School Owners Are Running Businesses Not Charities
I was on my own, dreaming of my Sunday ice cream, when a matter came to my attention. It had to do with someone who was behind on school fees that was complaining about how the school embarrassed her child during the graduation ceremony. I need someone to explain all the weird "graduation" ceremonies I see in schools these days but let me try to stay on track.
I was privileged to be involved in the review of a school's business plan when the school was applying for a loan. One of the questions raised was how sure the school management was about getting the school fees they had included in their revenue projections.
In case you are not aware, school fees are schools' major revenue sources. Some of these schools have loans they are servicing. All of them have obligations to their staff. They have rents and taxes to pay.
I understand that the economic climate is not very friendly. It's biting school owners the same way it's biting you. At the risk of sounding insensitive, I'll advice that if you're unable to meet up with the school fees you've been paying hitherto, you can shop around for cheaper schools without necessarily compromising on the quality of education your child(ren) receive.
On their own part, school owners can think of innovative ways to reduce the financial burden on parents by working out mutually beneficial payment plans, setting up a referral system where parents earn points (translating to discounts) for other parents they introduce the school to that enrol their children etc.
I am uncomfortable with the concept of demonizing school owners that explore lawful means to get parents to pay up the backlog of school fees by bringing up the issue of traumatizing the child. I agree that school owners should take into account the child's emotions in their debt recovery moves. However, I cannot judge them too harshly when I remember that Business Plan I saw.
Enjoy your day.
I was privileged to be involved in the review of a school's business plan when the school was applying for a loan. One of the questions raised was how sure the school management was about getting the school fees they had included in their revenue projections.
In case you are not aware, school fees are schools' major revenue sources. Some of these schools have loans they are servicing. All of them have obligations to their staff. They have rents and taxes to pay.
I understand that the economic climate is not very friendly. It's biting school owners the same way it's biting you. At the risk of sounding insensitive, I'll advice that if you're unable to meet up with the school fees you've been paying hitherto, you can shop around for cheaper schools without necessarily compromising on the quality of education your child(ren) receive.
On their own part, school owners can think of innovative ways to reduce the financial burden on parents by working out mutually beneficial payment plans, setting up a referral system where parents earn points (translating to discounts) for other parents they introduce the school to that enrol their children etc.
I am uncomfortable with the concept of demonizing school owners that explore lawful means to get parents to pay up the backlog of school fees by bringing up the issue of traumatizing the child. I agree that school owners should take into account the child's emotions in their debt recovery moves. However, I cannot judge them too harshly when I remember that Business Plan I saw.
Enjoy your day.
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