We work with institutions to optimize the budgeting process with an institution's strategic mission and goals.
The financial challenges facing higher education are significant and well-documented. Given these pressures, higher education could be described as entering a “new era” for budgeting. Colleges and universities must seek alternate revenue sources and reallocate existing resources to fund new spending needs. This presents a strategic budgeting imperative for senior leaders in higher education, including Chief Finance Officers, Presidents, Provosts, and Trustees.
While higher education finance professionals have a wide range of budget approaches to choose from - and some are better suited than others to particular circumstances - five principles are essential for truly successful budgeting at all institutions. New-era budgeting in higher education requires focus on Integration, Decisions, Evidence, Adaptability, and Strategy.
Our management consultants can support your institution in:
- Defining your requirements, evaluating the current state, engaging various stakeholders and defining budgeting objectives against best practices.
- Designing your budgeting model and processes in alignment with strategic goals and with consideration for all impacted parties
- Implementing the new budgeting model and processes in a coordinated manner to ensure appropriate buy-in and accountability from all stakeholders for long-term success
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