create marketing content and special offers optimized specifically to encourage customers to schedule more lessons. You can then adjust your strategies based on whether or not your business is meeting its goals.
Acquire a Targeted Number of New Customers
Acquiring new customers will increase your business’ revenue by giving you the opportunity to schedule more lessons and increase your chances of getting referrals from happy customers. This goal can be set by all tutoring businesses, but is particularly effective for businesses that are actively seeking to expand.
This goal can be quite flexible, and is easy to adjust so it fits your business. Some suggestions for goals are to acquire a certain number of customers each month, quarter, or year. You can also set specific goals about how many customers are acquired via specific channels (i.e. referrals, social media, organic web search, etc.).
Goals related to customer acquisition will also encourage your business to track where traffic comes from and allow you to adjust your marketing strategies accordingly.
Increasing revenue is one of the most common tutoring business goals, but it’s important to be specific about what kind of revenue growth you would like to achieve. When it comes to revenue it’s best to set specific goals for specific periods of time. That way you can define what success will look like and measure in detail whether your efforts to increase your revenue are working.
Examples of goals to increase revenue are to increase monthly revenue by a certain percentage year over year, to increase revenue by a specific percentage on a quarterly basis, or to increase revenue during specific seasons (i.e. during test prep season, summer season, etc.).
Setting and monitoring goals related to revenue are a fantastic method of evaluating your business and its strengths and weaknesses. This goal can also be further broken down into increasing revenue by service, tutor, days of the week, and time slots.
If you’re working on goals for increasing revenue you may find some useful strategies in this post about Maximizing the Value of Your Tutoring Services.
Scheduling More Lessons With Specific Services
Your tutoring business likely has a range of services that all offer unique benefits to customers. Some of your services probably generate more revenue than others, which can happen for a variety of reasons.
Perhaps some services are in higher demand, or have been available for longer. Whatever the reason, you may want to promote your under utilized services to get more revenue out of them. That means creating marketing campaigns to promote the value of specific tutoring services to your customers.
If you’re going to promote specific services you’ll need to set goals to track the impact of your campaigns. Methods of setting and tracking these goals would be to track student lessons per day, week, or month using each service type. You can also ask new customers how they found out about your business when they sign up to track the source of your traffic.
Teachworks Tools for Tracking Your Goals
Teachworks has a number of features that can help your business measure progress towards its goals.
Teachworks supports a number of reporting tools your business can use to analyze important business metrics, run specifics reports, and easily view statistics in chart and graphical formats.
Click here for more tips about how to Understand Your Tutoring Business With Breakdown Reports.
You can also download most tables and reports from Teachworks to Excel, if you’d prefer to analyze your business’ data offline using Excel’s reporting functions.
If you don’t yet have a Teachworks account but would like to start leveraging Teachworks’ reporting tools to improve your goal outcomes you can click the button below to get started with your Free 3 Week Trial.