When embarking upon a strategic approach cost cutting, is important to implement as a strategy. Some costs are necessary, so it's important to classify costs into good costs, bad costs, and best costs.
Good costs focus on the university’s growth and are aligned with the university’s needs and how we meet those needs. Bad costs are those that do not match up with the university's growth strategy, and waste resources. When bad costs are cut, they can free up resources that can be used in a more productive capacity. Best costs are the costs associated with what makes William & Mary unique, how we differentiate ourselves from the competition, and how we are able to provide a world class educational experience to our students.
Do you have any suggestions for cutting costs or avoiding unnecessary costs? Are there opportunities to delay some costs until the current public health crisis passes? What are options for substituting certain things with lower cost items temporarily that can help us save resources during these difficult times? Share your thoughts below.
Do you have a good idea about how W&M can serve students better, more students, or different students? How about ways the university might serve our community better or differently, or ways to generate revenue?" The Suggestion Box is for all revenue generation ideas as well.