Learning from Closures: 8 Lessons for Your Institution’s Future

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Grant Thornton's State of Higher Education 2017 - college closures“Canary in the coal mine.” “A shot across the bow.” “Raising a red flag.” Whatever metaphor you use, the closings of colleges and universities, as well as many close calls, are sending a message to other institutions that their future is not necessarily secure. As responsible stewards of their institutions’ mission, trustees and senior administrators can reflect on the lessons that these unfortunate events might teach us.

The two greatest enemies of every college or university are complacency and nostalgia. Many closed or struggling higher education institutions have failed to recognize and combat these mindsets.

To thrive in achieving your mission, read the full article for key principles and steps to follow — consider changes to programs, delivery methods, services and use of physical structures; integrate with the wider higher education community; engage the board’s high-level guidance; educate and communicate with stakeholders; be aggressive in seeking new revenue; emphasize or reposition a specialty; use data analytics to understand internal operations; and base budgets on substitution, not incrementalism.

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The State of Higher Education in 2017

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Contact Larry Ladd
Director, National Industry Specialist, Not-for-Profit and Higher Education Practices
+1 617 848 4801