Granetta Blevins (left), a member of the Georgetown College (KY ) board of trustees and management and financial consultant, and Donna Dalton (right), provost and vice president for academic affairs at Gannon University (PA), related lessons of sustaining the academic and financial strengths of private colleges and universities, based upon their personal experiences.

Five essential lessons will help sustain an institution both academically and financially, said two panelists who also discussed how to turn around colleges and what can be learned from an institution that closed. Donna Dalton, provost and vice president for academic affairs at Gannon University (PA) examined her experiences as part of a management team that closed a private college (Trinity College in Vermont). She and management and financial consultant Granetta Blevins, a member of the Georgetown College (KY) board of trustees and former interim CFO of the college, outlined the five essential lessons.

     Clear Mission. Dalton said that there was no one single factor that caused Trinity’s closing, but one of the key factors was an unclear mission, she said.
     Blevins agreed that a crisp, clear mission that reflects the core business of the institution, and an exciting, forward-looking vision are crucial to generating buy-in and ensuring that people understand the reason for a college’s existence.

     Cohesive Management Team. The president and chief academic officer need to provide leadership of the senior management team that includes trust, open discussion,
commitment, accountability, and team results versus individual success, Blevins said.

     Understanding the Institution’s External and Internal Situations. “As institutional leaders, you should understand external issues, such as the market environment, your institution’s strengths and weaknesses, and profiles of current and future students. You should also be aware of the internal situation, such as the effectiveness of programs, enrollment trends, endowment, cash flow, short-term financial stability, and long-term financial sustainability,” Blevins stressed.

     Make the Tough Decisions. “Don’t delay making hard decisions or postpone decision making while you gather more data in an attempt to reach consensus,” Dalton said. “Failing to take action is an action that reduces degrees of freedom—you’ve made a decision by your inaction. You need to make the hard decisions that should be made, and this is where having a cohesive management team is essential. It is important that the team understands why things are being done and what the implications are; and all members of the team must be communicating the same message.”

     Communication. Communicate frequently to internal and external constituents, Blevins said. “Your message should be clear and crisp and communicated often.”

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Last updated: December 2003
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