A Very Happy Christmas and A Happy New Year!
Sing hey! Sing hey!
For Christmas Day;
Twine mistletoe and holly.
For a friendship glows
In winter snows,
And so let’s all be jolly!
1. Don’t say ‘YES’ or ‘NO’ at the 1st meeting:
We as coaching institute owners usually immediately respond negatively with a strong NO and block any further discussions.
Instead, you might want to hear the student or guardian as you never know the student or guardian might have a genuine clarification.
2. Be clear and precise and repeat to confirm clarity of understanding:
In most cases, I’ve noticed that we just go on explaining things in a broader perspective and we take time to get to the point. In some cases, the student or parent gets confused and hit the panic button and get a feeling that they’re paying more, resulting in them asking for discounts. Be clear and crisp in what you say and most importantly, repeat to establish clarity. That way you can avoid situations, stating you had told me earlier but now it is different.
3. Talk internally with your partner/staff to ensure everyone is on the same understanding:
This happens in most cases, where two different people attend a particular student or guardian. In such instances, it’s good to be on the same clarity in terms of the fee or package and not commit without clarity. This way an unnecessary discount waiver can be avoided. Once something is confirmed to the student or guardian, It is very difficult to go back on our word and even if we do, it would turn out to be a very awkward situation.
4. Strictly Avoid telephonic confirmations:
Be very mindful to avoid conversations about fees and packages over the phone. It is best to engage in a face to face discussion. This will help in multiple ways as a perception made when they see your institute might be different and establishes a personal connect making it easier for you to explain why the charges are fixed at that particular amount set by you.
Moreover, telephonic confirmations lead to confusions and unnecessary misunderstandings internally and externally. The last thing you need is a probable new guardian or student walking out dejected.
5. Be empathetic, not Sympathetic:
This is a very, very important aspect we should keep in mind because sometimes most of us get caught up in emotional conversations. Remember to be empathetic but stick to the course fee that you have predefined. You can probably allow a staggered instalment payment, rather than writing it off completely.
Trust me we all have emotional ups and downs, but when we run a business it is important to maintain a balance in our thoughts and decisions.
What are your best practices before giving out discounts? I’d love to hear your thoughts in the comments!
Fee payment and fee collection is one of the most challenging aspects of running a coaching class business. After rendering excellent service to your students, you’re forced to wait for an indefinite time until payment is made. Without having the luxury of liquid assets and a steady cash flow, the success of a coaching class depends largely on its ability to receive payments on time.
Here are some tips that might help you to avoid late payments and allow you to better manage what you have to receive.
1. Stay Organized:
Fees instalments tracking definitely needs a good software, free tools like Google Sheets can be used to track your due fees. However, if you want to manage your coaching class business in a more organized way, then you may want to invest in a system specifically designed for coaching classes management like Classpro. Classpro integrates many aspects of your business into one easy-to-use system and will save you time and give your class the professional edge it requires.
2. Clearly Define Fees Structure:
The best advisable strategy will be charging fees for the whole duration of the course in advance by way of lump sum payment. But if your coaching class provides installment facility, then having a clearly defined installment structure with payment terms and date mentioned does come in handy.
Another strategy would be collecting the fee instalment in post-dated cheques at the time of admission and along with clear terms, if the cheque bounces then it would attract penalty.
3. Make a Reminder:
Be ‘proactive’ and give a call to students to remind them about the pending fee installment. Also, calling can be a good way to establish and maintain a personal connection with your students and their guardians.
Students often don’t pay fees on time simply because they’ve forgotten so sending a simple text message (SMS) a couple of days prior to a fee installment due, Provides a convenient reminder to students who are then less likely to forget.
If the student explains that he or she is having some financial issues, offer flexible payment options. Your student will appreciate your compassion and put you at the top of the list next time a payment is due. And you’re better off getting the money this way than any other – and much better off this way than not getting it at all.
4. Stick to the schedule:
When the student fee are overdue on payments, remember not to sound authoritative or submissive. Following up too quickly or without any pattern might appear as if you are disorganized. If you feel that manually tracking the overdue fee installments and sending reminders are a pain, then try our automated fee reminder feature.
5. Late Fees:
If you aren’t already charging interest on late fee payments, you definitely must begin now.
Late fees add urgency to fee payment, ensuring they don’t end up at the bottom of the bills-to-pay pile. Be sure to reference late fees in the initial fee receipt. Let your students know exactly what the late payment charge percentage is and when it applies (i.e., a 2 percent interest fee will be charged per month on late payments.) This lets the students see what additional payments they would have to make if they don’t clear that balance fee payment on time.
6. Be polite, yet professional:
Ensure you maintain professionalism in all your communications. One late payment incident should not be the reason you hassle the student for eternity. Use ‘Please’ and ‘Thank You’.
Following up with your students in a scheduled, process-driven manner will ensure the smooth flow of cash into your accounts without you actually having to sound like a broken record.
Have you had experience tackling late payments? Share them with us. We’d love to hear them.
Hard Work soon Pay off, That is what just happened in November’ 2014. Here are the few new product features you should definitely check on Classpro.
1. One click attendance
Scheduling lectures have just got easier.
Traditionally, we had to create a lecture and then add a schedule to mark the attendance, Too long for a small procedure right??
Classpro brings a simple solution to this dilemma – We have added the “New Attendance” button.
Just One click and you can mark the attendance with just a little information about the lecture.
2. Welcome to the new Mobile Friendly Student portal!
Smartphones have become a new trend nowadays!!!
We’re delighted to announce that the Student portal is now mobile optimized. When someone visits the portal from a mobile device, they are automatically shown the mobile version.
3. Biometric attendance
Cut Off you manual work and Let the machines do their job.
Record the attendance with just One touch import csv feature.
It is said that Fingerprints cannot be forged, Just a touch of your finger and the attendance is marked, The “csv” file can be obtained from the biometric device software and uploaded to Classpro.
Biometric Approach promises the extinction of False attendance Issues altogether.
4. Group Examination
It is really exhausting to schedule different exams repeatedly for specific modules like Semester or Unit tests.
We have eased this task by providing a “Test Type” button from which you can choose “Single or Group” whichever type of exam you want to conduct.
Selecting the “Group” option will allow you to add multiple subjects with their respective Date and Time.
For entrance test like JEE exams, we have provided with an option of enabling same date and time.
The Group examination also provides you with the Overall Performance Report of the respective test conducted.
5. Dashboard – Organization and Branch
“Everything doesn’t come on a silver platter. ”
But we defy this saying by introducing the “Dashboard” feature, in which, Summary of every Another valuable feature is provided.
The Dashboard breaks down to:
An Overall comparison of the financial health, enquiry level and the source of maximum enquiries of different centres will be tracked.
You can efficiently monitor the monthly economic growth of a specific branch along with an Overview of the Daily and Weekly Tasks to be functioned.
Many of our improvements are based on your feedback and we want you to keep it coming! Have a suggestion or an idea how we can improve our products? Submit it here!
Let us know what you think about these enhancements in the comment section below!