5 ways to turn college startups into a recurring revenue machine
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Do you find your college startup bogged down due to endless paperwork, heavy workload, irreconcilable errors and poor collaboration between staff? Do you find your college losing track of revenue collection, tasks and deadlines? Is it increasingly difficult for your staff to track income and expenses where there are bottlenecks and analyze the right information so you know how to fix these problems and increase productivity and efficiency of the institution.
Make it painless with smart automation
Your college startup is probably filled with stacks of loose papers and manila folders, but you are thinking of ways to retain customers and increase revenue collection. Do you wish you could make operational innovation in fee processing or change systems that are killing productivity? It’s a huge bummer when your payments are slowed down, while it is possible to avoid the costs of inefficiencies and errors.
Minimize careless mistakes and maximize your profitability with automated revenue collection which will not only enhance your student experience, but also increase institutional revenue significantly.
If you said yes to any of these questions then your college is most likely experiencing the stress and growing pains that come with traditional fee processing.
Take your fee processing and consider what it would be like if you could get rid of all your paper receipts and invoices forever with cloud based fee management system. What if you could simply hit a button and know that your fee process is automated and secure? What if you could easily analyze and track your fee collection no matter where you are? What if you could work seamlessly in the background and take away the pain that students and parents are facing, at the same time saving valuable time in the process?
Here are the five ways to turn your college startup into a successful revenue machine:
1. Project & Task Management: Improve your estimates, quotes & proposals
Using a manual calculator or pulling out a fee schedule sheet to prepare estimates can be frustrating and tiring for staff members. Create accurate estimates, quotes or proposals with upfront planning to save you a ton of time, cost saving and provide the most accurate estimate possible to the satisfaction of students and parents.
2. Student Relationship Management: Build and nurture relationships with students & parents
Sales is not a no man’s island, independent and self-sufficient. Understanding and recruiting students with student admission system help you make faster revenue collection, connect with prospective students, build stronger relationships, send and track emails regarding your leads, automate follow-up emails, build responses, nurture leads, and increase revenue collection. Create a custom group of students to apply discounts, offers or rewards.
3. Email & Communication: Rely on alerts & reminders to get paid on time
Streamline the communication process and keep the constituents always informed at every step by email notifications, SMS alerts and push notifications from mobile app to save time. Automatic notifications by email and SMS will notify students and parents of overdue, invoice unpaid or late payment reminders to get paid on time.
4. Expense Tracking: Control costs
Monitoring your expenses and updating the progress of your programs and courses is an essential part of your fee process. Automatically capture, assign and approve resources, time and expenses to improve cost control, increase productivity, and improve cash flow and revenue.
5. Real-time Performance Metrics: Use data visualization to gain insights on outstanding
Revenue automation allows you to generate a plethora of meaningful ready built reports on income, expenses, costs, profitability, resource utilization, budget performance, total dues, bad debts, progress and status in real time. Advanced reporting tools allow you to view reports on a single click without any margin of error. With reporting tools and data visualization, you can quickly accumulate data that will give you the insights you need to improve your revenue collection and control expenditure.