Business basics.
We will need to reduce our expenses to run a "tighter" business
Reducing staff hours / cutting staff
Perfecting the timetable
Using less electricity
Renegotiating bills where possible
Seeing where money is wasted (not helping to grow the business or directly increase income)
We will need to improve our retention rate and strive to for longer lasting customer relationships
Creating the best possible experience for customers (students and their families)
Offering the highest quality dance tuition and training
Providing purpose for our students
Celebrating every individual
Producing WOW-factor moments
Leveraging the human need for "belonging" by prioritising community within the studio
We will need to attract more customers, to replace the ones we lose, and new ones to grow the business
Advertising across multiple platforms
Growing brand recognition with plenty of community engagement
Utilising existing customer relationships
Setting up a powerful and effective "funnel" with a clever website
Investing wisely into measurable and successful paid advertising
We will need to look at future pricing strategy
Researching our local market competitors
Having real conversations with clients
Being prepared to lose 10% of our customers for 20% more revenue (as an example)
Strategising a roll-out that is reasonable, palettable and doesn't shock existing customers
Offering clever little bonuses that provide significantly higher perceived value, so that when we charge more our customers get more
Finding additional revenue streams within the business
Using pricing psychology to encourage more classes and upsells from each customer
We will need to have more fun
There's really just no point in doing what we do unless we as studio owners are really enjoying it
Building stronger relationships with our team and surrounding ourselves with people that we really love to work with
The more we love it, the more energy, enthusiasm and excitement we will bring to our studios, and the more our customers fall in love with it too (they care when we care)
Redesigning our own role within our businesses so that our time is filled predominantly with the tasks that we enjoy and that we are brilliant at
Improving our relationship with our business and the balanced role that it has in our lives for longevity, consistency and to avoid building resentment about the sacrifices we make