Money is the best way to measure the success of your business. It doesn’t matter what business you are in, money is the one consistent, specific, measurable thing that you can use to determine the health of your business.
It’s how you keep score of what’s happening in your business and informs you on where things are performing and where they are not.
Look at the stock market. It’s driven by the results that come about from measuring money. If you want to sell a business, how do you find out what it’s worth? You measure the money. How can you tell the health of a business? You measure the money.
I can look at the stats of my school and in 30 seconds tell you where the deficiencies are and and what actions need to be taken to remedy the situation. Or, recognize what’s going well and explore new opportunities that I can create for my students.
Inevitably, when I discuss money as the measurement of your Taekwon-Do school’s business success, it touches some throbbing altruistic nerve in the instructor community and I hear about how terrible it is to discuss business and Taekwon-Do together.
Keep in mind here, that I am talking specifically about the business success of a Taekwon-Do school.
There are many other aspects of your school that you can take pride in and measure the success of such as students’ grades, number of students that make it to Black Belt, number of US Team Members, , number of World Champions, students with improved behavior, increased strength and on and on. But when it comes to business, you have to measure your success in money.
Finally, this applies to EVERYBODY. It doesn’t matter if your goal is to just break even and charge as little as possible, or if your goal is to earn $100,000 in the next 12 months. You still have to know where your money is coming from, how it got there and where it’s going.
You still have to measure the money.
About the Author:
Mr. Karstadt is the founder of 1 TKD Consulting and owns the longest running ITF Taekwon-Do school in Arizona, Karstadt Taekwon-Do in Phoenix, AZ with his father Master David Karstadt. He has been training since 1984, earned his Black Belt at the age of 8 and is currently an internationally renown intstructor teaching the culture, discipline, leadership and business skills of Taekwon-Do in classes and seminars to Instructors around the world. He has been a member of eight U.S. Taekwon-Do Teams and has traveled to 14 different countries competing in Taekwon-Do. He has won numerous medals at the World Championships and in international competition, most notably winning the 2004 World Championships in South Korea with two gold medals and the Men’s Team All Around Trophy. Mr. Karstadt currently resides in uptown Phoenix, Arizona with his wife and three children. Mr. Karstadt can be contacted by e-mail at email@example.com