Any business owner will tell you that one of the most important aspects of the job is identifying and setting growth goals. That’s true of a Children’s Lighthouse childcare center and preschool franchise, too. As a franchisee, you’ll be overseeing your school at an executive level, leaving most of the day-to-day operations to your school director and staff. This will allow you to focus on the big picture, set objectives, grow your client base, and network with your community. Tracking your growth as a business owner isn’t just good for your bottom line; it’s critical to staying responsive and relevant, and one of the best ways to do so is to use KPIs.
What is a KPI?
KPI is short for key performance indicator. A KPI is a significant measure of some sort of quantitative (numerical) or qualitative (non-numerical) performance and is often used to measure projects, processes, campaigns, and more. They track performance and progress toward a specific goal over time, helping to keep the most important goals of a business front and center. Departments use KPIs to show the value of their efforts to a business; employees use KPIs to understand how their work contributes to a project or team goal. As a Children’s Lighthouse franchisee, you can use them to identify needs and objectives and measure your success toward achieving them.
What Are Some Useful KPIs?
Depending on what kind of business you run and what industry you’re in, your KPIs will differ. Below are a few you might find useful as a Children’s Lighthouse childcare center franchisee:
- Brand awareness (qualitative): how many people know about your school? How are they finding you? Among other ways, you can track visits to your social media platforms and/or website to measure this KPI.
- Customer service (qualitative): how quickly are inquiries being addressed? How does your staff address problems or issues? How flexible are they to special requests? You can use client reviews or surveys to gauge this KPI.
- Staff growth (quantitative): how quickly is your staff growing? How many employees are you adding monthly, quarterly, or yearly? What is your goal? You can use payroll metrics to track this KPI.
- Client growth (quantitative): by what percentage are you seeing client growth each month? What is your target number? You can use the KPIs we’ve just discussed, as well as revenue over a set time period, to help gauge client growth.
KPIs can be categorized by what they’re meant to measure. For example, process KPIs track how well a new process is working; directional KPIs track overall company performance; and input KPIs track what resources a business needs for a particular project or process to be successful.
How Our Business Model Can Help Our Franchise Partners
Children’s Lighthouse is a leader in the early education industry. We’ve used our deep knowledge to create a business model that, among other things, helps franchisees achieve the goals they’ve set for themselves, with our established processes and procedures helping them do so more efficiently and quickly. We’re committed to the growth and success of every Children’s Lighthouse franchisee, not just because it helps our brand stay strong but because it’s the right thing to do! With us by your side, you’ll be in business for yourself, never by yourself, as you set new goals and grow your childcare center franchise.
To find out more about our Children’s Lighthouse early learning center franchise opportunities, reach out today!