COVID-19 has totally derailed our efforts to work toward our university strategic plan. Especially amid the continued uncertainty, how can we get back on track?
- Frazzled in Finance
You are not alone. Colleges and universities across the country are scrambling to revise forecasts and change tactics to find a new path forward and ensure every dollar is spent wisely.
Chances are your strategic plan itself hasn’t changed, but you must adapt your tactics to execute your plan as conditions change. An integrated financial planning model can help your institution make short- and long-term plans for each campus, department, and revenue stream. But adopting this model will likely require process and technology changes.
Here are two ways to adjust tactics to support your strategic plan during COVID-19:
#1 — First, start with a tuition planning solution that models an unlimited number of tuition rates and fees, comparing potential scenarios by mixing and matching assumptions and initiatives. That data should flow across budgeting and other financial planning solutions to develop a long-range financial plan that aligns with your strategic vision.
The key is to eliminate manual processes and leverage robust software to aggregate data from disparate systems (HR, student information, general ledger, etc.) into a single source for financial information. Now’s the time to work smarter, not harder, and software should empower leaders to view the impact on the income statement and balance sheet, with executive-level dashboards and full transparency.
#2 — You could also seek professional help for your strategic planning woes. See why leading universities and colleges from across the country rely on Syntellis’ Axiom™ Higher Education Suite to plan for the future.
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