To paraphrase: The REAL business of higher education: teaching, learning, research and service cannot be accomplished without effective financial management. A university's finance organization is a service provider to the president and other institutional stakeholders. A CFO must be flexible to respond to the institutional issues, provide succinct advice, offer solutions before problems even arise and inspire confidence in the finance team's abilities and the financial condition of the institution.

This issue of In the Know describes how a focus on customer service can enable a finance organization to support the President, attain institutional goals and engage staff in meaningful work.

Sincerely,

Tracy Filosa

Last week I received inspirational customer service. My front right tire was low, and after several trips to the air pump at the local gas station I prepared myself for the aggravation and time drain of fixing the problem at the car dealership. But when I called the service department at our new dealer, they invited me to drive into the express service bay without an appointment. When I arrived at the express bay, the door immediately opened and a friendly technician came out to see what he could do for me. Another person ushered me into their lounge that offered computer work stations, comfortable leather chairs, a plasma television and children's area. After only a few minutes the technician returned with the culprit nail and pointed out to me that I was only a few miles away from a recommended oil change. With my permission he then plugged the hole and changed the oil under their free maintenance program. When I returned to the car I asked the attendant why it was wet. "We washed it," he replied with a smile. The whole experience took less than a half hour.

The dealership was flexible to my needs, provided succinct solutions and took initiative to offer preventative maintenance that I did not even know I needed. I left feeling confident in their abilities, the condition of my vehicle and the brand I had recently purchased. As In the Know readers can anticipate, my outstanding customer service experience inspired me think about its relevance to the business of colleges and universities.

Flexible
As a lynch pin in the institutional leadership, a CFO must be available to respond to a host of expected and unexpected issues that arise on the campus regularly. While grounded in daily responsibilities that keep the school running, the finance organization must also be flexible enough to respond to impromptu requests and issues. Emphasis on service to governing boards, faculty, staff and students will enable administrators to enjoy meaningful participation in campus life and showcase their abilities.

Succinct
Dynamic schools move quickly, so excellent service from Finance must also be quick and succinct. Staff must know how to get business done, so they can respond with authority and speed. Documented and current policies and procedures, electronic access to frequently used forms and contracts, and established communication methods are critical tools to excellent service and sound business practice.

Solutions before problems
The service department changed my oil anticipating that it needed to be done soon and they could save me an additional trip. They offer the free oil change and car washing services, because maintenance prevents big repairs. A reliable car inspires brand and dealer confidence. I am confident in the condition of the car and the dealer's abilities.

CFOs and their staffs can gain this confidence by being aware of campus and industry issues and well-versed in the options that can be implemented. Professional development, benchmarking and other knowledge sharing opportunities keep staff sharp and engaged. They also support a sound financial condition, because in many cases answers are available before the question even needs to be asked. Problems are avoided, because solutions are implemented to prevent potential crises before they strike.

An able, responsive financial organization provides the president and the board the footing they need to lead the institution toward bold, sustainable goals.

Follow this link to read the entire Chronicle of Higher Education special report.

Follow this link to read about how schools with endowments of $1 billion or more are investing their resources.

TAF CONSULTING works with administrative leaders at colleges, universities and independent schools to deliver essential business analysis and training to stakeholders.

TAF participates in a range of business projects at schools including: organizational planning, issues briefings to chief executives and trustees, financial and management reporting, administrative system implementations, policy and procedure documentation and faculty and staff training.

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