In this lunch and learn, Kris welcomes Coach Ben Poswalk from Colorado to answer the first listener question from the amazing child care leader listeners. First up is Tomika Roberston of A Giant's Playschool, who has a question about budgeting. She is wondering how to get started with budgeting as she transitions her home based preschool to her first brick and mortar center. And, how to take in consideration for events like parent's night out, bonuses, grad events, etc. Ben shares some sage advice on measuring your information, accounting for fluctuations, and having support and a second pair of eyes.

Key Takeaways:

[7:00] Tomika calls in.

[8:19] Tomika is aware she needs to focus on creating a budget from scratch and to implement best money practices.

[10:33] Ben shares the importance of measuring and tracking data. Measure income first, then expenses.

[11:16] Make measuring and collecting data a habit, and have someone to help you on a regular basis.

[13:38] Get creative with ways to build parent relationships without breaking the bank, like potlucks or picnics.

[16:28] You don't have to get stuck in just giving out bonuses to show appreciation. Think creatively, whether it's visible notes where people can see the nice things you and others say about them, donuts once a quarter, etc.

[17:11] Getting your staff business cards also is an affordable way to make them feel more professional.

[17:50] How to use bonuses to build relationships with your team.

[18:20] What tools do most people use to create a budget?

[19:55] How to keep your business on track with your budget.

[22:00] Make the habit of actually looking at your numbers to ensure your business is going in the right direction.

Quotes:

• "What gets measured improves." - Ben/Kris 10:49

• "People don't remember what you get them, they remember how you make them feel." - Ben 15:29

• "You need to just be able to explain the anomalies in your budget when it's not at 100%, or close to. And that's really how I learned to track my business." - Ben 21:00

• "Get support, get somebody else looking. Get a second set of eyes looking at your numbers." Ben 21:40

Sponsored By:

ChildCare Education Institute (CCEI)

Use the code CCSC5 to claim a free course!

Mentioned in This Episode:

Kris Murray

The Child Care Success Company

The Child Care Success Academy

The Child Care Success Summit

Grow Your Center

Childcare Education Institute: use code CDARenewal22 to get $100 off your renewal

Coach Ben Poswlak