4.5 Managing Studio Records

Successful Moo Duk Kwan Studio Ownership

4.5 Managing Studio Records

Active administration regarding studio records maintains a professional interaction with the students, helps you successfully manage the Pu0026amp;L, and promotes accountability amongst the studio staff. Before you start setting up your record keeping you need to plan out what you’re going to measure concerning your business on a regular rhythm. If you can’t measure it, you have no way of understanding the trends of your business and understand the root cause of shifts in operations. A few of the common metrics and Key Performance Indicators (KPIs) to be tracked, reported, and analyzed on a weekly, monthly, yearly basis are:

* Paying Headcount

* Class Attendance

* Revenue

* Payroll

* Product Sales

* Merchandise inventory

* Expenses

* Utilities Costs

There are a number of computer programs and services available to martial arts studio owners that can help with accounting, attendance, inventory management, etc. A short list of solutions is:

* Zen Planner

* Front Desk

* Member Solutions – Martial Arts Management

* Regpack

* Kicksite

* MINDBODY

* ChampionsWay

Many studio owners manage their records on Microsoft Excel, off-the-shelf database programs, or something similar. As your business grows you need to be looking constantly on how you can become more efficient in order to cut operational costs.

Attendance – Attendance can be tracked in a number of ways. One common approach is to have attendance cards for each student and have the students responsible for checking in at each class. You can tie their class attendance to time readiness for testing. You can then have your office staff input the class attendance into your master record keeping on a central computer program. An example of an attendance sheet can be seen below:

You can also create your own personal database to track attendance and have student login on a studio computer.

Inventory – Your inventory should be tracked across merchandise type, size, count, color, etc. That way you can quickly report based on different categories and track trending. Microsoft Excel or a database is a very easy way to report and track this type of data.

Revenue – Your revenue, enrollment, and merchandise sales need to be carefully tracked against your projected plan so that you know if payments are missed by your students. This is one of the most important pieces of data to track. Without the revenue you’ll quickly go out of business.

Payroll – Payroll has tax implications and must be managed to track income versus expenses.

Expenses – There is a long list of expense types that should be managed (refer to the accounting section later in this manual).

Contracts – Each of your students will be enrolled on a variety of programs. You must keep track of which program(s) your students are enrolled and when those programs expire. On a monthly basis you need to look 1-3 months out for expiring enrollment so that you start the re-enrollment process (with mailing and one-on-one conversations).