Here are some strategies that smart college presidents are deploying to fortify and turnaround institutions:
1. Inch-wide, mile deep. Think Palo Alto University (psychology degrees only), Wheelock College (child development programs only), and Thunderbird School of Management (International business only).
2. Amass talented faculty, attract top notch students, then make buildings. North Central college did that with arts first and now is doing it with sciences.
3. Hit them where they ain’t. Think Elon University. No Harvard envy there. Elon attracts students who learn by doing and not just by reading text books. They own the “Engaged Learning” position.
4. Lead with strengths. Focus on the programs where the school has strengths and build from there. Or, as Dean Edward Snyder of Yale Business school says in New York Times: ‘‘Give up the undifferentiated, multi-brass-ring strategy of best recruiters, best students, best facilities, blah, blah, blah.’’
5. Intrinsic differential. Where others saw a school in distress, President Norman Smith of Wagner College saw prime real-estate facing New York City. He used that as the enticement for attracting students from the entire northeast. After all, who wouldn’t want to be near the City, and live in a pristine bucolic setting? Students showed up in hordes.
6. Be a contrarian. Many liberal arts institution are buckling under pressure from a society that values vocational education. Not St. Edward’s and St. Olaf. They have decided to embrace their strength in the liberal arts and are busy building a business case for why liberal arts education not only has an ROI, but is good for society and the world at large. They are busy producing adaptive, thinking and ever curious graduates.
7. Expand bright spots. President Kirk walks into Saint Leo University, sees the depth of experience the university has amassed in distance learning while serving the mobile military, and decides to extend the technology to serve the adult students nationwide with online programs. Thus begins an amazing success story.
8. Merchandise hope and care. Charismatic President “Buck” Smith put the tiny David & Elkins college nestled in remote Appalachia on a path of prosperity based on sheer power of good old fashioned values of hope, optimism, decency, encouragement, generosity of spirit and nurturing of relationships. The college, once bleeding, is now operating debt free.
None of these strategies are workable without a strategic leader and a hustling team packed with practical wisdom.
What successful turnaround strategies are you seeing out there?