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 & Certificate Instructions🎓
Watch the recording here. Access slides here. To receive your certificate, you will need to watch the whole recorded session on WebinarJam. The certificate is shared at the end of the session at the bottom of the chat bar. You can download the PDF, fill out your name, and center name in the blanks and you’re done!
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