Arena4finance is proud to introduce our new course, developed in partnership with the Association of Public Service Excellence (ASPE) - How to make a profit from public sector products and services.
This is indeed a time of change for local authorities. As central government decentralise power and release responsibility onto local councils, there is an unrelenting urgency within local councils to reform their finances and become self-sufficient. If financial independence is to be achieved by 2020, local government need to heed the warnings and look at ways to fill the funding gap.
Our new one-day course, developed in partnership with the Association of Public Service Excellence (ASPE), ‘how to make a profit from public sector products and services’, has been created to help councils look at ways to generate new revenue streams as well as make cost efficiencies, in order to shape a new future for the public sector.
It is widely reported that Sevenoaks, the first self-sufficient council and winners of the 2016 Guardian Public Service awards, was the first local authority to develop a ten-year budget and expand its development strategy. Now owners of a number of commercial properties, including a pub, petrol station and with a hotel also in the pipeline, they have indeed paved the way and created a model for local authorities to follow. As put by David Brindle, the Guardian’s public services editor; “While others haggle over the numbers, Sevenoaks has picked up the ball and run with it. What it has achieved has taken vision, initiative and nerves of steel at a time of unprecedented uncertainty for town halls.” However Sevenoaks’ success is just the start, local authorities can take inspiration and resolve from their example.
This new course, designed specifically for the public sector, will give attendees the opportunity to reflect on where are they now, where they want to be and what options exist in order to accomplish this. Making a profit or surplus is key to ensure funds are available for reinvestment in to existing services and to meet longer term objectives.
During the course, participants will consider the drivers that impact on their financial performance – looking at sources of revenue, customers, pricing and the cost structure. By the end of the day, participants will have all the tools needed to progress forward. Using a variety of case studies and scenarios during the sessions, we will look at: identifying opportunities for profitable income generation; understanding the true costs; developing expertise and entrepreneurship; managing the risk; and considering the systems and processes for monitoring performance.
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