College and university administrators face new challenges every day in their quest to ensure the health and safety of students, faculty and staff on campus. Managing the logistics of contact tracing and quarantines, improving virtual learning environments and managing community relations means the pressure is mounting — not the least of which is financial.
Regaining financial stability in the face of rising operational expenses and declining tuition revenue will require creative strategies. To thrive, your institution will need to explore every avenue to reduce costs while sustaining your school’s educational mission.
As you address the challenges of operating during a pandemic, you need creative strategies to leverage your facilities in new ways to support your bottom line while also enhancing the campus experience for your students.
Our comprehensive guidebook, 15 ways to lower costs and generate new revenues through your campus facilities provides numerous levers that will help you reduce costs within your land and facilities operations, while creating new revenue streams, including:
- Taking inventory of your space to uncover underutilized land and buildings
- Analyzing facilities data to identify inefficiencies
- Dispose of surplus or underutilized land or facilities
- Considering a sale/leaseback
- Consolidating and repurpose administrative space
- Adopting remote working policies for administrative staff
- Pausing operations in buildings that are temporarily unoccupied
- Leveraging variable labor to manage capital projects
- Reducing facility management costs through outsourcing
- Uncovering hidden operations and maintenance costs with a facilities health check
- Establishing a chargeback policy for administrative space used by academic departments
- Prioritizing capital projects with data-driven planning
- Creating an energy partnership
- Revitalizing underutilized land through ground leases
- Funding infrastructure with public-private partnerships (P3s)
Ready to reduce costs and recapture revenue for your institution’s campus? Click here to discuss a cost savings assessment.