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Understanding the overall performance, especially the financial health of your childcare business, is crucial for providing continuous, quality care to your families. However, many ECEC providers are unaware of how best to measure and track this data or even how to get started in order to improve.
At Kangarootime, we’re focused on being your partner in early childhood education and care. That’s why we’re introducing the concept and approach of Centre Economics to help you understand how to get started and improve the profitability and financial viability of your centre. In this article, we’ll explain more about Centre Economics, why it’s important, and provide tools and resources to help you get started.
What is Centre Economics?
Centre Economics is an approach to measuring and understanding the key success measures regarding the financial viability of your centre(s). With this approach, you can begin to understand the areas of opportunities to invest, what levers are available for you to use to get back on track if necessary, and ultimately improve the overall performance of your operation. As we continue to explore this topic, we’ll dive into content around:
· Revenue
· Costs
· Budget Setting
· Forecasting
· Reporting
· Profitability
· And more!
Why Focus on Centre Economics?
Centre Economics should be top of mind for childcare providers as it ensures they can continue their current operations with the opportunity to grow and expand their services. A financially healthy centre provides more flexibility and will allow for high-quality staff, increased enrolment, more facilities, and improved quality of care.
Keen to learn more about Kangarootime? Join a quick 5-minute webinar to get a feel for our software. In this presentation, we will give you an overview of our features. You’ll be able to interact with our product consultants and ask questions along the way. Register here and select a time that works best for you. Join a 5-min walkthrough presentation!
