To assist colleges and universities in ensuring their continued economic viability and the strength of their business practices, I am very pleased to announce that we have launched NACUBO Consulting.
Over the last few years, one of NACUBO’s strategic priorities has been to assist institutions with necessary transformations to address the changing higher education environment. At its July 2019 meeting, the NACUBO Board of Directors approved the creation of NACUBO Consulting to do just that by providing members with services aligned with their core practices.
Drawing on the expertise of seasoned higher education practitioners, NACUBO Consulting will provide members with customized solutions that match their specific needs, whether that is to grow net revenue, enhance their business models, or assess operations in business and finance. Most importantly, this new service will provide insight and relevant, actionable steps, along with implementation assistance.
For more than 50 years, NACUBO has supported business officers as they analyze and forecast their institutions’ finances, adapt to new business demands, envision opportunities amid change, and coordinate strategic plans with other departments on campus. We are pleased to offer this new consulting service led by Jim Hundrieser, our vice president for consulting, who has decades of experience in public and private higher education, including consulting with institutions of all sizes around the country.
Areas of Focus
To determine this service’s initial offerings, NACUBO conducted market research with members to understand the needs of institutions and CBOs. Based on this input, our consulting service includes:
- Sustainable business strategy. A four-step process aligning members’ current strengths and resources with their missions to create short- and long-term financial sustainability models with specific implementation and financial plans to achieve strategic priorities.
- Financial assessment. A customized overview of trends in higher education that focuses on the potential impact of opportunities and risks specific to a particular institution, as well as strategies to increase net revenues and financial sustainability that are linked to trends and institutional mission.
- Custom-built revenue-growth business plans. A deep dive into current institutional practices geared toward finding opportunities to grow revenue from within existing programs and priorities that align with market demand.
- Mergers and partnerships. Assessment of an institution’s current state to help members determine whether partnering or merging with another institution is in the best long-term interest of the institution.
- One-on-one coaching, development, and support. Confidential coaching and support for leaders working through operational complexities or seeking to enhance their own skills and development. This includes sharing knowledge of trends, financial models, business structures and systems, endowments, foundations, or any other business topic pertinent to higher education; assistance with prioritizing and implementing initiatives; and guiding change management.
- Data analytics. Advice on how to connect institutional mission and analytics so that members can make key decisions using data to better inform strategy and measure outcomes.
- Operational assessment and in-depth exploration. An examination of operational areas (finance, facilities, auxiliary, financial services, budget and planning, student financial services, and other finance and administration departments) to identify strengths as well as opportunities to improve efficiency and effectiveness. Consultants can also provide in-depth analysis of current budgets, projections, and critical ratios; help with planning; and support preparation for reaccreditation.
As we launch our consulting service, I will be eager to hear from you about what resonates with you and what would be meaningful to you. And I always welcome new ideas. You can reach me directly at email@example.com.