News & Insights
Photo courtesy of: Greg Land
In an era where institutions are torn between bigger dreams and even tighter budgets, many view their missions as a nice-to-have slogan on the wall. But what if mission-aligned financial decision making is the thing that secures your financial future? Is that possible? Laura Day Kane, director at B&D and former dean of Kenyon College, argues that the strongest institutions leverage their mission to ensure a vibrant future.
B&D: In your episode of Built for Impact, you view mission as a “North Star.” Can you expand on that thought?
Laura Day Kane: A North Star doesn’t tell you every turn to take; it simply keeps you headed in the right direction. Some people treat it as something that belongs on a website or in a strategic plan, but I see it as the lens through which every important decision should be evaluated.
B&D: Many leaders feel like they have to choose between advancing the mission and making financially responsible decisions. Is that a false choice?
LDK: I think it often is. Sometimes leaders separate strategic value from financial value, as though they’re two different conversations. Many leaders I talk to find value in thinking about the finances behind advancing mission as a menu of options, all coming at different costs. Sometimes the right choice is the major capital investment to build a brand-new residence hall. But in many instances, there are low or no cost initiatives that can make a huge impact.
B&D: When it comes to the bottom line, where do you think mission-aligned decision making has the biggest impact?
LDK: I actually think the goal shouldn’t be cutting costs as much as it is making sure every decision makes sense against your mission. When institutions have a clear understanding of who they are and who they serve, they make better strategic decisions. Students notice when an institution delivers for them, which can positively impact recruitment, retention, alumni engagement, and even philanthropy.
B&D: If a president of an institution walked into your office and asked you, “How do I know if I am making good on our mission?” What would you tell them?
LDK: I’d probably ask them a question instead: “If I attended your cabinet meetings for six months, could I identify your mission just by listening to the conversations?”
If mission only shows up in speeches, accreditation reports, or fundraising campaigns, it is just a statement hanging on a wall. The strongest leaders I’ve worked with don’t simply reference the mission, they use it. It becomes a litmus test to evaluate tradeoffs, set priorities, and make decisions. Ultimately, mission isn’t measured by what an institution says it values. It’s measured by what it chooses to invest in. And that’s how mission comes alive.
Ask the Expert is written and produced by Allison Bruns. Thank you to Laura Day Kane for her participation in the series. Do you have a question you’d like an expert to answer in a future issue? Submit your topic here.
