By nearly every important strategic measure, private education is under industry duress. Some of the indicators of this duress include softening demand, shrinking universe of traditional customers, inflated prices with inflated financial aid trying to make up the difference, changing modes of delivery, and rising expectations of new consumers. It's not all bad, though, as many private schools and colleges are using this time to refocus their energies and recalibrate their offerings.
As we move into a new year, we start with a theme of recalibration. There is no question we are at a pivot point as an industry. In fact, we have been at this place since the global economic shift in 2007-08, which served as a catalyst for change in an industry that had neglected external trends. Since that time, the industry has been making incremental change without significant transformation of the business model.
Where are we going and where do we start? There are critical questions that need to be answered in the future. Do we begin with reforming the classroom? Or maybe we should focus on changing the business model? How about altering the method of delivery? We will focus our first quarter of blog entries of 2018 on the theme of recalibration and attempt to address some of these questions and the issues that emerge as a result. It should be a good series. We hope you can join us, follow along, and even throw in a few ideas of your own.