Shelter from the Storm: weathering financial challenges
The Chronicle gave some advice today to colleges on how strategic planning can help buffer institutions from the effects of uncertainties. Here’s the advice, condensed:
- create strategic plans faster and have them cover a shorter period. Instead of taking a year to develop a 5-year plan, spend 4 months developing a 3-year plan.
- make sure your strategic plans provide clear actions which reflect core principles and particular goals.
- practice flexibility regularly: refine your actions or change your strategies annually while retaining your commitment to your core principles or goals
- have cash on hand–a million or so would do it for a small liberal arts college. Liquidity also promotes being opportunistic–the ability to partner with vendors, take advantage of a new technology, etc.