How can you impact cost savings on your campus?
April 15, 2020, @ 3:17 PM
In this time of economic uncertainty, finding ways to save money is essential. These savings can be directed back into programs, necessary supplies, and most importantly, payroll. Here are ways you can directly impact cost savings at your institution. LVAIC is here to help you with any of these options. Contact: Katy Thomas at email@example.com. View the printable download of this resource here.
Don’t Spend Your Budget
A common myth is that not spending your budget leads to a decreased budget the following year. This is a false statement. Remember, money you don’t spend could potentially save someone’s job. If you do not need it, do not spend it.
Review Past Spending
It is difficult to understand where to save money without understanding where you are spending it. Reviewing the money spent last year allows you to identify areas where you can potentially cut costs.
Chang and Improve Your Process
Think about the outcome you need and how you can change the way to achieve it. You may have access to cheaper pricing on things you regularly purchase. Many software purchases include business process improvement options, already allowing you access to that opportunity. Many discounted pricing contracts exist specifically for higher education. Check the LVAIC website for existing LVAIC contracts or contact your Purchasing Director for other opportunities.
Bulk Purchase When Possible
Prices often go down when buying larger quantities. See if others at your institution or other LVAIC institutions are buying similar items. If you purchase them together and split the cost, you all save money.
Before reaching out to consultants or professional services, see if that expertise lies within your institution or at another LVAIC institution.
Spend Money to Save Money
Think of the total cost of using a product. Sometimes, buying a more expensive, durable product could decrease long-term costs. Purchasing the insurance on a rental car could save thousands in the event of an accident. Booking travel through an agent could save significant cancellation fees. Before making a purchase, analyze the potential cost benefits of the higher priced option.
These challenging economic times call all members of every campus to work together to mitigate costs and create savings. Check the LVAIC Joint Purchasing Program website for more information regarding cost-saving contracts and preferred suppliers. Contact your campus Purchasing Director for more information regarding accessing these contracts or other cost-saving programs on each campus.Health Insurance Terms to Know » « Managing Stress and Anxiety with Mindfulness During COVID-19