Universities Must Adopt Business Thinking to Execute Turnarounds

An experienced higher education professional, Emmanuel Gonsalves has held leadership positions at Bethune-Cookman University; the College of Science, Technology, and Applied Arts of Trinidad and Tobago; and Medgar Evers College. Noted for acting as a change agent in these roles, Emmanuel Gonsalves has expertise in applying corporate turnaround principles in higher education. As institutions across the nation face drops in enrollment coupled with the need to raise funds for key capital projects, many institutions must execute financial and operational turnarounds to ensure their survival.

Achieving a successful turnaround requires a balance between business thinking and regard for the educational mission of the institution. Depending on their specific needs and pressures, institutions may need strategies for boosting enrollment, increased discipline in their marketing or admissions functions, or reductions in overhead costs. Institutions may also need to realign or modernize their curriculum to increase appeal among prospective students.

Today's universities must simultaneously cater to the needs of both young, technology-savvy students and older, career-focused students. Institutions must also adapt to meet the demands of a fast-paced, globalized environment, while receiving less direct funding. As these and other pressures escalate, university leadership must respond by adopting a business-like approach to operational management while maintaining focus on their core academic mission.