The Association of School and College leaders recently led a survey to explore to what extent budget cuts would impact colleges this year and in the near future. When asked: ‘Will your school or college have to make financial savings in 2022/23 compared to last year as a result of cost pressures?’, 60% of the headteachers and business leaders who took the survey picked the answer: ‘Yes, we will have to make financial savings in 2022/23 and in future years.’ What’s even more concerning is that when asked what kind of financial savings they were considering, 58% of the undertakers picked the answer: ‘Reducing teaching staff and increasing class sizes.’
Undeniably, budget cuts in colleges are a big challenge that school leaders can’t just avoid, but they must learn how to work around it. To ensure your college’s expenditure is staying below the limit of your income, you won’t find yourself having to go over budget. So, how do you boost your college’s income with the resources you already have in place?
Investing in the right tools when struggling with budget management seems risky, but it might end up making all the difference when it comes to revenue. You need an online management tool that not only will save your staff time to let them focus on other tasks, but also gives you easy options to make money out of your existing facilities and services.
WisePay is that very tool that you are looking for. Trusted by many colleges around the UK, WisePay can be an extra staff member to take care of commercial income streams. We offer many different modules such as Smart-Booker, that turn your resources into extra income, for instance, by letting you hire out your sport pitches, minibuses, or equipment. Your external community can hire out your facilities as well as your students and their families.
Another module that tends to be the star of generating additional funds in schools is EventWise, a bespoke tool where you can build your own venue to sell seating tickets for events. If your drama club are planning to host a play, EventWise is your best bet to let your community buy their tickets and choose where to sit, with the option to also buy a bundle that includes a drink on arrival.
Additionally, WisePay provides many modules like Parking payments and Locker payments, easy ways to generate revenue out of your existing resources with little to no planning for your staff, or Donations manager which seamlessly processes donations from your local community or your alumni.
Don’t let your college take decisions you’ll regret and cherish the people that make you awesome. Challenge budget cuts your own way, and let us be a part of it. Speak to our team to find out more about WisePay and our modules to help you generate additional income this new financial year!