Best Practices for Financial Success at Your Institution
Andrew L. Laws
To promote long-term financial success amid higher education’s changing landscape, consider the following:
Approach the Decision Process DifferentlyTraditionally, decision making is change-limiting. But institutions must act swiftly, leveraging current data and engaging stakeholders to make informed decisions
Adopt a Portfolio ApproachInstitutional leaders should consider balancing cost-intensive, mission-driven activities with activities that provide net-operating revenues.
Develop a Deeper Market UnderstandingInstitutions should acknowledge the increased competition for students, faculty, and funding, to commit to approaching markets in creative ways.
Relentlessly Pursue EfficiencyMore efficient business and administrative operations allow more quality investments to be made in academics.
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