Planning ahead (and for the worst) is never an easy task. But we believe that planning for a potential marketplace shift and how it could affect your school is integral to long-term viability.
Most hope that the good is here to stay and the bad will keep away. Unfortunately, the 2008 recession made everyone aware of how quickly things can change.
We have found that roughly 200 private schools close every year, even during strong economic times. How do you keep your school from becoming one of them?
As many schools look to a possible economic recession, consider the following trends and how you can ensure you’re ready for whatever is over the horizon.
Trend #1: More Millennial Parents
The millennial generation will soon be the largest population segment. In fact, over 50% of parents with students ages pre-K through 12 are millennials, according to ISM’s research.
How you work with these families will be vital to your school’s recruitment and retention efforts, especially during an economic downturn. It is important to know what these parents want.
How to Prepare: Customized Learning Experiences
Millennial parents desire learning experiences customized to how their children learn and engage. They want varying learning methods based on how each child learns best, even those from the same household.
This could include providing more time outside for some children, or providing different activities and experiences inside the classroom. Schools must continue to offer diverse learning options to stay competitive today.
How to Prepare: Personalized Messages
Millennial parents also want ongoing, highly personal communication about their child’s education. They want to receive continual updates from those who interact with their child each day. A weekly or monthly newsletter isn’t enough—they want individualized communications from their child’s teachers, advisors, and coaches.
As the marketplace changes, people will continue to ensure they’re spending their money in effective ways. This is especially true for millennial parents, many of whom still have educational loans they must pay back.
By involving parents in every step of their child’s education, you show them exactly where their money goes. They will understand that their child is receiving an education worth their expenditure.
Tune into live webinars every Wednesday during the school year to get specific, research-backed insight you can immediately apply at your school.
How to Prepare: Varied and Ongoing Communication
While millennial parents may be top of mind when it comes to communicating with your school’s families, it’s important to remember that you probably have parents of several generations sending their children to your school.
Here are some tips for communicating with each generation of parents.
- Baby Boomers: This age group prefers to receive information in person or over the phone. They like to consume information through print and on television.
- Generation X: This generation likes to receive information via email and they like to get their news online.
- Millennials: It is no surprise that this generation prefers to receive their information through text messages and consume their information through social media sites like Twitter and Instagram.
Trend #2: Stronger Competition
The private school marketplace is becoming increasingly competitive. To add fuel to the fire, there is also mounting pressure from public schools, many offering key programs and services that once set private schools apart.
How to Prepare: Strategic and Financial Planning
Strategic and strategic financial planning is a vital element to prepare your school for the future.
The strategic planning document is a big-picture guide. It determines the overall strategic direction of a school and sets fiscally conservative financial assumptions. The strategic financial plan is completed to make sure that, before approval, the Board and Leadership Team have calculated the cost and that the plan is affordable. It is a fluid document, meant to be updated continually to reflect the school's strategic objectives.
As the economy changes and competition grows, a strategic plan and strategic financial plan will give your school a strong foundation. Without one, as the marketplace changes, many schools will not be able to stick to their initiatives while pivoting as necessary.
Preparing for these two trends is necessary to ensure your school’s long-term viability. Carefully consider your school’s plans and incorporate these key elements to protect your school for years to come.
