Earlier this month at the 2025 Enrollment Management Association Annual Conference in Austin (now E3n), I had the opportunity to co-present with NBOA President and CEO Jeff Shields on a topic that’s increasingly central to independent school sustainability: the strategic partnership between enrollment leaders and business officers. Our session, “Tuition, Trends and Transformation,” explored how financial and enrollment strategies must align to support long-term institutional health.

One of the most energizing parts of our presentation focused on how enrollment and business leaders can collaborate more effectively. Here are four key strategies we shared:

1. Collaboration: Build Trust Through Transparency and Shared Leadership

Strong partnerships begin with open communication. CFOs and enrollment leaders must engage in regular, transparent dialogue to ensure financial models reflect enrollment realities and vice versa. Breaking down silos is essential - enrollment leaders should gather insights from faculty and program leaders about families at risk of leaving, while CFOs should foster a culture of shared responsibility.

When these leaders co-lead initiatives like tuition resets or strategic growth planning, they build institutional coherence and trust. This isn’t just operational alignment - it’s strategic leadership.

2. Shared Data Perspective: Align Around What the Numbers Say

A unified approach to data - especially around tuition, financial aid, yield and retention - helps both offices make informed decisions. Tools available in NBOA’s BIIS platform and NAIS’ DASL platform - now inclusive of data from all member segments: NAIS, NBOA (finance), E3n (enrollment) and CASE (advancement), enable schools to analyze shared datasets and create peer groups to benchmark accordingly. But first, schools must commit to entering their data (DASL Foundation Data by October 17 and DASL/BIIS Financial Operations Data by December 5).

Market analysis is also critical. Enrollment isn’t just about internal targets - it’s shaped by external forces like demographics, psychographics, and competition. Financial aid data must be integrated into forecasting, and anecdotal insights from families should be organized and elevated into strategic planning conversations.

Enrollment dashboards that tell a story - weekly reports showing application-to-enrollment ratios and market dynamics - can be powerful tools for cross-functional decision-making.

3. Joint Forecasting and Planning: Model the Future Together

Multi-year projections for enrollment and revenue allow schools to anticipate challenges and opportunities. Scenario modeling and risk management - using tools like NBOA’s Long-Range Financial Model - help schools prepare for uncertainty and make proactive adjustments.

Schools should also consider customer-centered budgeting: starting with what families want, can afford, and value, rather than just expenses. And given that enrollment drives up to 80% of revenue at the majority of schools, enrollment leaders should be recognized as the “chief revenue officers” they are and their insights should be integrated into strategic planning and board-level discussions.

4. Mission-Driven Financial Aid: Align Values with Strategy

Financial aid isn’t just a budget line - it’s a strategic lever. When aligned with enrollment goals and institutional values, it fosters access, diversity and sustainability. Retention is key: attrition is costly, especially when lower-tuition grades replace higher ones.

Schools must also distinguish between mission-fit and mission-close. Pressure to fill seats can lead to enrolling students who aren’t well-matched, increasing support costs and risking long-term retention. Strategic financial aid policies can help avoid this trap.

Closing Thought

Strategic collaboration between enrollment and business leaders isn’t just beneficial - it’s essential. By aligning data, leadership and values, schools can build resilient models that serve both mission and margin.

But collaboration doesn’t happen by accident. Business officers should reach out intentionally to their enrollment colleagues - not just during budget season, but throughout the year - to build trust, share insights and co-create solutions. Ask questions. Share dashboards. Walk the halls together. These small actions build a culture of partnership that pays dividends in strategic clarity and institutional coherence.

Additionally, Heads of School play a critical role in fostering this partnership. By modeling cross-functional leadership and ensuring both enrollment and finance perspectives are represented in strategic planning, heads can elevate collaboration from a tactical necessity to a cultural norm. When enrollment and business leaders are aligned, the entire school benefits - from boardroom decisions to classroom experiences.