Financial Goal Setting for 2024

When we don’t make plans or set goals, life tends to take us where it will instead of down the conscious path to financial health. For 2024, we encourage you to follow these five simple steps to jumpstart your financial planning, budgeting, and goal setting:

1. Start with the prior year’s financials and compare yourself to the average financially healthy school your size.
   Using our free Framework assessment tool, find out what a financially healthy school your same size spends in each expense category. Note which of your current revenue and expense items are outside the industry norm and be sure that you understand why. There are uniquenesses to every school, but understanding which areas are most effecting your bottom line will help you set goals to make your school financially stronger in the new year.

2. Include key personnel in your decision-making.
   It’s always great to gain multiple opinions about your school’s needs and possibilities — and this inclusion is also helpful in gaining buy-in from your staff. This process can be a simple brainstorming session during a staff meeting or it can be its own quick, idea-generating session.

3. Set revenue goals.
   Whether this is raising tuition rates, increasing other charges, or decreasing/eliminating certain discounts, it’s important to set a goal and communicate your “why” to families. In addition, new energy in marketing by investing in your website, social media, branding, or in new technology like a CRM system or parent communication system is great in attracting new families to build enrollment for increased revenue.

4. Set an expense containment goal.
   There is always the ability to tighten expenses in some area. Are you wasting man hours that could be spent in hourly raises? Are you putting too much food on plates that are going in the trash? Are teachers propping doors open with the heat on?

5. Invest in your people.
   It’s important to set goals that help you support your staff’s ability to perform their job or that will improve their quality of life. Some ideas are paying for continuing education, starting a birthday club or recognition system, or giving them professional company shirts.

Goals must be specific, measurable, have deadlines, and an assigned person responsible for getting it done. Take time to review your goals at every staff meeting and have responsible people report on the progress for accountability. The biggest mistake owners make is in investing in a budget and plan and then forgetting they have a plan!

What financial goals are you setting for your school in 2024?