July 26, 2017

How To Control Income in Education

How to Control Income in FE How To Control Income in Schools, Colleges and Training Providers

In the income and expenditure balancing act controlling income is much harder than controlling expenditure. This is simply because most education income is determined by government via the funding bodies.  That’s not to say income can’t be controlled to a certain extent. Here are some ideas on how to Control Income.

 

How to Increase Education Funding Income

Additional funding maybe found in FE by a number of means.

An analysis of claims will often identify areas where additional funding elements have been missed.

Funding may also come from income generation. An ideal place is to start with lettings. What assets can you let? Classrooms, halls, lecture theatres, workshops, land,  etc. All have the potential to raise rental income.

However, to really make inroads in this area you need a strategy. Income generation strategies that are quickly written in a staff meeting are rarely robust enough to generate sizable income streams. A more robust approach is needed. One that optimises all your assets in a strategy that will bring in significant sums.

Let’s look at some examples

College A

College A ran a joint venture with a magazine. Together they organised a series of residential summer schools which were exclusively for the magazine’s readers. (This idea works even if you don’t have residential facilities provided you can strike a deal with a local hotel). The college’s facilities were used for a six week period each summer. Current staff were given the option to get involved, on a separate contract basis, if they wished. However most of the staffing was done with selected experts recruited externally for this event with no HR issues.

College B

This college lets their spare classroom capacity to a local university during term time and runs summer schools during the breaks.

College C

This is a college that lets their grounds for a car boot sale every weekend and makes money this way. The sums raised each week are not large but aggregate over the year. One added benefit is the marketing opportunity the footfall offers and this is exploited at key recruitment dates each year.

For more specific information on this topic please check out the menu items under Underfunding Solutions at the top of the page. here you will find specific information, in the drop down, on a range of specific areas.

Action Required

Book an Appointment to Discuss Rethinking Educations Expenditure

or

Request our Increasing Income in Education booklet for more details

You can read more unconventional thinking on this site and on ProviderMasterMind.com