Business office leaders from state and regional associations, in addition to members of NBOA's Board of Directors, convened to discuss the near-term and long-term issues impacting the financial health of independent schools. NBOA has conducted this "think tank" approach in prior years, with the goal of keeping the national association on the pulse of the most important challenges facing the business office today and on the horizon.
Those top challenges? According to the dynamic group assembled:
Human Resources Compliance: Independent schools operate in an increasingly complex world of employment issues. Business officers either have oversight of the HR function or the direct responsibility themselves, but few have extensive training in this area. Participants agreed that HR oversight has significant implications with regard to legal compliance, employee relations and each school's financial well-being, not to mention its reputation within the community.
"A Seat at the Table": Participants agreed that independent schools benefit by eliminating silos and taking a more integrated approach to leadership decisions impacting their programs and budgets. Business officers can—and should—play an increasingly important role among their school's leadership by sharing data, identifying resources and providing their unique perspective on challenges and opportunities facing the school. But they can only do this if they are part of the conversation.
Affordability and Financial Sustainability: Ever since the economic crisis of 2008, savvy independent schools have viewed all critical decisions through a "sustainable" lens. The important question is always whether the school can support this decision in the long-term—or in many cases, in perpetuity. Before a school can thrive, it must make financial decisions that it can sustain.
Leadership Development and Succession Planning: The reality of generational shifts within the workforce over the next 10 years indicates that independent schools will face a shrinking pool of experienced leaders to serve them in critical areas. In the context of the NBOA membership, where is the pipeline for the next generation of business officers? How do we cultivate interest in a profession that many don't identify until mid-career?
Long-Range Financial Planning: Said an independent school trustee: "We can live with almost any financial decision we make for a year, but what happens after that?" COBO participants agreed, and underscored their strong belief in creating and leading a culture at their schools where financial planning takes the "long view."
When a program suggestion comes to me, I often ask myself, "If not NBOA, then who?" The Conference on the Business Office is a great example of the importance of creating opportunities for a national dialogue around independent school business operations issues, and more importantly listening and responding to that conversation. NBOA is absolutely prepared to continue to take on this leadership role.
A special thank you to all the business officers who joined us last week, and to our colleagues and friends at Smart Tuition, whose generous support helped to make COBO possible!
