by admin | Jul 3, 2020 | Blog, Uncategorized
Have you taken a moment to rethink and reload your financial goals for 2020? It’s been a rollercoaster of a year so far, but there’s no need to despair! Essentially, we’re only half way through so let’s assess where you’re at and get planning!
Y’all know my favorite word is the “p” word. Ms. Nyckie loves the planning! However, you might be wondering, “what’s the point?” You’re maybe even thinking, “Let’s write off 2020 and start from scratch next year”. Who wants to sit back and mope?? Not me! And I want to encourage you to re-look at your financial goals with some positivity and hope!
Why you need to rethink your financial goals
Between a global pandemic causing financial chaos and the anxious state of flux we’re seeing on the international stock market, it’s not really surprising that we might not have met our goals for 2020. But I hasten to add one word to that sentence: YET. You might not have met them YET.
Clearly 2020 is giving us enough reasons to rethink (life, health, family…let alone our businesses!), so why not just go with the flow? We cannot control the way the pandemic is impacting our businesses – social distancing, face masks and additional cleaning are just a few of the adjustments we’re all having to make – not to mention closures for those of us in countries where strict lock-downs have been in place.
What we can control is our reactions and coping strategies. Let’s be pro-active, re-think and reload our financial goals!
Where to start with reloading
It sounds simple, but in the words of Julie Andrews in The Sound of Music, “Let’s start at the very beginning”! You made Q1 goals in January, right? And maybe the more savvy Childcare Ninjas among us even set Q2 goals back in March. Since then things have gone a bit haywire, and maybe that line you’re usually so able to predict hasn’t quite followed the path you were expecting.
Look at what’s worked well and where things need some support. Have you managed to stay open during this time, or have you had to close temporarily for everyone’s safety? I’ve been lucky in the grand scheme of things, but I know many childcare business owners elsewhere who’ve had to shut their doors, uncertain of when they’ll be able to welcome their families back and therefore had to dismiss staff. Now some of those day cares are preparing for re-opening and they’ve got to look at rehiring as well as navigate intense new levels of hygiene.
If you’ve been one of the lucky ones and have been able to keep going, take a good look at your goals from earlier in the year. How can you alter the projections you’d made to take into account any changes in the financial climate? Factor in any interest rate alterations and allowances you might have been able to access. You can still dream big, and maybe reloaded goals look more positive than you’d imagined they might, considering the current situation.
Ensure that your goals are SMART.
If you’ve not heard of SMART goals before, this means that you are looking at targets in a more analytical way. While you’re reloading your financial goals, it’s worth checking that they are: Specific, Measurable, Achievable, Realistic and Timely. Due to the instability of everything at this precise moment in time, you might be concerned about the longevity of your business so analyse everything and figure out what you can do differently.
Setting really specific goals, like “Find 3 new families for the day care” or “create new menu on a smaller budget”, will mean you can easily see if you’re making progress. Just be sure to write down detailed plans, to chunk big goals down into bite-size ones, and make a timeline for achieving your goals.
The back up plan for your financials…
If you’re not going to meet your goals, but still worrying about not meeting adjusted targets, what’s your plan B? What are you going to do differently to cover your back? If you’re not fully up and running yet, you could set a new goal to develop your childcare business by training up a team or looking at venues. Or maybe you’ve got to pick up some freelance jobs or babysitting work in addition to running your childcare business, just to tide things over.
You may decide that now is the time to start saving more emergency funds, or that you’re going to make changes in your investment strategy so your money has a better chance of surviving market downturns.
I’d be happy to chat over in the Facebook group with you about how things are going, and the other childcare business owners will have ideas about how you can adjust your strategy to reach your new goals, in the new normal (whatever that looks like for you!).
Before you go, have you found the Childcare Ninja Facebook group yet? We are an army of childcare professionals who are sharing ninja-sharp skills to transform our businesses into childcare empires! This is Childcare Ownership all Grownup! Interested in becoming a part of the community? Join us for more tips on how to make your childcare business the success it deserves to be! And don’t forget to follow us on Instagram!
by admin | Jun 12, 2020 | Blog, Uncategorized
Being a childcare business owner comes with a lot of responsibility. Not only do you have the precious loved ones of parents at the center of your business, you’ve got a plethora of childcare professionals to care for. So how can you help your team become the childcare rock stars they’re destined to be?
Since I’ve been running my childcare business for over 13 years, you’ll know I have learned A LOT in that time. In all honesty, I’ve made countless mistakes, but I’ve also helped numerous childcare workers achieve their goals! And I try to make sure I learn from every slip up, so that it doesn’t happen again.
One thing I’ve been successful at over the years is building a great team to work with me. I have developed strategies and leadership skills that allow me to support them and help them grow.
Here are a few of the ways you can do this too, to help your team flourish:
Help your team notice their strengths and weaknesses
Get to know your employees in the workplace. Sounds cheesy, but identifying their strengths and weaknesses is the key to unlocking the potential of each member of your team. Spend time with them playing with the daycare children, observe the way they interact with others and how they carry themselves. Are they confident? Do they feel able to ask for help?
Paying attention to your team’s strengths and weaknesses means you can provide them with support in all the right places. You can seek out opportunities for professional development training where needed and do it in a positive way. As a Childcare Ninja, one of your most important jobs is to detect these strengths and weaknesses, then use that knowledge to propel their productivity and get them on board.
Part of this is actually being honest about your own strengths and weaknesses with your team. Learning together can be a massive turning point! Talk about your own journey and let them see it’s okay to recognize where you need to do the work, but it’s also great to celebrate how far you’ve come.
Give your team wings to fly
Being a business owner is a fine balance of wanting to have control, but also letting go. I get it. Your business is your baby. You’ve put in hours and want to make sure everything is managed PERFECTLY. I know. I hear you! But the problem with this comes when you’ve got to take an unforeseen break – say, an emergency with your mom – and you’ve got to let someone else take the reins. Firstly, you’ve got to have systems in place for if this does happen. Secondly, you need to know your team will cope okay without you.
So, while you’ve got the opportunity, allow members of your team the opportunity to grow. Let them take on tasks you might normally reserve for yourself. Give them the chance to be creative in their problem solving before you step in. Help your team help themselves! When you see how brilliant they are in situations, you’ll be able to rest easy when the time comes for an operation (or even – GASP! – a holiday).
Show your team that you care
Working in childcare is hard. Especially when you’re new to it and you’re young and learning constantly. Do you remember? Was there a manager or childcare owner who went the extra mile to support you? I didn’t really experience this, so I do my utmost to be the change I want to see! I want to create a culture of kindness in my daycare centers, for both the children AND the staff.
Before you freak out, I’m not saying we all go on spa breaks together and play team building games in lunch breaks! I’d just say that there’s a real need for us as business owners to set a good example. Let’s be creative with incentives to get the team working together for a common cause. A little friendly competition here and there, like a Bake Off or a poster design. A “Random Acts of Kindness” tree in the staff room is a lovely touch I’ve seen before.
And most of all, take time to show them that you care. I love writing my team cute hand written notes, so they know I’m thinking of them. A little kindness really does go a long long way. And they’ll remember how you treated them, hopefully going on to lead as you’ve done when the time comes.
I hope this has shown you how to lead your team to become the rock stars they’ve always meant to be! Let me know in the comments if you have any other tactics to share. I’m always keen to develop my leadership skills and continue my own Childcare Ninja journey!
Before you go, have you found the Childcare Ninja Facebook group yet? We are an army of childcare professionals who are sharing ninja-sharp skills to transform our businesses into childcare empires! This is Childcare Ownership all Grownup! Interested in becoming a part of the community? Join us for more tips on how to make your childcare business the success it deserves to be! And don’t forget to follow us on Instagram!
by admin | Jun 5, 2020 | Blog, Uncategorized
I hear you, Ninjas! “Childcare profits?! Hide and seek?! Finance…what?!” I know, I know! We didn’t seek to be in the childcare game aiming solely to make profit. It’s all about the kids, right? However, to be able to afford to provide exceptional childcare, you’ve got to make a profit so you can reinvest in your business and up-level your services.
We have got to talk about childcare Profits! It’s important! And, boy oh boy, do I know how scary the “finance” part of business can seem. I used to spend hours fretting over it all. The in-comings, the outgoings, the profit margins and looking for ways to increase the amount I was making so I could improve things all the time.
Nowadays though, I’m not worrying about it anywhere near as much as I was, so I thought I’d share how with you.
Create finance systems
My favorite subject! Systems! And I LOVE having systems in place to keep my business finance in check. Firstly, break your financials down into bitesize, manageable tasks. My advice is to have daily, weekly, monthly and quarterly tasks, so you’re not left playing catch up at the end of the quarter! I’ve made a super useful resource which will really help you get on top of your finances. Check out my fab finance freebie here!
Systematizing is important and it’ll save you time and money. Why waste hours of your life back tracking your invoices and filing stuff for days? Or doing something by hand that a whizzkid has figured out, if it’s a simple and automated way for you to handle finances?! It is a no brainer! Get those systems sorted, Ninja!
Learn about finance from others
It might look a little different, but the bones of a childcare business are like any other. You can make a good living out of your childcare profits, as well as investing in your business. I think we forget (or maybe feel embarrassed?) about talking about the profit possibilities that come from providing essential services to families. And that’s why I shout about it all from the rooftops! Making a profit shouldn’t be taboo. So I will share my knowledge from years of running my childcare business with you because we can learn so much from others!
By learning from others you can figure out how to make finances simple. Read the blog posts I share with you, check out other childcare business owners (and other areas too!), and most definitely join a community where you can ask questions and share resources. (Ahem, have you joined our Childcare Ninjas Facebook Group yet? It’s a great, safe place to hang out and get to grips with your childcare business!)
Get financial help early on!
I understand what it’s like and finances can feel truly overwhelming, therefore I urge you to reach out to someone! Don’t prolong the pain – seek help from an expert sooner rather than later. Feel free to ask in the Childcare Ninjas facebook group, because there’s bound to be someone in there who can point you to some awesome resources. They’re a fantastic bunch of humans and always keen to be supportive.
If you’re not sure who to talk to in more depth, ask your local friends – find out the name of a good accountant. Word of mouth recommendations are (nearly) always absolute GOLD! And don’t forget we’re living in the digital age! You’ve got oodles of online groups at your fingertips to learn about finance. If you need a little more guidance, there are some well-regarded coaches you can work with, on anything from money mindset to investing your profits wisely!
Hopefully these tips have helped you feel more confident and given you some clues about where to begin with your childcare business finance.
Before you go, if you’re keen to get started on putting systems in place, and getting your finance in order RIGHT NOW, I’ve created a finance bundle especially for you. Everything you need in one place! It’s a small, one time investment, but worth every single penny! You get a whole lotta goodness included, and the templates come in both Printable and Online formats, so you can access them in a way that suits you and your childcare biz!
Remember: Don’t shy away from your finances!
And don’t forget that I also have a free Facebook community for childcare providers. Come and join in the conversation here. We’d love to meet you and hear how you’re getting on.
