Last week, the stock market exhibited a volatility that unnerved even the most seasoned investor. My initial reaction was “here we go again.” It doesn’t take a crystal ball to know that next year’s budgets will not be getting any friendlier. Once again you'll be asked to do more with less.
Now is the time to start thinking about how to save, make, and manage money even more effectively next year. Here are some ideas to consider. If you’ve not yet adopted these measures, they would be a good starting place to prepare for next year’s fiscal challenges.
SAVE: Time and Money
- PaperFree Billing – the days of paper bills are gone for students and sponsors
- Electronic Refunding – time to mandate direct deposit disbursements
- Payment Processing – cut cost using convenience fees and/or Durbin debit
MAKE: Incremental Revenue
- In-Source Payment Plans – if outsourcers can make big money, so can you
- Mobile Commerce – let them pay where they play, any time of the day
- Billable Moment – make it easy to add revenue at each payment point
MANAGE: Valuable Resources
- Centralize Payments – eliminate duplication in reconciliation and support
- Streamline PCI – reduce the number of applications in your PCI scope
- Monitor Activity – use a centralized dashboard to enhance accountability/control
Individually, these ideas are meaningful and can make a difference. However, collectively, they can have a positive 7-figure impact on the typical campus business office budget. They say that the best time to plant a tree was 10 years ago; the next best time is now! Put your changes in motion today and get ahead of the budget cycle.
Thanks for reading,