ED EXEC MAGAZINE: Hitting your Financial Goals
In an article first published in Education Executive magazine, the market leading publication for School Business Managers, Trish Cain, Head of Finance at Strictly Education, is asked her opinions on how to make financial wins to ensure budgets can stretch as far as possible.
The article discusses the difficulties inherent in balancing school budgets and the many ways in which School Business Managers can go about trying to save a school money to help the resources they have stretch as far as possible.
As the largest expenditure within a school, it is important to keep on top of your staffing budget, Trish is keen to point out that staff overtime is a key area for review.
Key questions to ask include: 'How many hours overtime are we really paying?, 'Why are we paying overtime?' and 'Would it be better to replace overtime with changes to current staffing contracts?'. Minor changes to some staff members' contracts could save the school significant sums of money in the long run.
Another tip from Trish includes reviewing elements in the budget that are included purely for historical reasons such as service level agreements (SLAs) and other annual contracts that the school buys into year after year; 'a lot of the annual budget is spent on these types of items in most schools and many stick with the same supplier and / or level of service year after year without looking into whether there are better / cheaper providers or if the school really even needs the contract at all.'
She recommends reviewing all of the contracts within a school every year in order to make significant savings and see service levels improve due to increased competition.
Click here to read the full article.