Outstanding debts owed by parents in some schools can cover the overhead expenses in that school and also help in delivering great structural development in the school, but these schools having these great potentials of cash out there find themselves stuck when undertaking serious financial projects
While I have experienced first hand the emotional instability this scenario can give the school owner, the mental trouble it can cause the school owner to feel.
What do I mean, as the school owner is caught between making the decision to send the children home and also worried about how that will have an effect on the school population in the long term.
With the right intention in place the school owners most times retains these pupils and it has a long term effect on the financial stability of the school.
Now debts has a negative energy around it and if not properly managed can single handedly make you feel frustrated and even tempted to the extent of closing down the school.
Strategy in managing the school’s debt and financial viability is however paramount.
No one cap fits all but in this report I have outlined how I managed to bring the debt ratio of my mothers school from about 1 million naira per term to less than 50,000 naira.
So let’s dive straight into it.