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NCCET Webinar - Finance Essentials for Corporate and Continuing Education Leaders
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NCCET Webinar - Finance Essentials for Corporate and Continuing Education Leaders

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Description: Gain new insights into budget management and which reports and numbers you need to scrutinize....

Description: Gain new insights into budget management and which reports and numbers you need to scrutinize.

Presenters: Kathy M. Walton, Ph.D., is the Executive Director of Customized Training at Austin Community College and Rob Clancy, Director, Corporate College, Polk Community College.

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NCCET Webinar - Finance Essentials for Corporate and Continuing Education Leaders NCCET Webinar - Finance Essentials for Corporate and Continuing Education Leaders Presentation Transcript

  • Finance Essentials for Corporate & Continuing Education Leaders Dr. Kathy Walton, Executive Director, Customized Training Austin Community College [email_address] (512) 223-7213   Rob Clancey, Director, Corporate College Polk State College [email_address] (863) 669-2321
  • Agenda
    • Business Model
    • Financial Goals
    • Sources of Revenue
    • Pricing Strategies
    • Accountability
    It’s OK to Make $$$
  • Business Model
    • Staffing
      • Sales
        • Educators vs Sales People
      • Curriculum Development
        • Vendors vs “DIY”
      • Implementation
    • Marketing and Sales
      • Community Dynamics
    • Financial Tracking
  • Financial Goals It’s OK to Make $
    • Current Information
      • Review Financial Records
      • Track Sales
    • Establish Profit Margin
      • ~40-50%
    • Set Annual Revenue Goal
  • Revenue Sources It’s OK to Make $$
    • Sales
      • Direct
      • Passive
    • RFPs
      • Stimulus Act
      • Workforce Boards
      • State/County/City Agencies
    • Grants
  • Pricing Strategies It’s OK to Make $$$
    • Focus on Value Proposition
    • PCC Pricing Model
        • Flat Price $235.00/hour + materials
        • Instructors: $26.95-$85.00/hour
        • Minimum margin 64%
      • Benefits
        • Client Expectations Met
        • Fast—no delay in sales cycle
  • Pricing Strategies It’s OK to Make $$$$
    • ACC Pricing Model
      • Factor in all costs
        • Instructors: $36-$100/hour
      • Include profit & bonus
      • Averages $250/hour
      • Benefits
        • Consistent
        • Profit included in model insures results
    • Negotiations & Exceptions
  • Company:   Course Title: Interviewing Skills     Price Quote to Client (Sales REVENUE ) 3,400     Price per person 227 #DIV/0! #DIV/0! Assumptions:       No. of Different Modules 1     Hours per Module 8     No. times module(s) to be delivered 1     Number of Trainees 15     Course Contact Hrs 8 0 0 Instructor Rate/Hour $50     Textbook Cost Each       Workbook Cost Each $100     Eligible for CE enrollment? Y/N y     WECM Rate if applicable $4.01     Cost of Meal / breaks $8.00     Direct Expenses:       Total Instructor Wages incld fringe @ 2.75% 411 0 0 Workbook Total Cost 1,500 0 0 Additional Course Materials   0   Supplies Provided       Equipment / Software to be Purchased       Other, Customization, Design, or Contract Labor       Subtotal Direct Expenses for Markup 1,911 0 0 Other Direct Expenses       Textbook Total Cost 0 0 0 Total ACC Overhead Rate x Total Contact Hrs 240 0 0 Subtotal Other Direct Expenses 240 0 0 Total Direct Expenses 2,151 0 0 Calculating Target Price       1. Multiply desired markup X subtotal direct expenses for markup 3,058 0 0 2. Enter -- Subtotal Other Direct Expenses 240 0 0 3. Markup Price = sum of #1 + #2 above 3,298 0 0 4. Bonus 165 0 0 5. Catering Arrangements:       Number of Days for Meals & Breaks       Total Dining Costs $0.00 $0.00 $0.00 6. Target Price (Sum of #3, #4 & #5 above) $3,297.60 $0.00 $0.00 Surplus Revenue aka Profit (Quoted Price - Total Direct Expenses) $1,084.12 $0.00 $0.00 Financial Ratio for Comparison Gross Margin Percentage or Profit Margin = (Profit / Price) x 100 32% #DIV/0! #DIV/0! GOAL: 30-40% To Include WECM Contributions for Your Records:
  • Accountability It’s OK to Make $$$$
    • Performance: Track Team/Individual Goals
    • Track contracts, financial records
      • Pipeline Report
      • Monthly/quarterly Trends
      • Track Sales per Individual
      • Institutional Records (Revenues, expenses, Profit)
        • Reconcile Results
    • Rewards
    What gets measured, gets managed!
  • May--2009 Sales By Account Executive Top Sales Executive: Marie!!! @ $35,950 Total May Sales: $125,748 Accumulative Sales: $826,834 Current Status: 167% of monthly Goal 91.8% of annual Goal (75% of time) Team Monthly Goal: $75,000 Ind Monthly Goal: $25,000 Annual Goal: $900,000 % of Goal Goal
  • Conclusion
    • Business Model
    • Financial Goals
    • Sources of Revenue
    • Pricing Strategies
    • Accountability
    It’s OK to Make $$$$
  • Finance Essentials for Corporate & Continuing Education Leaders Q & A
  • Finance Essentials for Corporate & Continuing Education Leaders Dr. Kathy Walton, Executive Director, Customized Training Austin Community College [email_address] (512) 223-7213   Rob Clancey, Director, Corporate College Polk State College [email_address] (863) 669-2321
  •