When was the last time your campus store reviewed its budgetary model? Does it match the model your campus uses? These may not be the most exciting questions to ask, but the budgetary model a college chooses can give the campus store valuable insight into administrative expectations and help ensure the store serves the school’s mission. Download the “Successful Budgeting for the Campus Store” white paper to get a breakdown of college budgetary models and a comprehensive guide on actionable ways to increase top-line revenue, minimize operating costs and keep the cost-to-students low.
>>Download the Successful Budgeting for the College Store white paper now<<
When was the last time your campus store reviewed its budgetary model?
In the 2019 Survey of College and University Business Officers conducted by Inside Higher Education and Gallup, 80 percent of chief business officers agree that senior administrators are aware of and understand the challenges facing their institution. Whereas, only 32 percent believe that faculty comprehend their institution’s financial difficulties.
Some of this disconnect could be the result of the type of institutional budget that is used.
The type of budgetary model a school uses impacts the amount of responsibility different stakeholders have. With some models, faculty may not get a big picture view of the whole institution, which can make budgeting decisions that impact them seem arbitrary.
According to the 2017 Inside Higher Education Survey of College and Business Officers, 47 percent of chief business officers reported that their institution significantly changed its budget model in the past four years. Is your school in this group? Did the bookstore adopt the same model?
Campus store revenue generating ideas
Stores must act as both a student resource that creates a better overall student experience with your school and as a stream of revenue generation. However, different budgetary models could impact your campus store’s funding, goals and performance expectations.
In this white paper, discover the six most popular budgetary models for higher education and get a comprehensive guide to increase top-line revenue, minimize operating costs and keep the cost-to-students low. Download the Successful Budgeting for the College Store white paper now.