Schools are experiencing higher rates of attrition, according to the NAIS, and from 2020-2021, the average student attrition rate rose to over 12%. With the attrition rate growing, there is an expanded need for financial aid, coupled with rising tuition costs that negatively impact a school’s revenue.
While schools are in a competitive ocean, there are methods they can employ to boost revenue. Whether it be expansion in auxiliary programs, fundraising, or adding new tuition strategies, the opportunities for expansion exist and can be put into place.
By working in cross-functional teams, with a whole school approach, you can come up with creative and impactful strategies to build sustainable revenue sources for your school in 2022 and beyond. Let’s take a closer look at the value of cross-functional teams in building new revenue.
Gain More Insight
When working with people from other teams at your school, you will get a new perspective and be able to:
- Identify problems you would not have otherwise known about
- See what solutions other departments have used to improve performance/enrollment/impact in the past
Being able to share insights on problems and solutions will help elucidate your plan for growth in 2022. Be willing to ask hard questions about why something did or did not work and openly listen to different solutions than you’ve tried before.
Be Open to Creative Solutions
Say yes before you say no. Let everyone in the group speak and share and remind group members during the brainstorming that there is no bad idea. Here are some ways you can elicit new ideas:
- Consider solutions you might not have thought of because they don’t align with what’s always been done
- Develop strategies using multiple functionalities across your school to increase enrollment while working to meet your mission
- Read our Maximizing Net Tuition Revenue Guide for a great example of how tuition and financial aid strategies can come together for increased revenue
Everyone’s in the Same Boat
Your division/department is not alone in facing the challenges of attrition and lost revenue. Identify strategies that you can put into place to help support the whole school approach to building revenue. Remember, your whole school approach can include all school personnel, parents/caregivers, and supporters of your school community.
Here are three benefits of using the whole school approach:
- The whole school approach encourages transparency and communication; something that’s beneficial even outside of creating revenue building strategies
- Giving everyone a common goal helps to build a stronger team as they work together to succeed
- Efficiencies and inefficiencies across your school can be recognized and addressed for a stronger overall school performance
While schools are continuing to digitally transform, they can also focus on how revenue can grow through creating and expanding opportunities as part of their overall school’s growth plan.
By using a whole school approach to building more efficient/effective revenue streams, schools will experience a multitude of benefits including better transparency and communication, more creative solutions, and a broader understanding of how your school works.
As part of our effort to support your school’s growth and mission, we are offering free “Building Back Lost Revenue Roundtables” to get advice from the experts! We hope you’ll join those and contribute your own unique ideas as well during the discussions!