How Can I Lead Through Budget Cuts?

How Can I Lead Through Budget Cuts?

For academic leaders, few challenges are more disruptive or stressful than managing budget cuts. The pressure to do more with fewer resources, maintain morale, and protect core priorities can feel overwhelming. And without a clear understanding of institutional finances or a strategic plan, it’s easy to feel reactive instead of proactive during these critical moments.

This program offers practical guidance on understanding different types of institutional budgets, developing strategies to navigate cuts, and leading faculty and staff through financial uncertainty with transparency and collaboration. Participants will explore actions to take both upward and downward within the institution, learn how to present budget changes effectively, and discover how to become active contributors to strategic budgeting processes.

By fostering a more strategic perspective and becoming more involved in financial planning, academic leaders can not only influence current budget decisions but also position their departments for future success. This program equips participants with the knowledge, skills, and confidence to lead effectively during budget crises and build a stronger foundation for the next budget cycle.

LEARNING GOALS

After viewing this Magna 20-Minute Mentor, participants will be able to:

• Identify different types of institutional budgets and their key components
• Develop strategies for navigating and responding to academic budget cuts
• Engage faculty and staff in collaborative financial decision-making
• Demonstrate effective communication when presenting budget changes
• Influence financial allocations through active participation in budgeting processes
• Plan for future budget cycles with a strategic leadership perspective

TOPICS COVERED 

• Understanding different types of institutional budgets
• Leading effectively through budget cuts (upward and downward)
• Communicating budget changes to faculty and staff
• Becoming an active participant in financial decision-making
• Planning strategically for future budget cycles
• Building collaboration during financial challenges

AUDIENCE

This program will benefit:

• Deans
• Department Chairs
• Program Directors
• Associate Provosts and Assistant Provosts
• Academic Affairs Leaders
• Budget and Finance Administrators in Academic Units
• Faculty Members with Administrative Responsibilities

Product Code: OM25AD