Page 17 - spaces4learning, January/February 2020

is simply one of many strategies that should be evaluated for its potential to provide efficiency and improve effectiveness. For schools that don’t possess the resources to unleash maximum value on their own, partnering might be useful.
Partners whose values and practices align with those of the institution can bring benefits like funding outside of tradition- al avenues, risk mitigation, operational expertise, technology, agility, new revenue generation opportunities and cost savings. The results can be impactful — creating economies of scale, increasing efficient business practices, delivering
better services to students and generating resources
for reinvestment in student success initiatives. And
again, all in the service of better delivering on the institutional mission.
Doing It Right
Any school considering engaging with the pri- vate sector to realize synergies between service units must be very careful to select the right partner. Otherwise the benefits don’t outweigh the down- sides. This means the core value of mission align- ment must be understood, if not shared by, the pri- vate sector partner. Once that is satisfied, schools need to think about how to select a partner willing to invest in understanding the political, market and strategic forces that drive decision making. Based on our experience, successful partners will demon- strate these five attributes:
1. The right partner with the right business model.
2. Demonstrated knowledge and experience to not
only reduce operational costs and enhance services to campus stakeholders but also to meet current and future college or university challenges.
3.Aligned values and desired outcomes with the school in operating philosophy and organizational culture so constituents cannot tell the difference be- tween the third party and the college or university.
4. Demonstrated agility and scalability to respond to increases and changes in demand for services as the school evolves.
5. Commitment to employing college or universi- ty staff for a specified period and providing for- malized and regular training, upward mobility opportunities, equal or better benefits and the option to stay employed by the school.
Again, a partner isn’t a necessity, just one strategy.
Should My School Explore Realizing Synergies Among Service Units?
The reality is that what we’re talking about here won’t be the answer for all schools. It won’t even be the answer for most. But where it is the answer,
schools will be able to position themselves for long-term success and mission delivery.
James Vigil (jvigil@bdconnect.com) is a former CFO and vice president for Administration in higher education and is currently a senior associate at Brailsford and Dunlavey (www. bdconnect.com), a management and development advisory services firm.
JAN/FEB 2020 17
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