Dr. Ari Betof is the president of Organizational Sustainability Consulting, LLC in Brookline, Massachusetts. In this role, Dr. Ari Betof assists academic institutions at the collegiate and K-12 levels in finding financially sustainable solutions.
Recently, he has assisted this same population by finding financial solutions during this current COVID pandemic through his webinars that have focused on a variety of issues, including factors central to financial stewardship and school business management.
When developing a plan, administrators should keep a few factors in mind. The plan has to align with the organizational needs, mission, and values of the community. More importantly, data should support the plan.
The first part of determining whether this plan can work is to create a financial model and then assess it based on stress testing decisions. The steps involved include defining key performance indicators (KPI), creating a financial model, and finding possible collaborations with others.
Afterward, stress test this model making sure to include tentative pathways, including KPIs and consequences of making organizational changes. The final step involves testing and refining the model.
At the core of developing new financial models and pathways for changing the educational landscape, administrators have to remember students are the focus. Additionally, the business of education is the priority, but teachers and administrators form the backbone of instruction. While some measures might be more cost-effective for a school, losing sight of education’s mission should not be sacrificed.