Measuring Key Performance Indicators (KPIs) for your swim school each month is essential for several reasons. These KPIs provide valuable insights into various aspects of your business, helping you make informed decisions, identify areas for improvement, and ensure the overall success and sustainability of your swim school.
Five essential KPIs your swim school should measure each month
What get’s measured in your business tends to improve!
Having a clear set up KPI’s that you measure in your swim school each month can help you identify areas of improvement and grow your business.
Here are our reccommended swim school KPI’s that every swim school should measure
Swim School KPI's
1. Attrition Rate
- The attrition rate measures the percentage of students who leave your swim school within a specific period.
- A high attrition rate may indicate issues with program satisfaction, teaching quality, or other factors. Monitoring this KPI helps you understand and address potential retention challenges.
2. Occupancy Rate
- The occupancy rate measures the percentage of available lesson slots that are filled.
- A high occupancy rate indicates effective utilization of your facility and resources. Monitoring this KPI helps ensure optimal scheduling and resource allocation.
3. Attendance Rate
- The attendance rate measures the consistency of student participation in classes.
- A high attendance rate reflects engaged and committed students. A decline may prompt an investigation into potential issues affecting participation, allowing for timely adjustments. High attendance levels also maximise student progress which decreases the likelihood of cancellation.
4. Time in Level Report (High Risk)
- The Time in Level Report focuses on tracking how long students spend at a specific level.
- Identifying high-risk cases where students spend an extended period in a level helps address potential challenges in skill progression. It allows for personalized attention and program adjustments and most importantly, allows you to proactively take action before the customer gets to the point of cancellation.
5. Profit and Loss Statement
- The profit and Loss (P&L) statement provides a summary of revenues, costs, and expenses over a specific period.
- Monitoring the financial health of your swim school, the P&L statement helps assess profitability, identify areas for cost optimization, and make informed financial decisions. This is something you should review carefully every single month.
Additional KPI: Net Promoter Score (NPS)
- NPS measures customer satisfaction and loyalty based on the likelihood of customers recommending your swim school to others.
- A high NPS indicates satisfied customers who are likely to recommend your services. Regularly assessing customer satisfaction is crucial for the long-term success of your swim school.
Monitoring these KPIs will provide you with comprehensive insights into different aspects of your swim school’s performance. Consider the role of efficient software in your success. First Class software is a swim school booking software that provides the necessary insights to make informed decisions, enhance customer satisfaction, and continuously improve your swim school’s operations. Regular attention to these metrics positions your business for long-term growth and sustainability in the competitive field of aquatic education.
Discover how First Class software can transform your swim school. Visit our website at www.firstclassretention.com/swim-school-software/and take the first step towards a more successful and streamlined operation.