The main goal of all businesses is to expand and grow.
As businesses grow, their reach and revenue streams increase, which are indicators of health and overall success. That said, if a business isn’t ready to sustain this expansion and meet new demands, growth can hurt a business more than help it.
Sustaining growth in your RTO
When an RTO’s operations become stretched due to rapid growth, any manual billing processes – which might’ve served the business adequately in the past – transform into a bottleneck for future growth plans.
Growth is only beneficial to a business when it is controlled and managed correctly so an organisation can adequately prepare to deal with the increase over time. If this control is not there, rapid, unsustainable growth can have serious consequences both in the short and long term – including learner churn, complaints and a loss of reputation.
Keep an eye out for these tell-tale signs and adapt to regain control and cultivate growth in a manageable way.
Cash flow is running dry
Regular cash flow is the lifeblood of any business. When your RTO starts to expand too rapidly, you may find that your operational costs increase exponentially before your recurring income streams have time to catch up.
Internal processes can’t keep up
If your staff are spending more time than usual performing administrative tasks, collecting payments and writing invoices – this could be a symptom of your business growing too fast. Without automation, you will spend additional hours ‘chasing paper’ and performing menial tasks.
Your learners begin to leave
Retaining your student body is critical for ongoing success because they are the main source of your income and revenue. It takes a lot of time, expense and effort to build your customer base – and when your operation is spread too thin, and your students feel they are no longer receiving the attention and value they want, you will lose them.
Don’t let progress be your downfall.
It’s an exciting and challenging time when your business experiences rapid growth. It’s crucial to keep control to harness the advantages of the expansion without getting crushed under the pace.
This is why many RTOs like yours use a student management system with automated, embedded end-to-end payment collection capabilities like Ezypay.
This means you can use the same platform to manage your students and collect their payments automatically – dramatically reducing overhead costs and minimising the amount of effort you and your staff invest.
By rolling up all essential tasks into one platform, you’ll not only have more time to spend growing your business but your students will enjoy far more attention and care – giving them a far better experience.
By integrating the right payments software like Ezypay into your student management system, you create more robust processes that support growth. Ezypay offers a range of payment options – including credit and debit cards, bank transfers, PayTo, Apple Pay, and Google Pay (note - some payment methods are only available in specific markets)
Offering multiple ways to pay not only improves convenience and boosts student experience but also helps increase student retention. Combined with automation, these methods contribute to stronger collection rates and a more stable cash flow as your business scales.
Unlock your business’s true potential with subscription billing and turn uncontrolled chaos into healthy growth with Ezypay’s market-ready solutions for education providers.