This article has been brought to you by Slough Borough Council's Early Years Childcare Development Co-ordinator, Clare Thompson, for the attention of Nursery Schools and schools with nursery classes; including Headteachers, Early Years leads, School business managers/admissions, PVI Day Nurseries and Preschool managers and business owners; and Childminders.
In the current climate there are many wider external factors influencing and affecting the local early years and childcare market in relation to demand and supply. Have you considered what the future of the sector might look like, and what do you need to do to anticipate and think through in order to be even more prepared?
Since 1997 the sector has seen huge changes introduced which has influenced the early yeas and childcare market, therefore changing the dynamics for businesses.
Not only are we about to experience another general election which might alter the landscape in relation to early years and childcare but we also have to consider a number of other factors:
- Political change, general election
- New manifesto commitments for early years and childcare entitlements
- Brexit – deal or no deal
- Employment of EU nationals in the UK and the impact on the take-up of early years funding entitlements
- EU citizens employed in your provision
- Impact on local employment market for GB citizens/parents
- Supply chain: food and/or fuel
- Changes to national minimum wage and pensions
- Funding rates paid to providers
- Business rate and rental increases
- Birth rates in Slough
- Movement in and out of the borough
- Recruitment and retention of the workforce
- Lack of available budget to provide opportunities for training and CPD
- Impact on quality and Ofsted inspection grades
- Support for increasing numbers of children with SEND
All early years and childcare businesses need to ensure that their current business models are secure, balancing flexibility, affordability and sustainability.
Consider conducting your own business risk analysis, assessing the external factors outlined above along with any other specific factors relevant to your setting. What can you do to prepare for changes and mitigate against any risk to your business?
- Have you signed up to tax free childcare and been actively promoting the various different schemes which may help parents with childcare costs?
- What promotional activities do you offer to raise awareness of the funding entitlements for early years children?
- Do you have a current and up to date financial forecast considering occupancy and staffing levels?
- Are you aware of the current trends in the market according to parental demand and provision choices?
- Does your current operational model need reviewing in line with national and local factors?
- How can you access training and CPD opportunities when you may have limited funds?
- What can you do to maintain high standards of provision in the current and future business climate?
If you would like to attend an early years and childcare market and business management workshop which will look to explore the above area please contact:clare.thompson@slough.gov.uk
Since the inception of the national childcare strategy we have seen some tremendous developments across the sector. What’s next?
