TIMA Road Map #3: What is Your Average Student Fee?

Good day guys, Graham McDonnell here from TIMA. In this video, I really want to touch on a really... I guess sometimes can be a sensitive topic and that is your average student fee. Having traveled the world and talked to lots of different business owners, I hear all the time how many student numbers they have. Now that's a great number, that's really great confidence booster but what you got to look at is, well, how is the business tracking? We're talking about P and L's - profit and loss. And for a lot of business owners listening and I'm sure you guys are really sitting up with your ears forward. It's all about making sure that really at the end of the day we're here to serve our students, give them the best possible product, but we also need to make sure we've got a viable business. So when we look at the students that we have at WAIMA, our main schools, we not only look at, yes, student enrollments, we also look at how our marketing dollars, but now I'm looking at also the average student fee. And when you got different packages that range, it's nice to say my top one may be worth $200 a month for example. But you may have programs that are a whole lot less than that. Therefore, your average student fee is going to drop significantly depending on how many of those lower packages you sign up. So for us at our school, we look for about an $87 per fortnight. We bill every two weeks for us at our schools and what we're looking to try and do is increase those numbers year after year. Something that I really want to specify guys, is when you look at your average student fees is go back over your entire student database, get the entire fee structure, I'm sure this is no news to you guys, and then look at the total dollar amount billed and then how many students you're actively paying. What you're going to take into consideration is getting rid of those students who may be on a special deal or those as we would sort of say. Get rid of them so you get an actual true fact. These numbers are not always sexy numbers, if I can call it that, but they're real numbers that are going to help you get a really good understanding of how you can make refinements and improvements in your business because, at the end of the day, if you want to increase your average student dollar with your average student fee there's some small refinements that are really going to help you get there. Could be upgrade programs, which we'll talk about later in some different videos. Different marketing ideas to obviously help increase the packages that are available for you. Look, this one's just a short sweet one. It's going to give you some homework to go away and actually get a real indicator of where you want to be. Not just how many students you wanted to sign this month. What dollar fee or what's the average dollar fee, do I want to try and accomplish? So if you got a great sales person or a program director, it's a really good magic matrix for them to focus on. Not only 'Congratulation you joined X' but the student fee, the average fee is this. So team, really encourage you to get out there, crunch those numbers, it's a vital stat that often is overlooked but it's really going to help you become a successful school and potentially scale up if that's your goal. So team, in the next few videos we're going to talk about retention of students and also we're going to be talking about upgrades and over counter sellers. So stay tuned, can't wait to share with you some really fantastic content and we'll see you very shortly. Take care.