{"id":17433,"date":"2020-04-24T09:57:00","date_gmt":"2020-04-24T14:57:00","guid":{"rendered":"http:\/\/lern.com\/lernclub\/?p=17433"},"modified":"2021-08-01T16:38:30","modified_gmt":"2021-08-01T21:38:30","slug":"how-to-make-budget-cuts-webinar","status":"publish","type":"club_article","link":"https:\/\/lern.com\/lernclub\/club_article\/how-to-make-budget-cuts-webinar\/","title":{"rendered":"How to Make Budget Cuts Webinar"},"content":{"rendered":"\n<p><em>Here\u2019s an excerpt from our Exclusive Members-Only webinar on How to Make Budget Cuts with Greg Marsello.<\/em><\/p>\n\n\n\n<p><strong><a href=\"http:\/\/media.lern.org\/webinars\/How-to-Make-Budget-Cuts.mp4\">View the Full Webinar Here<\/a><\/strong><\/p>\n\n\n\n<p>The COVID-19 pandemic is causing lifelong learning programs to revamp their finances and budgets both for the short and long-term. With no date insight for a return to normalcy, lifelong learning programs are being advised to plan for the pandemic to have ripple effects for potentially up to 18 months.<\/p>\n\n\n\n<p>Programs are having to look at cost cuts as they adjust existing budgets and build new budgets. LERN recommends considering seven types of cost reduction: automation, productivity, efficiency, outsourcing, waste reduction, quality control, and reliability.<\/p>\n\n\n\n<p>The following are some specific budget actions to consider:<\/p>\n\n\n\n<p><strong>#1. Tell Your Story.<\/strong> Your program is mission critical and the services provided and important. Remind central administration of the negative impact of short-term budget cuts with long-term implications.<\/p>\n\n\n\n<p><strong>#2. Build Three Budgets.<\/strong> Starting with income and ending with administration build worst-case, better-case, and worst-case scenario budgets.<\/p>\n\n\n\n<p><strong>#3. Targeted Cuts.<\/strong> Do not make across the board cuts. Cut what is not working, whether it is programming, promotions, processes, instructors, or staff.<\/p>\n\n\n\n<p><strong>#4. Don\u2019t Cut, Reallocate Promotion.<\/strong> This is not a time to cut promotion costs unless they are underperforming. Shift promotion monies to successful promotion methods.<\/p>\n\n\n\n<p><strong>#5. Cut Production Costs.<\/strong> Focus on increasing your operating margin. Negotiate with instructors. Get a better percentage from online vendors. Reduce handouts and food. Increase prices for your winners.<\/p>\n\n\n\n<p><strong>#6. Non-Staff Administration Costs.<\/strong> Negotiate with vendors, such as software providers. Reduce credit card percentages. Cut unneeded expenses. Shift your staff\u2019s mindset and pick a number to save.<\/p>\n\n\n\n<p><strong>#7. Staffing.<\/strong> Do not fill vacant positions unless they will generate revenue. Reduce hours. Reallocate staff to supporting revenue generation. Outsource what can be better done by a vendor.<\/p>\n\n\n\n<p><strong>#8. Centralize Operations Tasks.<\/strong> Everyone cannot do everything if you want to generate revenue.<\/p>\n\n\n\n<p><strong>#9. Have Technology Do It.<\/strong> Your online registration at the least should be 50 percent or more. Generate data-driven reports, so you can make smart decisions. Integrate your marketing efforts. Shift to online learning. Reduce meetings with communication tools.<\/p>\n\n\n\n<p><strong>#10. Other.<\/strong> Barter for services with instructors and vendors. Partner for marketing and consolidated services. Support telecommuting.<\/p>\n\n\n\n<p><strong>#11. Watch Your Numbers.<\/strong> Make sure your promotions are working. Keep an eye on operating margins by divisions or deeper. Hit the non-staff administration trimming number. Increase the time staff spend on revenue generation. Use reserves if available, and manage cash.<\/p>\n\n\n\n<p>We are in unprecedented times. Do not make short-term decisions that will not let you rebound in the long-term.<\/p>\n\n\n\n<p><em>Here\u2019s an excerpt from our Exclusive Members-Only webinar on How to Make Budget Cuts with Greg Marsello.<\/em><\/p>\n\n\n\n<p><strong><a href=\"http:\/\/media.lern.org\/webinars\/How-to-Make-Budget-Cuts.mp4\">View the Full Webinar Here<\/a><\/strong><\/p>\n\n\n\n<p>The COVID-19 pandemic is causing lifelong learning programs to revamp their finances and budgets both for the short and long-term. With no date insight for a return to normalcy, lifelong learning programs are being advised to plan for the pandemic to have ripple effects for potentially up to 18 months.<\/p>\n\n\n\n<p>Programs are having to look at cost cuts as they adjust existing budgets and build new budgets. LERN recommends considering seven types of cost reduction: automation, productivity, efficiency, outsourcing, waste reduction, quality control, and reliability.<\/p>\n\n\n\n<p>The following are some specific budget actions to consider:<\/p>\n\n\n\n<p><strong>#1. Tell Your Story.<\/strong> Your program is mission critical and the services provided and important. Remind central administration of the negative impact of short-term budget cuts with long-term implications.<\/p>\n\n\n\n<p><strong>#2. Build Three Budgets.<\/strong> Starting with income and ending with administration build worst-case, better-case, and worst-case scenario budgets.<\/p>\n\n\n\n<p><strong>#3. Targeted Cuts.<\/strong> Do not make across the board cuts. Cut what is not working, whether it is programming, promotions, processes, instructors, or staff.<\/p>\n\n\n\n<p><strong>#4. Don\u2019t Cut, Reallocate Promotion.<\/strong> This is not a time to cut promotion costs unless they are underperforming. Shift promotion monies to successful promotion methods.<\/p>\n\n\n\n<p><strong>#5. Cut Production Costs.<\/strong> Focus on increasing your operating margin. Negotiate with instructors. Get a better percentage from online vendors. Reduce handouts and food. Increase prices for your winners.<\/p>\n\n\n\n<p><strong>#6. Non-Staff Administration Costs.<\/strong> Negotiate with vendors, such as software providers. Reduce credit card percentages. Cut unneeded expenses. Shift your staff\u2019s mindset and pick a number to save.<\/p>\n\n\n\n<p><strong>#7. Staffing.<\/strong> Do not fill vacant positions unless they will generate revenue. Reduce hours. Reallocate staff to supporting revenue generation. Outsource what can be better done by a vendor.<\/p>\n\n\n\n<p><strong>#8. Centralize Operations Tasks.<\/strong> Everyone cannot do everything if you want to generate revenue.<\/p>\n\n\n\n<p><strong>#9. Have Technology Do It.<\/strong> Your online registration at the least should be 50 percent or more. Generate data-driven reports, so you can make smart decisions. Integrate your marketing efforts. Shift to online learning. Reduce meetings with communication tools.<\/p>\n\n\n\n<p><strong>#10. Other.<\/strong> Barter for services with instructors and vendors. Partner for marketing and consolidated services. Support telecommuting.<\/p>\n\n\n\n<p><strong>#11. Watch Your Numbers.<\/strong> Make sure your promotions are working. Keep an eye on operating margins by divisions or deeper. Hit the non-staff administration trimming number. Increase the time staff spend on revenue generation. Use reserves if available, and manage cash.<\/p>\n\n\n\n<p>We are in unprecedented times. Do not make short-term decisions that will not let you rebound in the long-term.<\/p>\n\n\n\n<p><strong><a href=\"http:\/\/media.lern.org\/webinars\/How-to-Make-Budget-Cuts.mp4\">View the Full Webinar Here<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here\u2019s an excerpt from our Exclusive Members-Only webinar on How to Make Budget Cuts with Greg Marsello. View the Full Webinar Here The COVID-19 pandemic is causing lifelong learning programs to revamp their finances and budgets both for the short and long-term. With no date insight for a return to normalcy, lifelong learning programs are<\/p>\n","protected":false},"author":1,"featured_media":17434,"parent":0,"template":"","meta":{"inline_featured_image":false,"ngg_post_thumbnail":0,"footnotes":""},"tags":[],"club_category":[767,776,780],"class_list":["post-17433","club_article","type-club_article","status-publish","has-post-thumbnail","hentry","club_category-club-articles","club_category-finance","club_category-operations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Make Budget Cuts Webinar - LERN Club<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/lern.com\/lernclub\/club_article\/how-to-make-budget-cuts-webinar\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Make Budget Cuts Webinar - LERN Club\" \/>\n<meta property=\"og:description\" content=\"Here\u2019s an excerpt from our Exclusive Members-Only webinar on How to Make Budget Cuts with Greg Marsello. 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