NBOA President and CEO
When we talk about data, it can seem abstract — clean, discrete numbers, populating excel spreadsheets, distinct from the complex realities of leading an independent school. That may be how some stakeholders in your school see it. When approached with intention, however, data is a powerful, tangible asset that can shape effective budgeting decisions, highlight operational efficiencies and support long-term strategic planning. One metaphor that comes to mind is a machete that can cut through anecdotal information and provide key insights and inform our actions.
That is why, when your school participates in the DASL/BIIS Financial Operations Data collection each year — which is open now through December 5 — it’s not just data entry. Just as no other school has your school’s unique combination of mission, vision and community, no other school’s numbers are quite like yours. When you participate, you ensure the primary national dataset for independent schools reflects the full diversity and richness of your school. This allows NBOA to better serve you with richer analysis, and you to better serve your constituents.
KPI-Tracking and Benchmarking Can Change the Course of a School
A recent Fast Company article, “The Modern CFO Is Focused on Data,” makes the case for increased attention to data – as I see it, not only in for-profit companies, but also in independent schools.
The article contends that CFOs should focus on KPIs beyond cost containment and historical performance because effective financial management today is about “agility, resilience and forward momentum.” That means your goal as a business leader should be forward-looking and evolve alongside the critical responsibility of financial stewardship.
NBOA’s top-notch research team shared this example with me recently. A day and boarding school discovered through peer benchmarking that its tuition was significantly higher than its peers. In response, the school implemented tuition containment and increased fundraising efforts. Over the following years, it shifted from having the highest tuition to the lowest among its peer group. This clear, measurable outcome driven by data analysis is one step towards the school’s long-term financial sustainability. Data helped move the school from the status quo to decisive action.
Data Can Help Us Lead Confidently When the World Around Us Is Shifting
As recent years have shown, external factors like inflation, shifting legislation and a global pandemic can disrupt your school’s financial health overnight, making real-time adaptability a must for school leaders. That’s why schools need responsive tools that provide timely insights and flexible indicators.
As the authors of the Fast Company article note, data can help foster a culture of adaptability, “where change isn’t feared, but expected and thoughtfully planned.” Another example from NBOA’s research team: Leaders at another school used data to develop recommendations for enhancing employee benefits and fostering employee retention, which develops a stronger school culture and cuts down on hiring costs. Whether you're evaluating compensation, forecasting enrollment or tracking progress toward strategic goals, responsive data empowers school leaders to make timely, informed decisions that support long-term financial success.
Helping You Make the Most of Your Data
One reason why NBOA is such a vibrant community of peers is that it’s impossible to do the work required of independent school business leaders alone. There’s simply too much for any one individual to stay current, know and research. The DASL/BIIS data collection effort, and one-of-a-kind BIIS tools and reporting functions helping you tap its valuable data, are primary examples of how collaborative efforts make all of our independent schools succeed financially. The national dataset supports our national research efforts on top trends and in-depth analysis but also provides you with unique insights tailored to your school’s specific financial story. No school is the same, and your data — readily tapped and analyzed in BIIS — helps tell that story.
Please don’t leave this valuable tool, which enables you to provide a modern lens to your independent school’s business operations, on the table. If NBOA members have any questions or need additional support, don’t hesitate to reach out to our team at research@nboa.org. Remember, DASL/BIIS financial operations data will remain open for data entry through Friday, December 5.
Follow NBOA President and CEO Jeff Shields on LinkedIn.
