Excerpt from Chapter 1 of The Business of Independent Schools: A Leader’s Guide (NBOA, 2022)

By Jeff Shields, FASAE, CAE, NBOA President and CEO

Independent school business officers are more than financial stewards—they are strategic leaders who shape the future of their schools. Their roles encompass financial management, risk mitigation, operations, and human resources, but their greatest impact often comes from their leadership as strategic partners, educators, entrepreneurs, and trust builders.

• The Business Officer as Strategic Partner: The relationship between the business officer and head of school is foundational to success. As one business officer put it, “My job every day is to further the mission of the school and to make [the head of school’s] job easier.” This partnership thrives on open communication and a “no surprises” approach, ensuring alignment with the board of trustees and the school’s strategic priorities. Business officers must actively engage in strategic planning, ensuring financial resources align with the institution’s long-term goals.
• The Business Officer as Educator: Business officers also serve as educators, translating complex financial information for trustees, faculty, and staff. Trustees may be seasoned business professionals, but many lack experience with nonprofit finance. As one business officer shared, “Educating trustees on nonprofit finance is a key leadership role… I have presentations that I give every year because of board turnover.” Faculty and staff also benefit from financial literacy, whether through budget discussions or professional development on personal financial planning. Effective communication ensures stakeholders understand the school’s financial realities and decision-making processes.
• The Business Officer as Entrepreneur: The modern business officer balances fiscal responsibility with innovation. The role is no longer about saying “no” but about finding creative solutions. As one business officer put it, “Give dignity to the idea.” This means working collaboratively to explore possibilities, identify obstacles, and determine financial viability. Whether approving a small investment or evaluating a major budget shift, business officers must frame decisions within the broader strategic plan, ensuring long-term sustainability.
• The Business Officer as Trust Builder: Trust is the foundation of leadership. Business officers earn trust through transparency, consistency, and strategic decision-making. “It’s great to be transparent in good times, but you know you’ve built trust when you share an unpopular decision and they say, ‘I don’t like it, but I understand why it’s best for the school.’” Managing large-scale projects on time and on budget also builds credibility, reinforcing the business officer’s role as a key institutional leader.

Leading the Future of Independent Schools

The role of the business officer continues to evolve, requiring financial expertise, strategic thinking, and relationship management. As one business officer shared, “Independent schools are the best-kept secret… It’s just such a fantastic place to work and collaborate.” By embracing leadership across financial and programmatic areas, business officers ensure their schools remain mission-driven and financially sustainable for generations to come.
 

For more insights, read the full book: The Business of Independent Schools: A Leader’s Guide