Business To Be Had
Many campuses are starting to come alive with students and faculty! It’s very exciting and at the same time very stressful. I’ve read many articles and social media posts that show the excitement of both students and faculty. I’ve seen several presidents posting valuable and insightful leadership principals which are more essential now than ever. I’ve appreciated how several institutions have communicated their plans for social distancing and minimizing contagion. It’s all great to see and I want you to know that I am praying for a smooth start to your FA20 semester, and for minimal last-minute melt.
There is still some uncertainty about the future. But here is the thing to keep in mind: There IS business to be had! By that I mean there is available enrollment growth and there is an opportunity for increased profitability. But not every institution will experience it. Some institutions will choose not to face the realities of the new marketplace. The available market for higher-ed was in bad shape prior to the pandemic. And that has not changed. But now, due to the pandemic, there is even more uncertainty. As a result many of these institutions will find themselves struggling and possibly closing their doors.
Other institutions will prepare as they should, and will inherit students from the institutions that close. That’s what I mean when I say there is business to be had. But the business will go to those that approach the future in the right way. It will take a combination of improved enrollment practices and a healthy dose of automation and student self-services to establish a long-term sustainable financial model. It will require recognition of the new marketplace and a willingness to make adjustments that will increase efficiency and enrollment. It will require a reduction in per-student net tuition revenue with a simultaneous increase in overall profitability (yes that is possible).
As you know from our previous corresponce, our specialty is growing enrollment and automating student services for increased profitability. Our expertise is in recruiting, admission, retention, financial aid, pricing, marketing, systems, and institution-wide policies and processes. We know the market and we are versed in industry best practices. And we have proactively developed a new pricing model that makes our services VERY affordable.
Time is of the essence. SP21 is rapidly approaching. And if the recruiting cycle plays out as it has in the past, you only have 98 working days to secure most of the applications needed to achieve your FA21 enrollment objective.
Why not give us a call to discuss how we can help you position to be one of the recipients of the business to be had? Contact me at either 720-233-3227 or at mmc@mikemoroney.com. It can’t hurt to talk.