Regaining the stability in the time of crisis - Dr. Amjad Razal

The school’s financial stability defines its long-term growth and real success. People tend to invest their hard-earned money into such schools that have gained a constant growth and maintained their financial stability in the long run since their establishment. The effectiveness of the school’s acclaimed best practices invites parents to get their wards admitted into their schools with no second thought. Such schools also keep an advisory board to predict, advise, and support at the time of profit and loss during the academic year. They also suggest the school management whether or not they can think of expanding their branches for supporting the community in different regions.

Due to the pandemic in 2020, the schools are the third worst hit sector in the entire world. Many schools shut their doors following the instructions given by respective governments. The new establishments, after taking huge loans from the banks, are now closed with no choice. Due to this trauma, many teachers are committing suicide and others are found doing odd jobs for survival.

When the government will make an announcement to allow the school to reopen its doors for students, it is going to be a tough challenge to keep up their performance compared with the past years and for new establishments to face an uphill struggle and maintain financial solvency.

A few things that the school can do; just to regain their stability;

1.     Offer quality services: it is a fact that the schools and teachers have faced the worst ordeal due to a group of a few parents who were trending the hashtag ‘No School, No Fees’. In spite of worrying and crying for salaries to receive, the teachers made a lot of effort in transforming their pedagogy and taking online classes. Whenever the children will come back to school, they must be given equal opportunities to learn. The schools must provide quality services, as the parents will be looking for schools with quality rather than with some tall claims that are boldly published on their banners and brochures. Quality will invite better parents and learners in the upcoming years. These services must circulate around the excellent academic delivery, excellent school operations, best practices, exuberant teaching staff, skill development, and strong financial management. The school management and leadership must work on the quality services that they can offer on a long-term basis, for their growth and maintaining stability.

2.     Best practices: for any successful school, its best practices are the backbone. Parents will be preferring the schools that have a lot to offer in terms of practices for nurturing their wards. These best practices differ from one school to another. All such practices must be innovative and fostering the skill development of all learners. Schools must give away their false claims regarding their services. For example: On a brochure, it is highlighted that the school has a spacious library, but the reality is there’s no such library at school. For its sake, a few books are kept in the racks. Adding to it, the children have only a period in a week for the library. Don’t you consider it a false claim? The schools must offer what they can at their best ability to maintain stability.

3.     Hire skilled staff: the hiring process is excellent at many schools. They make the candidates undergo 3 or 4 stages of the interview. After this, the selection will be at the management’s discretion. Post-lockdown the schools must focus on the skill-set of the teachers. If they are creative, innovative, have a burning desire to accomplish the big with their talent, have a learning attitude, can promote holistic development, and have a positive mental attitude, the schools must hire them immediately. If the skill-set cannot help in the growth of the schools, they will not become an asset at any cost.

4.     Reduce the expenses: the schools usually spend a good amount on their curricular and extracurricular activities. They spend a lot of money on annual day celebrations and a lot on other days and celebrations too. Their monthly expenses must be reduced. It must be limited to a certain amount which doesn’t become a huge expense at the end of the year. The expenses against the quality services will not invite this advice.

5.     Keep the finances up-to-date: the relationship between a school and a parent is of trust. The schools continue teaching the children without even receiving the fees on time. Whenever the parents are notified by any means of communication, they simply put some excuses and delay the payment. Post-lockdown the schools must have a clear agenda for such parents. When they don’t pay the fees on time, there must be NO compromise on quality services. Matter of fact, once a defaulter, is always a defaulter. Due to such parents, schools face a huge bad debt every year. The bad debt has to be reduced to avoid insolvency and bankruptcy. Sometimes, the management takes loans from their known contacts just to maintain the expenses at schools. Whenever the parent’s name falls into the category of regular defaulters, the management must take strict actions.

6.     Set priorities: this is one step for being organized and staying up-to-date. All the schools are established with many visions. The priorities must be set in keeping with the short-term and long-term vision, to maintain growth and sustainability. The long-term visions must now be broken down into short-term visions and the total focus must be on how organizationally the priorities can be met.

The institutions which work on their plans immediately for their stability and the norms that are mandated by the management, have to religiously follow them on a regular basis and track their performance financially, and academically. The schools that offer the best quality of academics along with the focus on skill development, will attract good parents in the upcoming years. At the same time, financial management has to be a strict gameplayer for growth. 

Thank you,

Dr. Amjad Razal