Business Development Can Increase FE Income by a Very Significant Amount
Currently most providers obtain most of their income via funding from various government sources. The names of the agencies handling this for the government seems to change with monotonous regularity but one thing remains the same. The overall level of funding is at the whim of government and in recent years has dramatically decreased in real terms. The consequence of this is that the viability of providers that depend on this funding is not in the hands of the provider but is dependent on political whim.
This is an opportunity for busienss development to create additional income streams that do not depend on government funding. Full cost courses, for leisure or business are possible options and some providers totally depend upon these income sources. Other income streams include the letting of various assets, from classrooms, gyms, kitchens, theatres and hostel space to the use of admin systems.
However training will be the major source of busienss development income and has been for many years. However the shape business development training is likely to change significantly if we are to remain financially viable
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