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Working Capital Management: Important for Schools Too

Working capital is a necessity for the smooth functioning of any venture, and schools are no exception. Offering an essential service, school administrators should keep several pointers in mind to ensure they have enough funds to keep their institution running even in testing times.

 

For instance, managing regular requirements like stationary, laboratory supplies, etc. are vital to ensure the uninterrupted running of a school. Additionally, it is also essential to repair and maintain other assets to ensure their longevity.

 

Also, since fees are the primary source of income for an academic institution, it is imperative that these are regularly collected without any failure.

 

Teaching and non-teaching staff are an academic institution’s backbone. Therefore, their salary and other payments should be cleared without delay to maintain hassle-free functioning of a school.

 

Before going on to the option of availing a business loan, administrators should look to curb expenses wherever possible. This includes formulating plans to replace events with less expensive options.

 

Administrators of academic institutions can also avail working capital loans to meet their capital requirements in the event of a financial emergency.

 

Typically, financial institutions provide pre-approved offers, which hasten their application process.

While availing such school loans, it is essential to maintain their repayment properly. Additionally, tax benefits on such loans can also be availed to reduce total expenditure on their repayment.

 

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