Guidance

Schools financial efficiency: a guide to getting started

Information for schools about how to develop an approach that achieves greater financial efficiency.

Introduction

The table below outlines a simple process schools may wish to use when looking to improve their financial efficiency, to help schools achieve a greater impact on pupil outcomes from their resources.

It sets out the different tasks involved and suggests which available tools and guidance could be used to support completion of each of these. It is not intended to be prescriptive, but rather an initial suggestion for schools to adapt and improve as they see fit.

  What How
Review How efficient is my school? Use the schools financial efficiency metric tool for an indication.
Investigate Is my school spending more in certain areas compared to other similar schools? Use financial benchmarking to find out.
  Are there good reasons for spending more in certain areas? Discuss with those responsible for the area of spend.
    Gather detailed information on the area and determine if savings are possible.
    Discuss within the senior leadership team (SLT) and governors to determine the best way forward.
Resolve Develop solutions to improve levels of efficiency. Consult similar schools to identify best practice.
    Develop an efficiency plan.
    Regularly review opportunities for greater efficiency (including reviewing best practice, alternative providers etc).
    Use schools financial efficiency tools and support for ideas.
Published 12 January 2016