Financial viability and sustainability are crucial aspects and support all other strategic key areas and activities. This is the ability to generate adequate income to meet operating payments and debt commitments, allow growth while maintaining high quality levels of service. The aim of financial viability and sustainability is to make the most efficient, effective and focused use of current financial resources whilst continuing to build funds and make the case for enhanced investment in high quality education and training.
Marketing forms a crucial part of financial viability and sustainability as student fees are a major source of income for IIBT. The marketing strategy includes implementing ethical, legal, risk-limiting approaches, techniques and methods, rigorous scrutiny of new agents, close monitoring and management (including annual evaluation and ongoing training and support) of new and ongoing agents. IIBT aims to market to and recruit high quality students from a diverse background to promote IIBT as an inclusive, high quality and diverse learning and teaching environment while enriching the students’ engagement and experience.
By 2025 IIBT will be a financially sustainable and profitable education and training provider that recruits students from a range of backgrounds and countries through a well-established group of ethical and highly effective agents and other rigorously selected and closely monitored marketing approaches.
- Implement best practice financial processes and procedures fulfilling obligations to external financial auditors and accreditation bodies.
- Recruit high quality students through ethical and legal marketing strategies and effective agents to increase revenue.
- Recruit students from a range of backgrounds to develop and maintain an inclusive and diverse group of students.
- Build and maintain relationships with partner universities through visits to relevant contact staff in the international office and the different faculties to maintain and develop a range of selected and appropriate pathway options.
- Expand relevant course offerings based on demand in the market to remain competitive, create a sustainable income and flexible options for prospective and current students.
- Seek partnerships with selected education and training providers to build beneficial alliances, through articulations and Memorandum of Understanding (MOUs).
- Reinstate the VET Delivered to Secondary Schools (VETDSS) to attract domestic students to IIBT.
- Build partnerships with educational institutions in China and Taiwan to market IIBT courses and recruit students through a Business-to-Business (B2B) system.