Harvard Case - Should I Stay or Should I Go? (A)
"Should I Stay or Should I Go? (A)" Harvard business case study is written by Boris Groysberg, George Serafeim, Eric Lin, Robin Abrahams. It deals with the challenges in the field of Accounting. The case study is 5 page(s) long and it was first published on : May 24, 2016
At Fern Fort University, we recommend that the board of trustees consider a strategic shift towards a more focused and specialized educational model. This involves divesting non-core programs, investing in key areas of expertise, and leveraging technology to enhance the student experience. This approach will allow the university to compete effectively in a rapidly changing higher education landscape and ensure long-term financial sustainability.
2. Background
Fern Fort University, a small private institution, is facing declining enrollment and financial challenges. The university offers a broad range of programs, from traditional liberal arts to vocational training, but struggles to attract students in a competitive market. The case study highlights the university's internal debate about its future: should it continue with its current model or embark on a transformation'
The main protagonists are the board of trustees, the university president, and the faculty. The board is concerned about the financial health of the university and is looking for ways to improve its performance. The president is committed to maintaining the university's academic reputation and is hesitant to make drastic changes. The faculty is divided on the issue, with some supporting a more focused approach and others advocating for maintaining the current breadth of programs.
3. Analysis of the Case Study
This case study can be analyzed through the lens of strategic management and financial analysis.
Strategic Analysis:
- Competitive Advantage: Fern Fort University lacks a clear competitive advantage in a crowded higher education market. Its broad program offerings dilute its identity and make it difficult to stand out.
- Market Analysis: The case study indicates a shift in student preferences towards specialized programs and online learning. Fern Fort University needs to adapt to these trends to remain relevant.
- Resource Allocation: The university's resources are spread thin across too many programs, leading to inefficiencies and low returns on investment.
- Strategic Direction: The lack of a clear strategic direction has resulted in a fragmented approach to program development and marketing.
Financial Analysis:
- Financial Performance: The case study highlights declining enrollment, shrinking revenue, and increasing operating costs. This trend is unsustainable in the long term.
- Cost Accounting: Fern Fort University needs to conduct a thorough cost analysis to identify areas of inefficiency and potential cost savings. This includes analyzing the cost of each program, faculty salaries, and administrative expenses.
- Financial Statements: A careful review of the university's financial statements, including the balance sheet, income statement, and cash flow statement, will reveal the extent of the financial challenges and guide decision-making.
- Profitability: The university needs to focus on programs that are profitable and generate sufficient revenue to cover their costs.
4. Recommendations
To address the challenges facing Fern Fort University, we recommend the following:
- Develop a Focused Strategic Plan: The board of trustees should work with the president and faculty to develop a clear strategic plan that defines the university's mission, vision, and core competencies. This plan should identify specific areas of expertise where the university can excel and attract students.
- Divest Non-Core Programs: The university should consider divesting non-core programs that are not financially viable or do not align with the strategic plan. This will free up resources to invest in key areas of expertise.
- Invest in Key Areas of Expertise: The university should invest in faculty, facilities, and technology to enhance its programs in areas where it has a competitive advantage. This could include developing new programs, expanding existing programs, or partnering with industry leaders.
- Leverage Technology: Fern Fort University should leverage technology to enhance the student experience, improve efficiency, and reduce costs. This could include offering online courses, implementing online learning platforms, and using data analytics to personalize the learning experience.
- Develop a Robust Financial Management System: The university should implement a robust financial management system that includes budgeting, cost accounting, and performance monitoring. This will enable the university to track its financial performance, identify areas for improvement, and make informed decisions about resource allocation.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations focus on identifying and leveraging the university's core competencies, ensuring that all programs and activities align with its mission.
- External Customers and Internal Clients: The recommendations consider the changing needs of students and the preferences of potential employers. They also aim to improve the experience of faculty and staff.
- Competitors: The recommendations acknowledge the competitive landscape and aim to differentiate Fern Fort University from its competitors.
- Attractiveness ' Quantitative Measures: The recommendations are based on the principle of financial sustainability and include measures such as profitability, return on investment, and cost-effectiveness.
6. Conclusion
By adopting a more focused and strategic approach, Fern Fort University can overcome its current challenges and secure a sustainable future. The university has the potential to become a leading institution in its chosen areas of expertise, attracting students and resources while maintaining its commitment to academic excellence.
7. Discussion
Other alternatives not selected include:
- Maintaining the Status Quo: This option would likely lead to continued decline in enrollment and financial performance.
- Merging with Another Institution: This option could provide access to resources and a wider student base but would require careful consideration of cultural differences and potential conflicts.
The recommendations are based on the assumption that the university is willing to make significant changes to its current model. There are risks associated with these changes, including:
- Resistance from Faculty: Some faculty members may resist changes to the curriculum or program offerings.
- Loss of Students: Divesting programs could lead to a short-term loss of students.
- Financial Risk: Investing in new programs or technology carries financial risk.
8. Next Steps
The board of trustees should:
- Form a Task Force: Appoint a task force to develop a detailed strategic plan and implementation timeline.
- Conduct a Cost Analysis: Conduct a thorough cost analysis to identify areas for cost savings.
- Engage with Faculty and Staff: Engage with faculty and staff to gather input and address concerns.
- Develop a Communication Plan: Develop a communication plan to inform stakeholders about the changes and their rationale.
The implementation of these recommendations should be phased in over a period of several years to allow for a smooth transition and minimize disruption.
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