In this webinar, we talked with our special guest, Karen Foster-Jorgensen, about the #1 risk for child care owners in 2020: finances! Karen walks us through what to prioritize in your budget, why building a strong financial mindset is key, and how to prepare for the 2021 fiscal year.
🎤 Our Special Guest
Karen is an early childhood business strategist, consulting, and training on financial and director success throughout North America. Karen has enjoyed success as a teacher, YMCA Executive Director, and owner/director of two childcare businesses. Her newest book on early childhood finance, “It’s More About Strategy Than Math: Financial Success in the Childcare Business!” is now available on Amazon with a study guide on her website. Visit www.ChildCareDirector.com for her blog and more early childhood business resources.
🧪 Key Learning Outcomes
- Don’t be afraid to say that 5-letter word: M O N E Y
- All your experiences contribute to where you are today and where you’ll be going in the future. Always be learning!
- Look at your operating costs and what type of services you are offering. From there, you will know what your GPS “gap per slot” is and how to adjust accordingly.
- Financial reserves is so so key to run a healthy business – think of it as saving for a rainy day!
- Even though we’re working with families and relationships are important, childcare is still a business and it’s okay to prioritize the two together.
- Get honest about your costs! Communicate this with families so that everyone’s on the same page and can collaborate to make things work.
- Revamp your budget from scratch every year. This is a really good exercise to keep on the ball with your cashflow and adapt in the short term – really important to surviving the pandemic.
- A budget is a “best guess” and helps you map out your center’s big picture. Once you have it, you’ll know where the gaps and be better equipped to make decisions.
- Connect with Karen – Childcaredirector.com
- [Karen’s book] “It’s More About Strategy Thank Math!”
- Get Karen’s study guide and use the code “Raising Hope”
- [Podcast] – Child Care Financial Tips During COVID-19
- [Webinar] – 2020 Benchmark: Insights From The Experts
- [Webinar – Masterclass] Contactless Billing & Payments
🌟2020 Child Care Benchmark Report
This is just a high-level overview of the state of child care – get your copy of the HiMama’s 2020 Child Care Benchmark to have all the insights!
🖥️ Watch Recording
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The HiMama child care app helps to streamline your digital parent communications. Book a consultation with us today to learn how we can support your child care center during this time.
Image from: Lifehacker