Can you believe it? Mid-year is here already! As a martial arts school owner, the summer months can either be a challenging period or a time of significant growth. But instead of focusing on seasonal fluctuations, let’s dive into something crucial—your mid-year analysis.
The Importance of Mid-Year Analysis
A while back, I mentioned the three types of schools when it comes to keeping statistics:
- Schools that have no idea what keeping statistics is about.
- Schools that keep statistics just for the sake of it.
- Schools that not only keep statistics but also analyze them and create a game plan based on their findings.
💡 This is the time of year to ensure you’re in the third category. Analyzing your progress over the last six months is essential for setting yourself up for success in the latter half of the year.
Steps to Conduct a Mid-Year Analysis
- Utilize Your Software
For those of you using Spark, leverage the ultimate stats feature. It’s a goldmine of information. If you’re not using Spark, gather basic data from your current software:
- Number of leads generated.
- Number of leads converted to trials.
- Number of trials that showed up.
- Number of trials converted to full memberships.
Retention rates from January to now.
- Evaluate Student Retention
Review the number of active students from the beginning of January and compare it to your current numbers. Calculate how many students you’ve signed up and how many have stayed. This will give you a clear picture of your retention rate.
- Analyze Dropout Ratios
Identify your dropout ratio, especially focusing on new students within the first 90 days. Many students tend to drop out in the first six weeks. Re-evaluating your onboarding process can help reduce this attrition. Consider implementing an orientation class before new students join their first session.
- Assess Your Income
Compare your income from the first half of this year to the same period last year. Determine whether your income has increased, decreased, or remained the same, and analyze why this might be the case.
Identifying Weaknesses and Plugging Holes
The key to improvement is identifying weaknesses and addressing them. Just like getting blood work done to check your health, your school’s data provides insights into where improvements are needed. Conduct a thorough audit and create a specific plan to address any issues. Remember, knowing where the holes are is the first step in minimizing them.
Personal Growth: The Law of the Lid
John Maxwell’s “Law of the Lid” states that your organization’s growth is limited by your personal growth as a leader. If you’re a level 6 leader, your school can only grow to level 4 or 5. To push your school to new heights, you need to elevate yourself to a level 8, 9, or 10 leader.
Three Areas of Personal Growth
- Mind: Continuous learning and mental development.
- Body: Physical health and fitness.
- Spirit: Spiritual growth and well-being.
💡 To foster growth in your business, you need to grow in these areas. Balance is key—strengthen your mind, body, and spirit to lead effectively.
Miid-year analysis is your opportunity to recalibrate and set a clear path for the remainder of the year. Use your data wisely, address your weaknesses, and commit to personal growth. Your school’s success depends on it.
Ready to take your mid-year analysis to the next level? Spark Membership Software can help you track leads, conversions, and retention rates effortlessly. Use the ultimate stats feature to gather all the data you need for a thorough analysis. Make informed decisions and watch your martial arts school thrive.
