In this new era of Covid-19, institutions are scrambling to meet students’ unique needs while also remaining functioning and delivering high quality education. They are facing many unparalleled challenges such as declining or flat revenues and increased expenses to new competition from other attractive learning alternatives. It is now more important than ever to properly plan and budget to account for this new landscape. Status quo is no longer an option.
One way colleges and universities can strive to maintain financial sustainability and longevity is by having a long term strategic financial plan. Now, more than ever, effective and efficient budgeting and planning is at the forefront of sustainability. Having the right plan will set the course for success.
There are several budgeting methodologies available to help achieve a strong plan.